# EDGAR Filing Document

**Accession Number:** 0001541492
**File Stem:** 0001104659-26-010070
**Filing Date:** 2026-2
**Character Count:** 34046
**Document Hash:** 5b580f86bc2a0c2c808bb6071f59a924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-010070.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001104659-26-010070

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Student loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492

**ORGANIZATION NAME:**
- **EIN:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00409
- **FILM NUMBER:** 26596155

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492

**ORGANIZATION NAME:**
- **EIN:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPFS Corp
- **CENTRAL INDEX KEY:** 0001541492

**ORGANIZATION NAME:**
- **EIN:** 431039872
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00409

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105
- **BUSINESS PHONE:** 816-627-0500

**MAIL ADDRESS:**
- **STREET 1:** 1055 BROADWAY, 11TH FL
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

---

| |
|:---|
| ◻ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period<br>____________________ to _____________________ |
| Date of Report (Date of earliest event reported) _________________________ |
| Commission File Number of securitizer: ___________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Index Key Number of securitizer: <br>Name and telephone number, including area code, of the person to<br> contact in connection with this filing.<br>Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ◻<br>Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ◻<br>Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ◻<br>⌧ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)<br>Central Index Key Number of depositor: **0001541492**<br>**PFS FINANCING CORP.**<br> (Exact name of issuing entity as specified in its charter)<br>Central Index Key Number of issuing entity (if applicable): NOT APPLICABLE<br> Central Index Key Number of underwriter (if applicable) NOT APPLICABLE<br>**Patricia Garringer-Strickland, Lathrop GPM, 816-460-5807**<br> Name and telephone number, including area code, of the person to<br> contact in connection with this filing. |

---

**PART II; FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

Attached as Exhibit 99.1 hereto is the Report of Independent Certified Public Accountants dated January 27, 2026, obtained by IPFS Corporation, with respect to certain agreed-upon procedures performed by CBIZ CPAs P.C.

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 3, 2026

---

| | |
|:---|:---|
| **IPFS Corporation** | **IPFS Corporation** |
| (Depositor) | (Depositor) |
| By: | /s/ Rudy Maki |
| Name: | Rudy Maki |
| Title: | Chief Financial Officer |

---

EXHIBIT INDEX

Exhibit Number Description <br>[Exhibit 99.1](tm264353d2_ex99-1.htm) [Report of Independent Certified Public Accountants for the six-month period ended December 31, 2025 (IPFS Corporation)](tm264353d2_ex99-1.htm)

## Exhibit 99.1

**Exhibit 99.1**

**IPFS CORPORATION**

**INDEPENDENT ACCOUNTANTS' REPORT**

For the Six-Month Period Ended December 31, 2025

**<u>Independent Accountants' Report</u>**

Board of Directors and Management

**IPFS Corporation**

We have performed the procedures enumerated below on the reporting and monitoring of the ongoing sale and servicing of receivables pursuant to the Servicing Agreement dated May 1, 2001, restated June 1, 2006, and most recently amended February 14, 2025 (the "Servicing Agreement") for the six-month period ended December 31, 2025 between IPFS Corporation, as Servicer ("IPFS" or "the Company"), UMB Bank, National Association, as Trustee ("UMB"), and PFS Financing Corporation, as Issuer (the "Subject Matter"). IPFS's management is responsible for the Subject Matter.

IPFS as the engaging party has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting in connection with the ongoing sale and servicing of premium finance receivables pursuant to the Servicing Agreement. Additionally, UMB has agreed to and acknowledged that the procedures performed are appropriate to meet their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

**Scope of Agreed-Upon Procedures**

Pursuant to the Base Indenture under the Servicing Agreement, we performed the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Performed inquiries related to the specific internal accounting control procedures or processing functions
relating to IPFS's credit policies, originations, collections, aging and charge-off functions, and performed certain procedures thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Performed certain limited procedures, as discussed more fully below, on one Monthly Servicer Report from
each of the Monthly Selected Report Periods (July and October 2025) and one Weekly Servicer Report from each of the Weekly Selected
Report Periods (the week of July 21-25, 2025 and the week of October 20-24, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Examined certain documents, records, and procedures of IPFS relating to the allocation of collections,
as described throughout this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The monetary amount for reporting a finding from the application of the agreed-upon procedures is an error
or difference in excess of $1,500.

The scope and results of our procedures are discussed in greater detail throughout this report. Based on the scope agreed to by IPFS, UMB, and PFS Financing Corporation, the procedures are subject to a selection risk. Selection risk is the possibility that our conclusions, based on our selections, would be different from that reached if the entire population were subjected to procedures.

Premium finance receivables are maintained on one of the following systems, as described in these procedures: the Premium Loan Underwriting System (PLUS) or the Premium Billing System (PBS). The listed procedures will extend to the loan systems used to maintain the loans. These systems will be jointly referred to as Loan Systems throughout the report.

The procedures and associated findings are as follows:

**1.** **Internal Accounting Controls Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IPFS has a policies and procedures manual, covering quoting procedures and region loan approval limits,
updated as of March 14, 2022 (Credit Policy). We inquired of management as to the existence of any significant modifications of IPFS's
established policies and procedures since the latest update. Management stated that no such modifications had been made to establish policies
and procedures and current operations are conducted in accordance with the established policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We inquired as to the audit frequency of IPFS regions. Management informed us that the Internal Audit
department audits all significant functions of all U.S. regions quarterly and Canada annually using remote procedures. Formal reports
are generated annually for the regions but may not be issued within every six-month period subjected to agreed-upon procedures. As there
were audit reports issued during the six-month period ended December 31, 2025, we obtained the Q3 total regions final audit report
issued October 20, 2025, and noted the report was completed and reviewed with region management and IPFS senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We requested written confirmation for a random selection of 150 premium finance receivable balances outstanding
at October 31, 2025. Following is a summary of results of confirmations selected:

---

| | |
|:---|:---|
| Confirmed without exception | $111836 |
| Confirmed with exception - resolved | 12328 |
| No reply, alternative procedures performed without exception | 1383358 |
| Total subject to confirmation | $1507523 |

---

The selection above included 150 premium finance receivable balances, of which 7.42% (on a dollar value basis) were confirmed with no exceptions noted, 0.82% were confirmed with exceptions that were satisfactorily resolved, and 91.76% were nonresponsive.

For the premium finance receivables for which we received no reply, and for those confirmed with exception, we performed alternative procedures by agreeing the outstanding principal amount, loan number, annual percentage rate, and monthly payment amount to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We inquired of management as to the system of controls in place to detect employee or insurance agent
fraud. Management has represented that the below controls are in place to protect IPFS from the risk of fraud. We did not perform any
procedures on the below controls, unless detailed elsewhere in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Accounts Receivable Team (ART) performs a daily reconciliation of cash activity processed to the Loan
Systems for each branch. In addition, month end bank reconciliations are performed by the Company's accounting department and agreed
to the general ledger. The bank accounts used by the Canadian operations are reconciled by the accounting department to the loan system
activity and the general ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Some of the processing branches outsource the printing and mailing of checks from the Loan Systems. The
remaining branches maintain the blank check stock in a secure location and no account information is preprinted on the checks. In those
cases, the Loan Systems print the account number and other account information on the blank check stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. PLUS provides an electronic feed representing the checks issued. That detail is utilized by either a positive
pay or a reverse positive pay system to control the clearing of checks. This system allows IPFS the opportunity to reject any check that
does not match the list of those issued. The branch or office manager reviews a list of checks issued by the system as part of the daily
procedures. Where applicable, the PBS system is used for the reverse positive pay process similar to the PLUS process. The Canadian bank
accounts do not use a positive pay process as all loan related disbursements are processed using EFT transaction files sent to the banks
to settle the funds electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A major portion of cash receipts are directed to regional lockbox locations. These receipts are deposited,
and a data file of the payments is used to post those payments to the accounts in the appropriate system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. As part of the lockbox system for cash receipts, the bank account data for each check received on a major
portion of the accounts is stored in the Loan Systems. This data is coded to track the source of each receipt to the insured, the insurance
agent, or other sources. Fraud reports are generated by the Loan Systems and are reviewed by the branches to determine the existence of
any unusual patterns for receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The Internal Audit department audits all significant functions quarterly using remote procedures, with
formal reports issued to the operating regions annually.

**2.** **Premium Finance Origination Procedures** 

In order to perform the procedures pertaining to the origination and recording of premium finance receivables, we randomly selected a total of 50 Premium Agreements (Contract) - 25 each from the Monthly Selected Report Periods payment lists extracted from the Loan Systems for purposes of performing the agreed-upon procedures. We obtained copies of the Contracts from management and performed the following procedures for each of the Contracts selected, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We agreed the quote number, customer name, and amount financed as reported on the payment lists to the
applicable Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We obtained the Contract and noted that the signatures of the insured and agent were present, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We recalculated the arithmetic accuracy of the finance charge and installment payment amounts disclosed
in the Contract based upon the terms of the Contract, the annual percentage rate (APR), and the amount financed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We agreed the principal balance and amount financed to the balance reported in the respective Company
loan trial balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We agreed the terms and amounts from the Loan Systems to those outlined in the actual Contract and, if
applicable, the amendments to the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. We randomly selected a sub-selection of 10 Contracts and related documentation from the 50 Contracts selected
above and noted that the following information was on file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Evidence of appropriate underwriting approval pursuant to IPFS's Credit Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Dun & Bradstreet reports, where required, pursuant to IPFS's Credit Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Quote forms designated acceptable pursuant to IPFS's Credit Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Financial information, as required, pursuant to IPFS's Credit Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Evidence of verification of coverage from the insurance company or general agent pursuant to IPFS's Credit
Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. In cases where loans are originated by Capitol Payment Plan, the Credit Policy included similar procedures
for these loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. For loans originated by Snap Premium Finance, the Canadian operation, a separate credit policy is used
that includes similar procedures for loans.

**3.** **Finance Charge Procedures** 

We randomly selected 5 Contracts from the 50 Contracts chosen in procedure 2 and performed the following procedures pertaining to the calculation and allocation of finance charges, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We proved the arithmetic accuracy of the allocation of all payments between principal and interest for
each of the Contracts selected and agreed to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We agreed the allocation of total payments between principal and interest as calculated in procedure 3.a
to the actual Contracts selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We agreed the total finance charge to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We agreed the annual percentage interest rate as stated in the Contracts to the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We obtained a summary of state restrictions, provided by IPFS, as to the maximum allowable annual percentage
interest rate on premium finance contracts. For each of the Contracts selected, the contractual annual percentage interest rate was below
the maximum allowable interest rate.

**4.** **Cash Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;a. We randomly selected 10 cash receipts for each of the Monthly Selected Report Periods from the Company's
Cash Receipts Reports (from one business day during the Monthly Selected Report Periods for reports from the PLUS system, and from the
monthly report for each of the Monthly Selected Report Periods from the PBS system), and performed the following procedures pertaining
to the cash receipts function, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. We agreed the cash receipts to the Loan Systems, verifying the cash had been posted to the applicable
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. We agreed each cash receipt to the detailed support schedule and traced the totals to the respective bank
statement.

&nbsp;&nbsp;&nbsp;&nbsp;b. For the Monthly Servicer Reports from the Monthly Selected Report Periods, we performed the following
procedures, noting no exceptions. Items included in quotations below represent line item titles on the Monthly Servicer Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Agreed the "Monthly Interest" to amounts reported by each funding agent for such settlement
period and verified they were disbursed from the Company's bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Agreed the "Investor Servicing Fee for the Prior Monthly Period" to amounts calculated by
the Servicer for such settlement period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Agreed any indemnified amounts to amounts reported by each funding agent for such settlement period and
traced to the Company's bank account.

**5.** **Concentration Procedures** 

We performed the following procedures pertaining to the concentrations by insurance obligors and agents, noting three exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We selected the five insurance obligors with the largest outstanding balances from the Company Concentration
Reports for the Monthly Selected Report Periods, and agreed the insurance obligor ratings, as applicable, to 1) each respective monthly
Standard & Poor's rating; 2) each respective monthly Moody's rating; and 3) each respective monthly AM Best's rating.

***Exceptions Noted*** **:** The Moody's rating for American International Group, Inc. was not updated to reflect the current rating as of July 2025. Further, the Moody's rating for American International Group, Inc. and Scottsdale Insurance Co was not updated to reflect the current rating as of October 2025.

***Management Response:*** Management agrees that the supporting schedule reported American International Group, Inc. and Scottsdale Insurance Co with incorrect Moody's ratings. The supporting schedule reported American International Group, Inc. with an A2 Moody's rating when the correct Moody's rating was A1. The supporting schedule reported Scottsdale Insurance Co with an A1 Moody's rating when the correct Moody's rating was A2. The reported balances for each company were correct and within the designated insurance company limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We agreed the total outstanding balance of the top four insurance obligors from IPFS's accounting
records to the Servicer Report schedules for the Monthly Selected Report Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We agreed the agency name and outstanding balance of the agents included within the Servicer Reports to
the Agent Concentration Reports (including reconciling items) for the Monthly Selected Report Periods.

**6.** **Aging Procedures** 

We obtained the Monthly Servicer Reports for the Monthly Selected Report Periods and performed the following procedures pertaining to the propriety of the aging reports, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We randomly selected 10 premium finance receivables from the Receivables Aging Report supporting each
of the applicable Monthly Servicer Reports and agreed these premium finance receivables to the Loan Systems. We noted that each of the
premium finance receivables were properly aged on each aging report based upon the scheduled monthly payment due date and the date of
the latest payment received (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We agreed the premium finance receivables selected for testing in procedure 6.a. to the Company loan trial
balance.

**7.** **Eligibility Procedures** 

We performed the following procedures pertaining to the eligibility of the 50 premium finance receivables sold selected in procedure 2, noting no exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We obtained the total insurance premiums, the total down payments received by IPFS, and the length of
the premium finance receivable contract and underlying insurance policy from a copy of the original premium finance contract and agreed
them to the Loan Systems. We also noted that the maturity date of the loan is less than sixty months from the effective date, and therefore
met the eligibility requirements specified in the Base Indenture, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We examined the receivable, noting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The address of the borrower for each receivable was located in the United States territories or Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Each receivable at time of sale was not unpaid 1) for more than 30 days from the original due date without
cancellation of the related insurance policy, or 2) more than 180 days after cancellation of the related insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Each receivable, at the time of sale, was not a delinquent receivable (unpaid for 30 days or more from
the original due date), or, if a delinquent receivable the related insurance policy was cancelled on or before 30 days after the payment
due date, and the principal balance of such delinquent receivable was less than or equal to $500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The receivable was denominated and payable only in U.S. dollars,
or, if the Direct Obligor was a resident of Canada, in either U.S. dollars or Canadian dollars.

**8.** **Collection and Charge-Off Procedures** 

We randomly selected five premium finance receivables from the Charge-Off Accounts Report from the Loan Systems for the Monthly Selected Report Periods and performed the following procedures for each, noting one exception:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We agreed the principal balance of charge-offs on each report to the account detail in the Loan Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We examined the selected charge-offs noting they were relieved within 364 days after the account was cancelled.

***Exception Noted*** ***:*** The charge-off balance for one selection was not relieved within 364 days after the account was cancelled.

***Management Response*** ***:*** Management acknowledges the noted exception. All loans were written off in the appropriate month and therefore, excluded from the borrowing base, included in the charge-offs reported, and resulted in no errors to the reported totals.

**9.** **Reporting Under the Terms of the Base Indenture Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. We performed the following procedures pertaining to the accuracy of the information included in the Monthly
Servicer Reports and the Weekly Servicer Reports for the Monthly Selected Report Periods and the Weekly Selected Report Periods, respectively,
which were haphazardly selected, noting no exceptions. Items included in quotations below represent line-item titles on the Monthly Servicer
Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. We agreed the "Beginning Net Principal Receivables" to the previous Monthly Servicer Report,
and previous Weekly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. We agreed the "Principal Collections" and "Subsequently Transferred Receivables" on
each Monthly Servicer Report to IPFS's records. We agreed the "Subsequently Transferred Receivables" on each Weekly Report
to IPFS's accounting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. We agreed the "Ending Net Principal Receivables" and "Ending Defaulted Receivable Balance"
of the Monthly Servicer Reports to IPFS's accounting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. We agreed the "Finance Charge Collections" and "Recoveries" of the Monthly Servicer
Reports to IPFS's general ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. We recalculated the "Fixed Investor Percentage" and "Floating Investor Percentage"
for each investment series on the Monthly Servicer Reports by dividing the "Investor Interest" and "Modified Investor
Interest" by the aggregate "Investor Interest" and "Modified Investor Interest", respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. We agreed the "Aggregate Original Principal of Eligible Receivables Sold During the Month" and
 "Aggregate Original Premiums for Underlying Policies" to IPFS's accounting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. We recalculated the "Financed Receivable Rate averaged over the three Previous Consecutive Monthly
Periods" as reported in the Monthly Servicer Reports by dividing the "Aggregate Original Principal of Eligible Receivables
Sold During the Month" by the "Aggregate Original Premiums for Underlying Policies."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We performed the following procedures pertaining to the accuracy of the information included in the Monthly
Servicer Reports for the Selected Report Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. We agreed the individual amounts reported as "Aging of Overdue Receivables" to the applicable
monthly aging reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. We agreed the "Charge-Offs" to IPFS's general ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. We verified that the "Ending Net Principal Receivables Balance" plus amount on deposit in the
Company's bank account exceeded the "Investor Interest".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We performed the following procedures pertaining to the accuracy of the information included in the Portfolio
Performance Triggers section of the Monthly Servicer Reports for the Monthly Selected Report Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. With respect to the "Defaulted Receivable Rate," we recalculated the "Average Receivable"
by simple average and we agreed the "Charged-Off Receivables" to IPFS's records. We recalculated the arithmetic accuracy of
the "Default Ratio" and the "Three-Month Average" on each report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to the "Average Net Portfolio Yield," we agreed the amounts used to calculate "Excess
Spread" to the amounts located elsewhere in the Monthly Servicer Reports. We recalculated the arithmetic accuracy of the "3
Month Average Net Portfolio Yield" on each report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We performed the following procedures pertaining to the accuracy of the information used in the calculation
of the Servicer Statistics section of the Monthly Servicer Reports for the Monthly Selected Report Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. We recalculated the arithmetic accuracy of the "Tangible Net Worth" calculation by subtracting
the "Intangible Assets, Net" and "Goodwill, Net" from the "Total Shareholders' Equity" as reported
in IPFS's unaudited consolidated financial statements for the appropriate months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. We agreed the "Consolidated Liabilities" and "Consolidated Net Worth" to IPFS's
unaudited consolidated financial statements for the appropriate months. We recalculated the arithmetic accuracy of the ratio of "Liabilities
to Net Worth" by dividing the "Consolidated Liabilities" by the "Consolidated Net Worth".

We were engaged by IPFS to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the reporting and monitoring of the ongoing sale and servicing of premium finance receivables pursuant to the Servicing Agreement. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of IPFS and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of IPFS, UMB, and PFS Financing Corporation, and is not intended to be, and should not be, used by anyone other than these specified parties, including investors and Nationally Recognized Statistical Rating Organizations, who are not identified in the report as specified parties but who may have access to this report as required by law or regulation.

Kansas City, MO

January 27, 2026