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Securitization Trust Debt | 3 Months Ended
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Mar. 31, 2025
Securitization Trust Debt |
Securitization Trust Debt | (3) Securitization Trust Debt We have completed many securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Unaudited Condensed Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:
Schedule of securitization trust debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  | Final |  | Receivables |  |  |  |  |  | Outstanding |  |  | Outstanding |  |  | Contractual Debt |
|  | Scheduled |  | Pledged at |  |  |  |  |  | Principal at |  |  | Principal at |  |  | Interest Rate at |
|  | Payment |  | March 31, |  |  | Initial |  |  | March 31, |  |  | December 31, |  |  | March 31, |
Series |  | Date (1) |  | 2025 (2) |  |  | Principal |  |  | 2025 |  |  | 2024 |  |  | 2025 |
|  | (Dollars in thousands) |  |  |
CPS 2020-C |  | November 2027 |  |  | 22,486 |  |  |  | 252,200 |  |  |  | 17,548 |  |  |  | 22,453 |  |  |  | 4.95% |
CPS 2021-A |  | March 2028 |  |  | 26,575 |  |  |  | 230,545 |  |  |  | 19,067 |  |  |  | 22,396 |  |  |  | 2.50% |
CPS 2021-B |  | June 2028 |  |  | 34,772 |  |  |  | 240,000 |  |  |  | 27,234 |  |  |  | 31,903 |  |  |  | 3.41% |
CPS 2021-C |  | September 2028 |  |  | 54,285 |  |  |  | 291,000 |  |  |  | 42,922 |  |  |  | 49,739 |  |  |  | 2.55% |
CPS 2021-D |  | December 2028 |  |  | 75,514 |  |  |  | 349,202 |  |  |  | 62,973 |  |  |  | 72,090 |  |  |  | 3.39% |
CPS 2022-A |  | April 2029 |  |  | 85,515 |  |  |  | 316,800 |  |  |  | 66,736 |  |  |  | 77,872 |  |  |  | 3.61% |
CPS 2022-B |  | October 2029 |  |  | 136,495 |  |  |  | 395,600 |  |  |  | 115,569 |  |  |  | 132,002 |  |  |  | 5.83% |
CPS 2022-C |  | April 2030 |  |  | 163,166 |  |  |  | 391,600 |  |  |  | 122,681 |  |  |  | 141,176 |  |  |  | 6.76% |
CPS 2022-D |  | June 2030 |  |  | 141,231 |  |  |  | 307,018 |  |  |  | 121,637 |  |  |  | 135,857 |  |  |  | 9.08% |
CPS 2023-A |  | August 2030 |  |  | 170,620 |  |  |  | 324,768 |  |  |  | 128,500 |  |  |  | 146,020 |  |  |  | 6.97% |
CPS 2023-B |  | November 2030 |  |  | 185,817 |  |  |  | 332,885 |  |  |  | 152,296 |  |  |  | 172,154 |  |  |  | 7.10% |
CPS 2023-C |  | February 2031 |  |  | 180,556 |  |  |  | 291,732 |  |  |  | 156,898 |  |  |  | 175,219 |  |  |  | 6.98% |
CPS 2023-D |  | May 2031 |  |  | 194,089 |  |  |  | 286,149 |  |  |  | 171,113 |  |  |  | 191,621 |  |  |  | 7.71% |
CPS 2024-A |  | August 2031 |  |  | 207,289 |  |  |  | 280,924 |  |  |  | 185,746 |  |  |  | 206,348 |  |  |  | 6.26% |
CPS 2024-B |  | November 2031 |  |  | 259,400 |  |  |  | 319,871 |  |  |  | 239,755 |  |  |  | 262,768 |  |  |  | 6.42% |
CPS 2024-C |  | March 2032 |  |  | 376,172 |  |  |  | 436,310 |  |  |  | 348,842 |  |  |  | 379,254 |  |  |  | 6.24% |
CPS 2024-D |  | June 2032 |  |  | 388,933 |  |  |  | 416,816 |  |  |  | 359,232 |  |  |  | 390,983 |  |  |  | 5.20% |
CPS 2025-A |  | August 2032 |  |  | 443,564 |  |  |  | 442,420 |  |  |  | 420,527 |  |  |  | – |  |  |  | 5.37% |
|  | – |  | $ | 3,146,479 |  |  | $ | 5,905,840 |  |  | $ | 2,759,276 |  |  | $ | 2,609,855 |  |  |  |  |
_________________
(1) | The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $810.2 million in 2025, $810.4 million in 2026, $548.7 million in 2027, $329.7 million in 2028, $171.8 million in 2029, $70.7 million in 2030, and $1.7 million in 2031.
(2) | Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.
Debt issuance costs of $16.0 million and $15.5 million as of March 31, 2025, and December 31, 2024, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Securitization trust debt on our Consolidated Balance Sheets. All of the securitization trust debt was sold in private placement transactions to qualified institutional buyers. The debt was issued through our wholly-owned bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by our other assets. The terms of the various securitization agreements related to the issuance of the securitization trust debt require that certain delinquency and credit loss criteria be met with respect to the collateral pool, and require that we maintain minimum levels of liquidity and net worth and not exceed maximum leverage levels. We were in compliance with all such covenants as of March 31, 2025. We are responsible for the administration and collection of the contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional credit enhancement for the Notes or to be applied to make payments on the securitization trust debt. As of March 31, 2025, restricted cash under the various agreements totaled approximately $153.6 million. Interest expense on the securitization trust debt is composed of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, insurance premiums, amortization of deferred financing costs, and amortization of discounts required on the notes at the time of issuance. Deferred financing costs related to the securitization trust debt are amortized using the interest method. Accordingly, the effective cost of borrowing of the securitization trust debt is greater than the stated rate of interest. Our wholly-owned, bankruptcy remote subsidiaries were formed to facilitate the above asset-backed financing transactions. Similar bankruptcy remote subsidiaries issue the debt outstanding under our warehouse line of credit. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. All such transactions, treated as secured financings for accounting and tax purposes, are treated as sales for all other purposes, including legal and bankruptcy purposes. None of the assets of these subsidiaries are available to pay any of our other creditors.

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