Good day, everyone, and welcome to the Consumer Portfolio Services 2022 Second Quarter Operating Results Conference Call. Today's call is being recorded. Before we begin, management has asked me to inform you that this conference call may contain forward-looking statements. Any statements made during this call that are not statements of historical facts, may be deemed forward-looking statements. Statements regarding current or historical valuations of receivables, because depending on estimates or future events, also are forward-looking statements. All such forward-looking statements are subject to risks that could cause actual results to differ materially from those projected. I refer you to the company's annual report filed March 15th for further clarification. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. With us here is Mr. Charles Bradley, Chief Executive Officer, and Mr. Jeff Fritz, Chief Financial Officer of Consumer Portfolio Services. I will now turn the call over to Mr. Bradley.

Thank you and welcome to our second quarter earnings call. As you can tell from the press release, the numbers, we are certainly very happy with the results. They're literally the best results for a quarter we've had in the company. Broke lots of records. We had the most originations ever in a month, over $200 million in June, we also had the most rejections in a quarter with 548 in the second quarter; portfolio went over $2.5 billion. So, all of -- all these years, we kept saying, well, we needed to grow, we need to do this, it's nice to say we're doing exactly what we've been planning on doing for several years, in sense of what we wanted to grow to the way we wanted to run our portfolio, the kind of loans we wanted to buy, expansion of our deal base, all these different things. And so all those things are going exactly the way we wanted them to and probably even exceeding our expectations. The results in terms of the earnings are obviously very strong, did a couple other sort of, good things, we renewed on both of our warehouse funds, and upsize them $200 million apiece from $100 million each. So, now we're in the position where we can continue to buy as much paper as we want. Always being mindful that we want to buy the paper we want, not just buy a lot of paper. There's lots of other little highlights we can talk about. but we'll go through all of those after Jeff runs through the financials.

Thank you, Brad. Welcome everybody. We'll begin with the revenues for the quarter which were $82 million with a 10% increase over $74.4 million in our first quarter this year, and a 23% increase over $66.8 million in the second quarter of 2021. The six-month revenues for this year, $156.4 million, a 20% increase over the first six months of 2021. And so you know we have the typical drivers of revenue, the legacy portfolio continues to shrink, it's currently at $152 million, represents only 6% of our total portfolio and yielding in the high teens. So, it continues to perform strongly even as it winds down. The fair value portfolio is $2.4 billion, 94% of the total yielding about 11.4%. And of course that yield being on a fair value basis is net of the related credit losses. The revenues include for this quarter of markup of the fair value portfolio of $4.7 million, which represents essentially the reversal of some of the COVID markdowns that we took back in 2020. And I think primarily during 2020 where we took these markdowns to the fair value portfolio. But those COVID losses simply haven't materialized. Also included in the revenue, we haven't talked about this much in the past, but about $1.2 million for the quarter represents revenue on our third-party portfolio, which has grown to about $100 million. And this is a partner for whom we originate some receivables that really are generated from our turndowns. And that portfolio is not on our balance sheet, we have no credit risk, but we're earning very nice, as I said this quarter $1.2 million in servicing and origination fees on that portfolio. That program is really been very successful. Moving to expenses, $47.8 million for the quarter, that's a 6% increase…

All right, thank you, Jeff. Going through a few of these things in a little more detail. In terms of marketing, our focus has always been to grow the market, the dealer base, add the reps we need. We've reached the point where we have probably the right amount of reps in the field. We continue to occasionally lose one add one, but for the most part that's remained flat. But we have done those, we've increased our funding dealer base by 50% year-over-year from 2,000 dealers to 3,000 dealers. And that is something we're going to focus on more or continue to focus on. What we really want is we want more penetration out of each of those dealers rather than just keep throwing a big wide net. Obviously, it's far more effective. It's more of a relationship that we want. So, it's been it's working very well. But really, that's going to continue to be the focus and one of the reasons I think we've been able to grow the business significantly. Looking at originations, our scorecards are performing very, very well. We're buying really good quality paper. Even with sort of the money from the pandemic and all that, our paper is still performing very, very well. And we would say that's a lot because of the paper we buy. We still continue to be sticklers for steps and stuff, but that, I think, is what keeps us from running into problems and historically other folks have had. So, again, between us, continuing to be credit-minded and looking for proof of things as opposed to others and keeping our strong credit models, that's going very well. Collections, same thing. We spent a lot of time in the last couple of years developing scoring models for all areas…