Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 136

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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     16,414 
  
    Managed portfolio outstanding (dollars) 
    $3,614.6  
    $3,021.2 
  
    Managed portfolio outstanding (units) 
     207,123  
     181,650 

    Number of Originations staff 
     200  
     191 
  
    Number of Sales staff 
     120  
     101 
  
    Number of Servicing staff 
     559  
     427 
  
    Number of other staff 
     64  
     183 
  
    Total number of employees 
     943  
     902 

General and administrative expenses
include costs associated with purchasing and servicing our portfolio of finance receivables, including expenses for facilities, credit
services, and telecommunications. General and administrative expenses was $13.5 million, a decrease of $211,000 from $13.8 million in
the prior year period.

Interest expense for the three
months ended March 31, 2025, was $54.9 million and represented 54.9% of total operating expenses, compared to $42.0 million in the previous
year, when it was 49.3% of total operating expenses. The $12.9 million increase in interest expense compared to the same three month period
in the prior year was largely due to the volume, and to a lesser extent, due to the rate.

Interest on securitization trust
debt increased by $9.1 million for the three months ended March 31, 2025, compared to the prior period. The average balance of securitization
trust debt increased to $2,861.9 million for the three months ended March 31, 2025, compared to $2,388.1 million for the three months
ended March 31, 2024. The annualized average rate on our securitization trust debt was 6.3% for the three months ended March 31, 2025,
compared to 6.0% in the prior year period. For each quarterly securitization transaction, the blended cost of funds is ultimately the
result of many factors including the market interest rates for benchmark swaps of various maturities against which our bonds are priced
and the margin over those benchmarks that investors are willing to accept, which in turn, is influenced by investor demand for our bonds
at the time of