Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 67

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 67
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 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 the securitization. These and other factors have resulted in fluctuations in our securitization trust debt interest costs.
The blended interest rates of our recent securitizations are summarized in the table below:

Blended Cost of Funds on Recent Asset-Backed Term Securitizations

    Period
     
    Blended Cost of Funds
  
    January 2022
     
    2.54%
  
    April 2022
     
    4.83%
  
    July 2022
     
    6.02%
  
    October 2022
     
    8.48%
  
    January 2023
     
    6.48%
  
    April 2023
     
    7.17%
  
    July 2023
     
    7.13