Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 137

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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 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%
  
    October 2023
     
    7.89%
  
    January 2024
     
    6.51%
  
    April 2024
     
    6.69%
  
    June 2024
     
    6.56%
  
    September 2024
     
    5.52%
  
    January 2025
     
    5.88%

 31 

Interest expense on warehouse
credit line debt increased by $2.2 million to $6.5 million for the three months ended March 31, 2025, compared to $4.3 million in the
prior year period. The increase was primarily due to the higher utilization of our credit lines during the quarter compared to last year.
The average balance of our warehouse debt was $275.8 million during the three months ended March 31, 2025, compared to $164.9 million
for the same period in 2024. The annualized average rate on our credit line debt was 9.4% for the three months ended March 31, 2025, compared
to 10.5% in the prior year period.

Interest expense on subordinated
renewable notes was $646,000 for the three months ended March 31, 2025. The average balance of the outstanding subordinated debt was $26.9
million for the three months ended March 31, 2025, compared to $20.8 million for the prior year period. The average yield of subordinated
notes decreased to 9.6% compared to