Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 693

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 693
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.6 million in the previous year. Interest
expense represented 52.3% of total operating expenses in 2023.

Interest on securitization
trust debt increased by $39.6 million, or 32.6%, for the year ended December 31, 2024 compared to the prior year. The average balance
of securitization trust debt increased 11.3% to $2,596.6 million for the year ended December 31, 2024 compared to $2,333.5 million for
the year ended December 31, 2023. The annualized average rate on our securitization trust debt was 6.2% for the year ended December 31,
2024 compared to 5.2% 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 2021 
     1.11% 
  
    April 2021 
     1.65% 
  
    July 2021 
     1.55% 
  
    October 2021 
     2.09% 
  
    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