Company: CPSS
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683168-25-005901
Chunk: 44

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 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 were $26.7 million for the six months ended June 30, 2025, an increase
of $287,000 from $27.0 million in the prior year period.

Interest expense for the six
months ended June 30, 2025 was $113.6 million, compared to $88.7 million in the previous year, an increase of $24.9 million.

Interest on securitization trust
debt increased by $16.7 million for the six months ended June 30, 2025 compared to the prior period. The average balance of securitization
trust debt increased to $2,836.9 million for the six months ended June 30, 2025 compared to $2,471.7 million for the six months ended
June 30, 2024. The annualized average rate on our securitization trust debt was 6.4% for the six months ended June 30, 2025 compared to
6.0% in the prior year period. The blended interest rates on new term securitizations have been increasing since 2022. 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 202