Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 1039

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 1039
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 Amount 

    ($ in millions) 
  
    Contracts purchased (dollars) 
    $1,681.9  
    $1,357.8 
  
    Contracts purchased (units) 
     77,009  
     65,137 
  
    Managed portfolio outstanding (dollars) 
    $3,491.0  
    $2,970.1 
  
    Managed portfolio outstanding (units) 
     201,441  
     179,198 

    Number of Originations staff 
     195  
     185 
  
    Number of Sales staff 
     122  
     105 
  
    Number of Servicing staff 
     552  
     529 
  
    Number of other staff 
     64  
     71 
  
    Total number of employees 
     933  
     890 

 41 

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 were $54.7 million, an increase of $4.7 million, or 9.4%, compared
to the previous year and represented 14.9% of total operating expenses.

Interest expense for the year
ended December 31, 2024 increased by $44.6 million to $191.3 million, or 30.4%, compared to $146.6 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