Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 68

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 68
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%
  
    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 9.7% in the prior period.

In June 2021, March 2024, and
again on March 20, 2025, we completed a securitization of residual interests from other previously issued securitizations in the amount
of $50 million, $50 million, and $65 million, respectively. Interest expense for these residual interest financings was $2.7 million for
the three months ended March 31, 2025, compared to $1.2 for the same period in 2024.

The following table presents
the components of interest income and interest expense and a net interest yield analysis for the three-month periods ended March 31, 2025,
and 2024:

    Three Months Ended March 31, 

    2025  
    2024