Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 40

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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, 2025, compared to $2,388.1 million for the three months
ended March 31, 2024. The annualized average rate on our securitization trust debt was 6.3% for the three months ended March 31, 2025,
compared to 6.0% 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 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