Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 41

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 41
---
 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 

    (Dollars in thousands) 

    Annualized  

    Annualized 

    Average  
       
    Average  
    Average  
       
    Average 

    Balance (1)  
    Interest  
    Yield/Rate  
    Balance (1)  
    Interest  
    Yield/Rate 
  
    Interest Earning Assets 

    Loan Portfolio 
    $3,572,642  
    $101,933  
     11.4%  
    $2,993,816  
    $84,288  
     11.3% 

    Interest Bearing Liabilities 

    Warehouse lines of credit 
    $275,816  
    $6,513  
     9.4%  
    $164,883  
     4,321  
     10.5%