Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 213

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 213
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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
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 2021 
     1.11% 
  
    April 2021 
     1.65% 
  
    July 2021 
     1.55% 
  
    October 2021 
     2.09% 
  
    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% 

Interest expense on warehouse
lines of credit was $19.3 million for the year ended December 31, 2024 compared to $19.2 million in the prior year. The increase was due
to higher rates of our credit lines during 2024 compared to 2023. The average yield of our warehouse debt was 10.8% during 2024 compared
to 10.6% million in 202