Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 926

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 5
Chunk 926
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 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 2023.

In June 2021, we completed a
residual interest financing of our residual interests from previously issued securitizations in the amount of $50.0 million. In March
2024, we completed a new residual interest financing of our residual interests from previously issued securitizations in the amount of
$50.0 million. Interest expense on residual interest financing was $8.7 million for the year ended December 31, 2024 compared to $4.2
million in the prior year.

 42 

Interest expense on our subordinated
renewable notes was $2.2 million in 2024 compared to $