Consumer Port SEC Filings

Consumer Portfolio Services, Inc. (CPSS) has updated the annual interest rates on its renewable unsecured subordinated notes effective November 24, 2025. Rates vary by note term from 3 months to 4 years and by portfolio amount, with higher investment tiers receiving higher yields.

The notes are currently offered to investors in selected U.S. states, including large markets such as California, Florida, New York, Texas, and others listed in the document. This interest rate supplement is intended to be used together with, and to the extent of any inconsistency supersedes, the descriptions of these notes in the base prospectus and accompanying prospectus supplement.

Consumer Portfolio Services, Inc. (CPSS) is offering up to $50,000,000 in renewable unsecured subordinated notes, sold at 100% of principal with no selling commissions. The notes are issued in minimum denominations of $1,000, with investor-selected maturities from 3 months to 10 years and fixed interest rates set periodically via separate interest rate supplements. These obligations are unsecured and deeply subordinated, ranking junior to CPS’s existing and future secured and senior unsecured debt and pari passu with other CPS subordinated notes; as of December 31, 2024 and September 30, 2025, CPS had approximately $3,175 million and $3,474 million of obligations senior to the notes. Notes automatically renew at maturity unless holders request repayment within 15 days, while CPS may redeem them at par plus accrued interest on 30 days’ notice. The notes are non-listed, subject to transfer restrictions, lack any sinking fund or insurance, and proceeds are intended primarily to fund CPS’s purchase of sub-prime automobile contracts and for general corporate purposes.

Consumer Portfolio Services, Inc. (CPSS) filed a current report to announce that it has made available an updated investor presentation under Regulation FD. The presentation consists of 19 slides and is provided as Exhibit 99.1, titled "Company Summary as of September 30, 2025."

The same slide deck furnished with this report is also available on the company’s investor relations website at http://ir.consumerportfolio.com/events-and-presentations/presentations. The information in this report and the attached presentation is being furnished, not filed, which means it is not subject to certain liability provisions under the Securities Exchange Act of 1934. No financial statements or pro forma financial information are included with this report.

Consumer Portfolio Services (CPSS) reported it has announced earnings for the three‑month and nine‑month periods ended September 30, 2025. The company will host a conference call on November 11, 2025 at 1:00 p.m. ET to discuss its third quarter 2025 results.

An earnings news release is included as Exhibit 99.1 to the report, with the conference call pre‑registration available at the provided link. No financial statements or pro forma financial information accompany this filing.

Consumer Portfolio Services (CPSS) reported Q3 2025 results with total revenues of $108.4 million, up from $100.6 million a year ago, driven by higher interest income as the loan portfolio grew. Net income was $4.9 million with diluted EPS of $0.20 (basic $0.22).

Interest income rose to $107.2 million (up 15%), reflecting a larger average portfolio and an 11.4% yield. The quarter included no fair value mark to receivables, compared with a $5.5 million mark-up in the prior year. Total expenses were $101.4 million, including interest expense of $59.1 million.

At September 30, 2025, total assets were $3.81 billion, including finance receivables at fair value of $3.62 billion. Securitization trust debt was $2.92 billion and warehouse lines outstanding were $340.6 million. Nine-month operating cash flow was $213.2 million. The company repurchased 641,299 shares at an average price of $9.54.

Subsequent to quarter-end, CPSS closed a new $167.5 million Capital One warehouse facility on October 17, 2025 and executed a $384.6 million term securitization on October 23, 2025 with a weighted average yield of about 5.72%.

Consumer Portfolio Services (CPSS) set its annual meeting for 10:00 a.m. on November 19, 2025 in Las Vegas. Shareholders of record on October 23, 2025 may vote, with 22,071,046 common shares outstanding and cumulative voting for directors.

The Board asks shareholders to vote FOR nine director nominees, ratify Crowe LLP as independent auditor for 2025, approve the advisory say‑on‑pay, approve the 2025 Equity Incentive Plan, and select 1 YEAR for the say‑on‑pay frequency.

The proposed equity plan provides a Share Limit of 4,501,330 shares, plus recycling of future forfeitures from the 2006 plan. As of the record date, 6,227,631 options were outstanding and 1,501,330 shares remained available under the 2006 plan. The company cites an expected three‑year runway and no evergreen feature. The plan prohibits repricing without shareholder approval, caps non‑employee director pay at $600,000 per year, and includes a one‑year minimum vesting (with a 5% carve‑out).

Audit fees for 2024 totaled $1,473,300 (audit $1,000,000, audit‑related $169,300, tax $304,000). The Audit Committee recommended inclusion of 2024 financials in the Form 10‑K and affirmed auditor independence.

Consumer Portfolio Services (CPSS) completed a securitization of subprime auto receivables. On October 23, 2025, a CPS subsidiary purchased and then sold approximately $392.46 million of receivables to CPS Auto Receivables Trust 2025‑D, which issued and sold $384.6 million of asset‑backed notes in five classes.

The notes are secured by the receivables and related cash flows, with CPS serving as servicer and Computershare Trust Company, N.A. acting as trustee, collateral agent, and backup servicer. Initial credit enhancement includes a 1.00% cash Reserve Account and 2.00% overcollateralization, with targeted enhancement building to the lesser of 7.00% of the original pool or 21.00% of the then‑outstanding pool, but not less than 1.50% of the original pool.

The transaction is structured so the notes are obligations only of the trust, yet are treated as long‑term debt of CPS for accounting and tax purposes. The trust pays monthly principal and fixed‑rate interest by class. CPS may exercise a cleanup call when receivables outstanding fall below 10% of the initial balance, if all notes can be redeemed in full.

Consumer Portfolio Services (CPSS) entered a two-year revolving credit agreement secured by its automobile receivables. The facility allows borrowings of up to $167.5 million outstanding at any time, with advances up to 95.5% of the principal of eligible pledged receivables. The funding termination date is October 18, 2027, with earlier termination or acceleration possible upon defined events.

Class A loans bear interest at one‑month SOFR plus 2.75% with a 3% floor; Class B loans are 3.65% above the total Class A rate. CPS incurred approximately $19.6 million of indebtedness under the facility on October 22, 2025, and plans to borrow over time as it purchases receivables from dealers.