Consumer Portfolio (NASDAQ: CPSS) sells 10.25% notes backed by residual auto-loan stakes

Q: What transaction did CPSS announce in its August 2026 Form 8-K?

CPSS announced the closing of a $80.0 million securitization of residual interests from previously issued securitizations. A qualified institutional buyer purchased $80.0 million of asset-backed notes carrying a 10.25% coupon in a private offering not registered under the Securities Act of 1933.

Q: What is the coupon rate on Consumer Portfolio Services’ new securitization notes?

The asset-backed notes issued in the transaction carry a 10.25% coupon. On each monthly payment date, the notes will receive interest at this coupon rate and, if necessary, principal payments to maintain a specified minimum collateral ratio, according to Consumer Portfolio Services, Inc.

Q: How did CPSS use proceeds from the $80.0 million securitization?

A portion of the $80.0 million securitization proceeds was used to fully repay the notes of a higher coupon residual interest financing from March 2024. Residual interests that previously secured that March 2024 transaction now secure the new residual interests securitization.

Q: What portion of the affiliate interest is pledged in the CPSS transaction?

The securitization pledges an 80% interest in a CPS majority owned affiliate that holds the residual interests in three CPS securitizations. This 80% interest includes 80% of amounts on deposit in related spread accounts and 80% of each securitization’s over-collateralization.

Q: Is the new CPSS securitization registered with the SEC?

No. The transaction was a private offering of securities that was not registered under the Securities Act of 1933 or any state securities law. All of the securities have been sold, and the company states the announcement appears as a matter of record only.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Consumer Portfolio Services, Inc. (CPSS) reported the closing of a $80.0 million securitization backed by residual interests from its previously issued auto-loan securitizations. A qualified institutional buyer purchased $80.0 million of asset-backed notes bearing a 10.25% coupon in a private, unregistered offering.

The notes are secured by residual interests in four CPS securitizations issued between April 2022 and April 2023 and by an 80% interest in a CPS majority owned affiliate that holds residuals in three securitizations issued between July 2023 and April 2026. A portion of the proceeds was used to fully repay notes from a higher coupon residual interest financing completed in March 2024, and the related residual interests now secure this new transaction. Monthly payments on the notes include interest at the coupon rate and, if needed, principal to maintain a specified minimum collateral ratio.

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8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Securitization size: $80.0 million Coupon rate on notes: 10.25% Pledged affiliate interest: 80% +2 more

5 metrics

Securitization size $80.0 million Asset-backed notes issued in August 2026 secured by residual interests

Coupon rate on notes 10.25% Interest rate on $80.0 million of asset-backed notes

Pledged affiliate interest 80% Interest in majority owned affiliate whose residuals secure three securitizations

Number of earlier securitizations (Pledged Residual Interests) 4 securitizations Issued between April 2022 and April 2023 providing residual collateral

Number of later securitizations via MOA 3 securitizations Issued between July 2023 and April 2026 held by the majority owned affiliate

Key Terms

securitization, residual interests, over-collateralization, spread accounts, +1 more

5 terms

securitization financial

"announced the closing of a $80.0 million securitization of residual interests"

Securitization is when a bank or company takes a bunch of loans or assets, like mortgages or car loans, and bundles them together into a single package. They then sell pieces of this package to investors, who receive regular payments from the borrowers. This process helps the original lender get money quickly and spreads the risk among many investors.

residual interests financial

"securitization of residual interests from previously issued securitizations"

A residual interest is the claim on whatever cash or value remains after a set of prioritized obligations have been paid; think of it as the last slice of a pie left over once everyone else has taken their agreed portion. For investors, holding a residual interest means potential for higher returns if collections or asset values exceed expectations, but also greater volatility and risk because any shortfall is absorbed by the residual holder.

over-collateralization financial

"80% of the over-collateralization of each related securitization"

Over-collateralization is when the assets pledged to secure a loan or debt are worth more than the amount borrowed, creating an extra cushion for creditors. For investors, it matters because that extra buffer reduces the chance of loss if borrowers default — like having more insurance than the value of the thing insured — which usually makes a security safer but can also lower potential returns or tie up capital.

spread accounts financial

"amounts on deposit in the underlying spread accounts for each related securitization"

A spread account is a type of trading account where the broker’s fee is built into the difference between the buy price and the sell price (the ‘spread’) rather than charged as a separate commission. For investors this matters because the spread is an immediate cost that widens the gap a trade must overcome to become profitable — like buying something that already includes the seller’s markup — so tighter spreads usually mean lower trading costs and easier profits.

qualified institutional buyer regulatory

"a qualified institutional buyer purchased $80.0 million of asset-backed notes"

A qualified institutional buyer is a large organization, such as a big investment firm or pension fund, that is trusted to handle complex or substantial financial transactions on its own. Because of their size and expertise, they can trade certain securities without the same level of oversight required for individual investors, making markets more efficient. This status helps facilitate large-scale investments and can provide access to exclusive financial opportunities.

FAQ

What transaction did CPSS announce in its August 2026 Form 8-K?

CPSS announced the closing of a $80.0 million securitization of residual interests from previously issued securitizations. A qualified institutional buyer purchased $80.0 million of asset-backed notes carrying a 10.25% coupon in a private offering not registered under the Securities Act of 1933.

What collateral secures the new $80.0 million CPSS notes (CPSS)?

The notes are secured by residual interests in four CPS securitizations issued between April 2022 and April 2023, plus an 80% interest in a majority owned affiliate that owns residual interests in three CPS securitizations issued between July 2023 and April 2026.

What is the coupon rate on Consumer Portfolio Services’ new securitization notes?

The asset-backed notes issued in the transaction carry a 10.25% coupon. On each monthly payment date, the notes will receive interest at this coupon rate and, if necessary, principal payments to maintain a specified minimum collateral ratio, according to Consumer Portfolio Services, Inc.

How did CPSS use proceeds from the $80.0 million securitization?

A portion of the $80.0 million securitization proceeds was used to fully repay the notes of a higher coupon residual interest financing from March 2024. Residual interests that previously secured that March 2024 transaction now secure the new residual interests securitization.

What portion of the affiliate interest is pledged in the CPSS transaction?

The securitization pledges an 80% interest in a CPS majority owned affiliate that holds the residual interests in three CPS securitizations. This 80% interest includes 80% of amounts on deposit in related spread accounts and 80% of each securitization’s over-collateralization.

Is the new CPSS securitization registered with the SEC?

No. The transaction was a private offering of securities that was not registered under the Securities Act of 1933 or any state securities law. All of the securities have been sold, and the company states the announcement appears as a matter of record only.

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Understanding 8-K Material Events →

Available on EDGAR 08/21/2026 - 03:26 PM Accepted by SEC EDGAR 08/21/2026 - 03:25 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) August 18, 2026

	CONSUMER PORTFOLIO SERVICES, INC.
	(Exact Name of Registrant as Specified in Charter)

california

1-11416

33-0459135

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

	3800 Howard Hughes Pkwy, Suite 1400, Las Vegas, NV 89169
	(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (949) 753-6800

	Not Applicable
	(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	CPSS	The Nasdaq Stock Market LLC (Global Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On August 18, 2026, the registrant announced the closing of a $80 million securitization of residual interests from previously issued securitizations. The notes are secured by residual interests in four Consumer Portfolio Services, Inc. (“CPS”) securitizations issued between April 2022 and April 2023 (the “Pledged Residual Interests”), as well as an 80% interest in a CPS majority owned affiliate (“MOA”) that owns the residual interests in three CPS securitizations issued between July 2023 and April 2026. The coupon on the notes is 10.25%.

The MOA interest includes 80% of the amounts on deposit in the underlying spread accounts for each related securitization and 80% of the over-collateralization of each related securitization, which is the difference between the outstanding principal balance of the related receivables less the outstanding principal balance of the notes associated with the securitization. The Pledged Residual Interests include 100% of the amounts on deposit in the underlying spread accounts for each related securitization and 100% of the over-collateralization of each related securitization. On each monthly payment date, the notes will be paid interest at the coupon rate and, if necessary, a principal payment necessary to maintain a specified minimum collateral ratio.

CPS disclaims any implication that the agreements described in this report are other than agreements entered into in the ordinary course of CPS's business.

Item 9.01. Financial Statements and Exhibits.

Neither financial statements nor pro forma financial information are filed with this report.

(d) Exhibits

One exhibit is included with this report:

99.1	News release re August 18, 2026 transaction.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CONSUMER PORTFOLIO SERVICES, INC.


Dated: August 21, 2026	By: /s/ Denesh Bharwani
	Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant

Exhibit 99.1

NEWS RELEASE

CPS Announces $80.0 Million Securitization of Residual Interests

LAS VEGAS, Nevada, August 18, 2026 (GlobeNewswire) – Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced the closing of a $80.0 million securitization of residual interests from previously issued securitizations.

In this transaction, a qualified institutional buyer purchased $80.0 million of asset-backed notes carrying a 10.25% coupon. The notes are secured by residual interests in four CPS securitizations issued between April 2022 and April 2023, as well as an 80% interest in a CPS majority owned affiliate (“MOA”) that owns the residual interests in three CPS securitizations issued between July 2023 and April 2026. A portion of the proceeds was used to fully repay the notes of the higher coupon residual interest financing from March 2024. Residual interests that previously secured that transaction now secure this transaction.

The MOA interest includes 80% of the amounts on deposit in the underlying spread accounts for each related securitization and 80% of the over-collateralization of each related securitization, which is the difference between the outstanding principal balance of the related receivables less the outstanding principal balance of the notes associated with the securitization. On each monthly payment date, the notes will be paid interest at the coupon rate and, if necessary, a principal payment to maintain a specified minimum collateral ratio.

The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

About Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

Investor Relations Contact

Danny Bharwani, EVP/ Chief Financial Officer

949-753-6811

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 NEWS RELEASE RE AUGUST 18, 2026 TRANSACTION. 5.6 KB