Consumer Portfolio Services 8-K Filings

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.

Consumer Portfolio Services, Inc. reported strong Q2 2026 results, with revenues of $121.4 million and net income of $6.2 million, or $0.27 per diluted share, up 30% from $4.8 million and 35% from $0.20 per diluted share in Q2 2025. Pretax income rose to $9.0 million from $7.0 million, while for the first six months of 2026 net income increased 24% to $11.8 million and diluted EPS grew to $0.50.

New contract purchases in Q2 2026 reached $757.7 million, a 75% increase over the prior-year quarter, and receivables totaled $4.307 billion as of June 30, 2026, up from $3.708 billion a year earlier. Credit performance improved, with total delinquencies and repossession inventory at 12.16% of the portfolio versus 13.14% a year ago, and annualized net charge-offs edging down to 7.28% of the average portfolio.

Consumer Portfolio Services, Inc. completed a securitization of approximately $734.51 million of subprime automobile receivables through CPS Auto Receivables Trust 2026-C. The trust issued and sold $716.88 million of asset-backed notes in five classes, backed by a fixed pool of amortizing receivables.

CPS sold the receivables to a wholly owned subsidiary, which sold them to the trust; the notes are obligations of the trust but are treated as long-term debt of CPS. Class A–E coupons range from 4.52% to 7.65%, with a weighted average coupon of approximately 5.90%. CPS will service the receivables, while Computershare Trust Company acts as trustee, collateral agent and backup servicer.

Initial credit enhancement consists of a reserve account equal to 1.00% of the receivable pool and 2.40% over-collateralization, with required enhancement building to the lesser of 7.70% of the original pool or 19.10% of the then outstanding balance, but not below 1.50%. This is described as the largest securitization in the company's history and its 60th senior subordinate transaction since 2011, and the 43rd consecutive securitization whose senior class received triple A ratings from at least two agencies.

Consumer Portfolio Services, Inc. renewed and increased its revolving warehouse credit facility with Citibank, N.A. and a subordinate lender, raising the maximum capacity from $335 million to $508 million. Borrowings are secured by automobile receivables that CPS holds or will originate and sell or contribute to a wholly owned subsidiary.

The facility allows advances of up to 96% of the principal balance of eligible pledged receivables, with the actual advance rate depending on receivable characteristics, securitization terms, and portfolio performance. CPS may borrow on a revolving basis through July 17, 2028, after which it can either repay outstanding loans in full or allow them to amortize over a one-year period, subject to possible earlier termination or acceleration upon defined events of default linked to credit losses, consumer bankruptcies, regulatory changes, or adverse economic conditions.

Consumer Portfolio Services furnished an investor presentation under Regulation FD that describes its sub-prime auto finance business and recent performance as of March 31, 2026.

The company reports a $4.06 billion managed portfolio, 58 consecutive profitable quarters, and 956 employees. For the quarter ended March 31, 2026, auto contract purchases were $533.2 million and the managed portfolio totaled $3.94 billion. Interest income was $108.7 million, net income was $4.7 million, and diluted EPS was $0.24. Core operating expenses were 4.6% of the average managed portfolio, while annualized net charge-offs were 7.54% of the owned portfolio and total delinquencies and repossessed inventory were 12.35%.

Consumer Portfolio Services, Inc. reported stronger results for the first quarter ended March 31, 2026. Net income was $5.5 million, up 18% from $4.7 million a year earlier, and diluted earnings per share rose 26% to $0.24 from $0.19.

Revenue for the quarter reached $112.3 million, a 5.1% increase from $106.9 million in the prior-year period, while total operating expenses were $104.3 million versus $100.1 million. Pretax income grew to $8.0 million from $6.8 million, also an 18% increase.

The company’s auto finance business expanded meaningfully. New contract purchases were $533.2 million, up 18% year over year and 47% above the fourth quarter of 2025. The total portfolio balance climbed to a record $3.942 billion, compared with $3.615 billion a year earlier. Credit performance was mixed: delinquencies over 30 days plus repossessions improved to 11.58% from 12.35%, but annualized net charge-offs rose to 8.57% of the average portfolio from 7.54%.

Consumer Portfolio Services, Inc. completed a $514.07 million asset-backed securitization backed by $526.17 million of subprime automotive receivables through CPS Auto Receivables Trust 2026-B. Qualified institutional buyers purchased five classes of notes, with the senior class rated triple “A” by at least two agencies.

The notes are obligations of the Trust but are treated as long-term secured debt of CPS for accounting and tax purposes. Initial credit enhancement includes 1.00% cash reserve and 2.30% overcollateralization, with required increases over time through accelerated principal payments. CPS will continue to service the receivables, and this 2026-B deal is the largest securitization in the company’s history.

Consumer Portfolio Services, Inc. amended its warehouse credit facility with Capital One, N.A. and a Class B lender, significantly increasing available funding capacity. The revolving credit agreement’s maximum capacity rose from $167.5 million to $390 million, secured by automobile receivables CPS holds or will acquire from dealers.

Under the amended terms, CPS may borrow on a revolving basis through October 17, 2027, with up to 95.5% of the principal balance of eligible receivables available to be advanced. After the revolving period ends, CPS can either repay the balance in full or allow the loans to amortize over an eighteen-month period.

Consumer Portfolio Services, Inc. updated its executive pay disclosure by adding finalized non-equity incentive plan compensation for fiscal 2025. The revised Summary Compensation Table now shows total 2025 pay of $5,439,647 for CEO Charles E. Bradley Jr., $1,386,590 for President & COO Michael T. Lavin, and $1,254,849 for CFO Denesh (Danny) Bharwani.

The CEO’s bonus opportunity was tied to specific performance goals, including meeting quarterly budgets, completing securitizations, growing receivables originations, cutting core operating expenses, arranging residual and forward flow financings, and stock price targets, with a maximum payout equal to 720% of base salary. Maximum bonus opportunities were 160% of base salary for the president and 140% for the CFO.

Consumer Portfolio Services, Inc. furnished an investor presentation outlining its auto finance business and 2025 performance. The company manages a $3.89 billion portfolio as of December 31, 2025 and has achieved 57 consecutive profitable quarters, reflecting a long track record in subprime auto lending.

For the twelve months ended December 31, 2025, Consumer Portfolio Services reported total revenues of $434.5 million, net income of $19.3 million, and fully diluted EPS of $0.80. Auto contract purchases were $1,638.3 million and the total portfolio reached $3,778.7 million, with pretax return on managed assets of 0.8%.

Consumer Portfolio Services, Inc. reported solid but modestly improved results for 2025. For the fourth quarter of 2025, the company earned net income of $5.0 million, or $0.21 per diluted share, on total revenue of $109.4 million, up 3.9% from the prior-year quarter.

For the full year 2025, total revenue rose 10.4% to $434.5 million, driven mainly by interest income of $422.7 million, a 16% increase from 2024. Full-year net income was $19.3 million, or $0.80 per diluted share, slightly above $19.2 million in 2024.

Credit metrics remained relatively stable. Net charge-offs were 7.76% of the average portfolio for 2025, compared with 7.62% in 2024, while delinquencies over 30 days including repossession inventory were 14.77% of the portfolio at December 31, 2025, versus 14.85% a year earlier. Year-end receivables totaled $3.779 billion.

Consumer Portfolio Services, Inc. completed a $50 million securitization of residual interests from previously issued auto loan securitizations. Qualified institutional buyers purchased $50 million of asset-backed notes bearing an 8.75% coupon, secured by an 80% interest in a majority-owned affiliate holding residual interests in four CPS deals issued from January 2025 through October 2025.

The collateral includes 80% of cash in underlying spread accounts and 80% of over-collateralization from the related securitizations. Noteholders will receive monthly interest and, when needed, principal payments designed to keep a specified minimum collateral ratio in place. The securities were sold via a private offering not registered under federal or state securities laws.

Consumer Portfolio Services, Inc. reported that its board appointed Scott W. Carnahan as a director, effective immediately, to fill the vacancy created by the prior resignation of William B. Roberts. He will serve until the 2026 annual meeting and until a successor is elected and qualified.

Carnahan brings more than 40 years of accounting, consulting, regulatory compliance, and executive leadership experience in the financial institutions sector, including senior roles at FTI Consulting and KPMG, where he led the structured finance practice and advised on over $2 trillion in transactions.

He is a senior advisor to FTI Consulting, which had previously provided consulting services to the company. Consumer Portfolio Services paid FTI approximately $127,000 in the fiscal year ended December 31, 2024 and $173,000 in the fiscal year ended December 31, 2025, before that engagement ended in September 2025. Carnahan will be compensated under the company’s non-employee director compensation program.

Consumer Portfolio Services, Inc. reported that director William B. Roberts resigned from the board effective January 30, 2026. The company stated that his resignation was not due to any dispute or disagreement regarding its operations, policies, or practices and expressed appreciation for his many years of board service.

Consumer Portfolio Services, Inc. completed a subprime auto loan securitization on January 27, 2026. A wholly owned subsidiary bought about $352.66 million of automotive receivables from CPS and then sold them to CPS Auto Receivables Trust 2026-A.

The Trust issued and sold $345.61 million of asset-backed notes in five classes, secured by the receivables and related payment rights. Initial credit enhancement includes a cash reserve equal to 1.00% of the receivable pool and 2.00% overcollateralization, with higher target enhancement levels through accelerated principal payments.

Consumer Portfolio Services, Inc. reported results of its annual shareholder meeting held on November 19, 2025. Shareholders approved the new 2025 Equity Incentive Plan, which authorizes equity-based awards tied to up to 4,501,330 shares of common stock, plus certain shares that may return to the pool from forfeited or cancelled awards under the prior 2006 plan. The plan covers employees, officers, non-employee directors, consultants and advisors, and allows options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based awards.

All nine director nominees were elected. Shareholders also ratified the appointment of Crowe LLP as independent auditors for the fiscal year ending December 31, 2025, approved an advisory resolution on named executive officer compensation, and approved the 2025 Equity Incentive Plan. In an advisory vote on frequency of future say-on-pay votes, shareholders favored annual votes, and the board decided to continue holding the advisory executive compensation vote every year.

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) 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.

Consumer Portfolio Services, Inc. furnished a current report to share an updated investor presentation. The company made available a 19-slide "Company Summary as of June 30, 2025" as an exhibit and also posted the same presentation on its investor relations website.

The material is provided under Regulation FD as an informational update and is expressly treated as "furnished" rather than "filed" under securities laws. No financial statements or pro forma financial information accompany this report, and the filing itself does not announce any new transaction or earnings results.

Consumer Portfolio Services, Inc. announced its earnings for the three-month and six-month periods ended June 30, 2025 and scheduled a public conference call to discuss second-quarter 2025 operating results. The call is set for August 12, 2025 at 1:00 p.m. ET, and interested parties can pre-register using the link provided in the filing. The company attached a news release as an exhibit to this report.

The report explicitly states that neither financial statements nor pro forma financial information are included with this filing, so detailed numeric results are not presented in the 8-K itself. The filing includes exhibit references for the news release (99.1) and the Inline XBRL cover page (104).