CPSS Form 4: Jackson Exercises Options, Sells 9,369 Shares at $8.49 Avg

Rhea-AI Filing Summary

Noel Jackson, Sr. Vice President of Consumer Portfolio Services, Inc. (CPSS), exercised stock options and sold the resulting shares on 09/16/2025. He exercised 9,369 option shares at an exercise price of $2.47 per share and immediately sold those 9,369 common shares at a weighted-average price of $8.4938 per share, resulting in no remaining direct ownership of those common shares after the sale. After the transactions, Mr. Jackson continues to beneficially own 20,631 derivative securities (stock options) issued for services.

Positive

• Exercise and sale realized value: Options exercised at $2.47 and sold at a weighted-average of $8.4938, capturing a positive spread.
• Transparent disclosure: Filing includes weighted-average sale price range and explanatory notes describing grant vesting and consideration for services.

Negative

• No retained common shares from this transaction: The 9,369 shares acquired by exercise were sold, leaving zero direct common-stock ownership from this tranche.
• Potential dilution remains: The reporting person still beneficially owns 20,631 stock options, which could dilute equity if exercised.

Insights

Financial Analyst

TL;DR: Routine option exercise followed by sale realizing a spread; no new common-stock holdings, remaining option position still material.

The filing documents a cashless or simultaneous exercise-and-sale of 9,369 option shares at an exercise price of $2.47 and a weighted-average sale price of $8.4938, indicating the reporting person captured intrinsic value on the spread between strike and sale proceeds. The reported remaining position of 20,631 derivative securities signals continued potential future dilution if exercised. For investors, this is a common insider liquidity event rather than an operational signal; it converts option value to cash while leaving a significant remaining option stake outstanding.

Corporate Governance Expert

TL;DR: Standard, compliant Section 16 disclosure of an exercised option and subsequent sale; filing appears complete and timely.

The Form 4 shows the reporting person exercised vested options and sold the underlying shares the same day, and provided the weighted-average sale price range as required. The explanation notes the original grant schedule and that the options were issued for services, which aligns with standard equity compensation practices. There are no indications of unusual related-party transactions or undisclosed holdings in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Jackson Noel

(Last) (First) (Middle)

19500 JAMBOREE RD.

(Street)

IRVINE CA 92612

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CONSUMER PORTFOLIO SERVICES, INC. [ CPSS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. Vice President

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, no par value	09/16/2025		M(1)		9,369	A	$2.47	9,369	D
Common Stock, no par value	09/16/2025		S(1)		9,369	D	$8.4938(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$2.47	09/16/2025		M			9,369	(3)	06/01/2027	Common Stock, No Par Value	9,369	(4)	20,631	D

Explanation of Responses:

1. Represents an exercise of a stock option with a subsequent sale of the underlying shares of common stock.

2. The sales price is a weighted average price. The shares were sold in multiple transactions at prices ranging from $8.4257 to $8.5476, inclusive. The reporting person undertakes to provide upon request by the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, full information regarding the number of shares sold at each separate price within the range.

3. Original grant of 30,000 options became exercisable in 4 equal installments of 7,500 shares on 06/01/2021, 06/01/2022, 06/01/2023 and 06/01/2024.

4. Issued in consideration of the named person's services to the issuer.

	/s/ Noel Jackson	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did CPSS insider Noel Jackson do on 09/16/2025?

He exercised 9,369 option shares at $2.47 per share and sold the resulting 9,369 common shares at a weighted-average price of $8.4938 per share.

How many CPSS shares does Noel Jackson own after the reported transactions?

After the transactions he directly owns 0 common shares from this exercise but beneficially owns 20,631 derivative securities (stock options).

What was the nature of the exercised options reported on the Form 4?

The options were previously granted as compensation for services, originally 30,000 options vesting in four equal installments; 9,369 were exercised on 09/16/2025.

At what prices were the shares sold?

Shares were sold in multiple transactions at prices ranging from $8.4257 to $8.5476, with a weighted-average sale price of $8.4938.

Was the Form 4 signed and when?

The filing is signed by Noel Jackson and dated 09/17/2025.