Consumer Portfolio Services awards 90K options to Exec VP Denesh Bharwani

Rhea-AI Filing Summary

Denesh Bharwani, Executive Vice President of Consumer Portfolio Services, Inc. (CPSS), was granted a stock option on 09/09/2025 to buy 90,000 shares of the company’s common stock at an exercise price of $8.19 per share. The option expires on 09/09/2032 and becomes exercisable in four equal annual increments beginning on 09/09/2026 and ending on 09/09/2029. The award was issued as consideration for Mr. Bharwani’s service and is reported as directly owned. The transaction was disclosed on a Form 4 signed 09/11/2025. No cash purchase was reported; this is a compensation-related derivative grant.

Positive

• Clear vesting schedule (four equal tranches from 09/09/2026 to 09/09/2029) aligns executive incentives with multi-year performance
• Direct ownership disclosure and explicit exercise price ($8.19) improve transparency for investors

Negative

• Potential dilution of up to 90,000 shares if options are fully exercised (total outstanding share count not provided to assess materiality)
• No performance-contingent criteria disclosed; grant appears purely service-based which may provide weaker performance alignment

Insights

Financial Analyst

TL;DR: Executive received a sizable option grant with multi-year vesting, typical of retention and incentive compensation.

The 90,000-option grant at $8.19 appears structured for retention, vesting in four equal tranches from 2026–2029 and expiring in 2032. As a direct grant tied to service, it dilutes existing equity only if exercised and thus has contingent economic impact. The one-time disclosure is routine compensation reporting and does not provide revenue, cash flow, or performance metrics to change valuation models by itself.

Corporate Governance Expert

TL;DR: Standard service-based option grant consistent with common executive compensation practices; merits disclosure review.

The award’s cliff-style schedule (four equal annual vesting installments) aligns management incentives with multi-year retention. Key governance items for investors include the grant size relative to outstanding shares (not stated here) and whether terms were approved by the compensation committee. The Form 4 appropriately discloses direct beneficial ownership and vesting schedule, enabling shareholders to monitor potential future dilution upon exercise.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bharwani Denesh

(Last) (First) (Middle)

3800 HOWARD HUGHES PKWY

SUITE 1400

(Street)

LAS VEGAS NV 89169

(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)
	Exec. Vice President

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

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

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)	$8.19	09/09/2025		A		90,000		(1)	09/09/2032	Common Stock, No Par Value	90,000	(2)	90,000	D

Explanation of Responses:

1. Becomes exercisable in four equal increments on 9/9/2026, 9/9/2027, 9/9/2028, and 9/9/2029.

2. Issued in consideration of the named person's service to the issuer.

	/s/ Denesh Bharwani	09/11/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did CPSS insider Denesh Bharwani receive on 09/09/2025?

He received a stock option to buy 90,000 shares at an exercise price of $8.19, granted 09/09/2025.

When do Mr. Bharwani’s options vest and expire?

The options vest in four equal installments on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029, and expire on 09/09/2032.

Was the option grant reported as direct or indirect ownership?

The Form 4 reports the options and underlying 90,000 common shares as direct ownership.

Why was the option granted according to the filing?

The filing states the options were issued in consideration of the named person’s service to the issuer.

When was the Form 4 filed and signed?

The Form 4 was signed and disclosed on 09/11/2025.