Consumer Portfolio Services Issues 90,000 Options to EVP Chris Terry

Rhea-AI Filing Summary

Chris Terry, Executive Vice President of Consumer Portfolio Services, Inc. (CPSS), was granted 90,000 stock options on 09/09/2025. The options have an exercise price of $8.19 and expire on 09/09/2032. The grant was issued in consideration of Mr. Terry's services and becomes exercisable in four equal increments on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029. Following the reported transaction the filing shows 90,000 underlying shares beneficially owned directly by Mr. Terry. The Form 4 is signed 09/11/2025 and reflects an acquisition coded as "A."

Positive

• 90,000 stock options were granted to the Executive Vice President, aligning management incentives with shareholder value over multiple years
• Vesting schedule spreads exercisability across 2026–2029, supporting retention through those dates

Negative

• Potential dilution of 90,000 shares if the options are exercised
• Grant issued for services increases outstanding equity rather than representing a transfer among existing holders

Insights

Corporate Governance Expert

TL;DR: A service-based executive grant of 90,000 options aligns pay with long-term performance but creates potential dilution.

The filing documents an option award to an executive officer rather than a secondary market purchase, indicating compensation-based equity issuance. Vesting over four annual tranches through 2029 and a 2032 expiration incentivize multi-year retention and performance alignment. Investors should note this is an issuance for services, not an insider sale, and the reported direct beneficial ownership increases by 90,000 underlying shares upon exercise.

Compensation Analyst

TL;DR: A standard executive option grant with multi-year vesting and a fixed $8.19 strike; impact depends on company’s share count and future stock price.

The grant details—90,000 options at an $8.19 strike, exercisable in four equal increments beginning 09/09/2026 and expiring 09/09/2032—are typical for retention-focused packages. Because the award was issued for services, it increases potential outstanding dilution if exercised. Without additional context on total share count or outstanding option pool, the grant appears routine for executive compensation.

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^*

TERRY CHRIS

(Last) (First) (Middle)

3800 HOWARD HUGHES PARKWAY

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 services to the issuer.

	/s/ Chris Terry	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 Executive Vice President Chris Terry acquire on 09/09/2025?

Mr. Terry was granted 90,000 stock options on 09/09/2025 with an $8.19 exercise price and expiration of 09/09/2032.

When do the options granted to Chris Terry become exercisable?

The options vest in four equal increments becoming exercisable on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029.

Does the Form 4 show increased beneficial ownership following the transaction?

Yes. The filing reports 90,000 underlying shares beneficially owned following the reported acquisition.

Was the option grant for services or a market purchase?

The filing states the options were issued in consideration of the named person's services.

When was the Form 4 signed and filed by the reporting person?

The Form 4 is signed by Chris Terry on 09/11/2025.