Consumer Portfolio Services Insider Grant: 60,000 Options to Director (CPSS)

Rhea-AI Filing Summary

Consumer Portfolio Services (CPSS) reported a Form 4 showing an equity award to director Lisette Reynoso. On 09/09/2025 Ms. Reynoso was issued a stock option with an $8.19 exercise price for 60,000 shares, exercisable in four equal installments beginning 09/09/2026 and continuing annually through 09/09/2029, with an expiration date of 09/09/2032. The filing states the options were issued in consideration of her services and that the 60,000 underlying common shares are beneficially owned directly following the grant. The Form 4 was signed and filed on 09/11/2025.

Positive

• Director equity alignment: 60,000 options align Lisette Reynoso's interests with shareholders through multi-year vesting
• Clear vesting schedule: Options vest in four equal installments (2026–2029), encouraging continued service

Negative

• Potential dilution: 60,000 shares could dilate existing shareholders if options are exercised
• Limited context: Filing does not disclose total outstanding shares or percent dilution, preventing full materiality assessment

Insights

Corporate Governance Expert

TL;DR: Routine director equity grant aligns executive incentives without immediate cash outlay.

The grant of 60,000 options to a director is a common mechanism to align long-term interests of board members with shareholders. Vesting over four years encourages continued service through 2029 while the $8.19 exercise price sets a defined hurdle for value realization. The filing discloses direct beneficial ownership post-grant, indicating the director holds a clear equity stake. There is no indication of unusual acceleration, related-party transactions beyond the director relationship, or additional cash compensation disclosed in this Form 4.

Securities Analyst

TL;DR: This is a standard equity compensation event with limited immediate market impact disclosed.

From a securities perspective, the option grant creates potential future share issuance if exercised and thus modest dilution risk tied to 60,000 shares. The exercise price and multi-year vesting window mean any market impact depends on future stock performance and whether options are exercised before the 2032 expiration. The Form 4 provides clear dates, quantities, and terms but does not include company-wide share-count context, so absolute dilution magnitude cannot be calculated from this filing alone.

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).

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^*

Reynoso Lisette

(Last) (First) (Middle)

19500 JAMBOREE RD

STE 600

(Street)

IRVINE CA 92610

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		60,000		(1)	09/09/2032	Common Stock, No Par Value	60,000	(2)	60,000	D

Explanation of Responses:

1. Becomes exercisable in four equal installments 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/ Lisette Reynoso	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.
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FAQ

What did the Form 4 filed for CPSS disclose about Lisette Reynoso's transaction?

The Form 4 shows Lisette Reynoso was issued a stock option for 60,000 shares on 09/09/2025 with an $8.19 exercise price, vesting in four equal annual installments and expiring on 09/09/2032.

When do Lisette Reynoso's options become exercisable?

The options become exercisable in four equal installments on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029.

Are the 60,000 shares reported as beneficially owned after the grant?

Yes, the Form 4 reports 60,000 shares of underlying common stock are beneficially owned directly following the reported transaction.

What is the expiration date of the awarded options?

The awarded stock options expire on 09/09/2032.

Does the Form 4 indicate why the options were issued?

Yes, the filing states the options were issued in consideration of the reporting person's services to the issuer.