$CPSS

CONSUMER PORTFOLIO SERVICES, INC.

CIK:0000889609|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Interest income	$ 118,112	$ 105,362	$ 226,833	$ 207,295
Mark to finance receivables measured at fair value	0	3,000	0	6,500
Other income	3,277	1,402	6,890	2,843
Total revenues	121,389	109,764	233,723	216,638
Expenses:
Employee costs	23,418	24,362	46,464	49,395
General and administrative	14,673	12,402	27,581	24,966
Interest	64,253	58,704	124,314	113,622
Sales	8,303	5,721	14,855	11,632
Occupancy	1,458	1,374	2,972	2,771
Depreciation and amortization	249	249	474	498
Total expenses	112,354	102,812	216,660	202,884
Income before income tax expense	9,035	6,952	17,063	13,754
Income tax expense	2,801	2,155	5,290	4,263
Net income	$ 6,234	$ 4,797	$ 11,773	$ 9,491
Earnings per share:
Basic	$ 0.29	$ 0.22	$ 0.54	$ 0.44
Diluted	$ 0.27	$ 0.20	$ 0.50	$ 0.39
Number of shares used in computing earnings per share:
Basic	21,633	21,893	21,704	21,670
Diluted	23,485	24,180	23,509	24,254

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 11,773	$ 9,491
Adjustments to reconcile net income to net cash provided by operating activities:
Net interest income accretion on fair value receivables	139,685	126,548
Depreciation and amortization	474	498
Amortization of deferred financing costs	6,620	6,021
Mark to finance receivables measured at fair value	0	(6,500)
Provision for credit losses	0	(1,760)
Stock-based compensation expense	1,090	1,361
Changes in assets and liabilities:
Other assets	775	(5,108)
Accounts payable and accrued expenses	29,454	(2,223)
Net cash provided by operating activities	189,871	128,328
Cash flows from investing activities:
Payments received on finance receivables held for investment	0	5,076
Purchases of finance receivables measured at fair value	(1,266,636)	(882,879)
Payments received on finance receivables at fair value	570,639	517,569
Purchase of furniture and equipment	(968)	(595)
Net cash used in investing activities	(696,965)	(360,829)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	859,680	862,370
Proceeds from issuance of subordinated renewable notes	1,132	3,212
Payments on subordinated renewable notes	(1,657)	(873)
Net proceeds from (repayments of) warehouse lines of credit	354,416	(16,564)
Proceeds from issuance of residual interest financing debt	50,000	65,000
Repayment of residual interest financing debt	(23,738)	(8,205)
Repayment of securitization trust debt	(715,050)	(642,697)
Payment of financing costs	(6,541)	(6,450)
Purchase of common stock	(3,694)	(5,138)
Exercise of options and warrants	543	4,617
Net cash provided by financing activities	515,091	255,272
Increase in cash and cash equivalents	7,997	22,771
Cash and restricted cash at beginning of period	172,207	137,397
Cash and restricted cash at end of period	180,204	160,168
Cash paid during the period for:
Interest	116,237	106,773
Income taxes	$ 4,285	$ 5,306

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 7,501	$ 6,322
Restricted cash and equivalents	172,703	165,885
Finance receivables measured at fair value	4,212,167	3,655,855
Furniture and equipment, net	1,265	771
Other assets	28,585	29,360
Total assets	4,422,221	3,858,193
Liabilities
Accounts payable and accrued expenses	94,698	65,244
Warehouse lines of credit	679,900	324,871
Residual interest financing	168,809	142,982
Securitization trust debt	3,131,105	2,986,574
Subordinated renewable notes	28,461	28,986
Total liabilities	4,102,973	3,548,657
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity
Common stock, no par value; authorized 75,000,000 shares; 21,598,965 and 21,842,457 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	22,365	24,426
Retained earnings	298,158	286,385
Accumulated other comprehensive loss	(1,275)	(1,275)
Total shareholders’ equity	319,248	309,536
Total liabilities and shareholders’ equity	4,422,221	3,858,193
Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, value	0	0
Series A Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, value	0	0
Series B Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, value	$ 0	$ 0