0001683168-26-003607 | 10-Q | XBRL Viewer | Consumer Portfolio Services INC

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Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Interest expense	$ 60,061	$ 54,918
Securitization Trust Debt [Member]
Debt Instrument [Line Items]
Interest expense	48,756	45,044
Warehouse Lines Of Credit [Member]
Debt Instrument [Line Items]
Interest expense	6,465	6,513
Residual Interest Financing [Member]
Debt Instrument [Line Items]
Interest expense	4,155	2,715
Subordinated Renewable Notes [Member]
Debt Instrument [Line Items]
Interest expense	$ 685	$ 646

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 5,539	$ 4,694

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
Earnings Per Share (Details) - shares shares in Thousands	Mar. 31, 2026	Mar. 31, 2025
Earnings per share:
Weighted average number of common shares outstanding during the period used to compute basic earnings per share	21,777	21,444
Incremental common shares attributable to exercise of outstanding options and warrants	1,757	2,881
Weighted average number of common shares used to compute diluted earnings per share	23,534	24,325

Interest Income and Interest Expense

3 Months Ended

Mar. 31, 2026

Interest Income And Interest Expense

Interest Income and Interest Expense

(5) Interest Income and Interest Expense

The following table presents the components of interest income:

Schedule of interest income
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Interest on finance receivables at fair value	$	106,331	$	99,567
Other interest income		2,390		2,366

Interest income	$	108,721	$	101,933

The following table presents the components of interest expense:

Schedule of interest expense
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Securitization trust debt	$	48,756	$	45,044
Warehouse lines of credit		6,465		6,513
Residual interest financing		4,155		2,715
Subordinated renewable notes		685		646

Interest expense	$	60,061	$	54,918

- Definition

The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of debt outstanding

Schedule of debt outstanding
				Amount Outstanding at
				March 31,		December 31,
				2026		2025
				(In thousands)
Description	Interest Rate	Subordinate Lender Interest Rate	Maturity

Warehouse line of credit	2.85% over CP yield rate (Minimum 3.60%) 6.68% and 6.80% at March 31, 2026 and December 31 2025, respectively	6.40% over SOFR yield rate (Minimum 7.15%) 10.33% and 10.40% at March 31, 2026 and December 31, 2025, respectively	July 2026	$	301,207	$	197,107

Warehouse line of credit	4.50% over a commercial paper rate (Minimum 7.50%) 8.18% and 8.25% at March 31, 2026, and December 31 2025, respectively		April 2026		–		11,778
Warehouse line of credit	2.75% over SOFR yield rate (Minimum 3.00%) 6.42% and 6.50% at March 31, 2026 and December 31, 2025, respectively	6.40% over SOFR yield rate (Minimum 6.65%) 10.07% and 10.27% at March 31, 2026 and December 31, 2025, respectively	October 2027		167,500		118,323

Residual interest financing	7.86%		December 2028		21,030		31,163

Residual interest financing	11.50%		March 2029		49,652		49,820

Residual interest financing	11.00%		June 2032		62,810		63,524

Residual interest financing	8.75%		May 2033		50,000		–

Subordinated renewable notes	Weighted average rate of 8.81% and 8.98% at March 31, 2026 and December 31, 2025, respectively		Weighted average maturity of January 2028 and November 2027 at March 31, 2026 and December 31, 2025, respectively		27,508		28,986
				$	679,707	$	500,701

Summary of Significant Accounting Policies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases
Operating lease right-of-use assets	$ 53,225	$ 53,225
Less: Accumulated amortization right-of-use assets	(37,461)	(36,281)
Operating lease right-of-use assets, net	15,764	16,944
Operating lease liabilities	(18,012)	(19,236)
Finance Leases
Property and equipment, at cost	4,589	4,097
Less: Accumulated depreciation	(3,777)	(3,684)
Property and equipment, net	812	413
Finance lease liabilities	$ (832)	$ (428)
Weighted Average Discount Rate
Operating lease	5.00%	5.00%
Finance lease	6.60%	6.40%

Securitization Trust Debt (Details Narrative) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Securitization Trust Debt
Debt issuance costs	$ 16.5	$ 16.6
Restricted cash under various agreements	$ 178.5

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Summary of Significant Accounting Policies (Details - Options outstanding and exercisable) - shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	6,123	6,123
Number of shares, exercisable	4,535	4,393
$2.00 - $2.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,098	1,098
Number of shares, exercisable	1,098	1,098
$3.00 - $3.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	897	897
Number of shares, exercisable	897	897
$4.00 - $4.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,145	1,145
Number of shares, exercisable	1,145	1,145
$8.00 - $8.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,430	1,430
Number of shares, exercisable	0	0
$10.00 - $10.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,553	1,613
Number of shares, exercisable	1,395	1,253

Finance receivables measured at fair value (Details - Level 3 Fair value measurements) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Finance Receivables Measured At Fair Value
Receivables, fair value disclosure	$ 3,835,789	$ 3,655,855	$ 3,449,106	$ 3,313,767
Discount rate on finance receivables	11.07%	11.07%
Cumulative net losses on finance receivables	16.21%	16.02%

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation costs	$ 512,000	$ 717,000
Unrecognized stock-based compensation costs	$ 4,800,000
Weighted average period	3 years 1 month 13 days
Intrinsic value options outstanding	$ 12,700,000
Intrinsic value of options exercisable	$ 0
Intrinsic value of options exercised		$ 390,000
Shares available for grant	4,501,000
Options Exercised [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised	$ 70,000

Summary of Significant Accounting Policies (Details - Stock purchases) - Common Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Repurchase Program [Line Items]
Total stock purchases, shares	146,622	0
Total stock purchases, average price	$ 8.43	$ 0
Open Market Purchases [Member]
Share Repurchase Program [Line Items]
Total stock purchases, shares	126,622	0
Total stock purchases, average price	$ 8.57	$ 0
Shares Redeemed [Member]
Share Repurchase Program [Line Items]
Total stock purchases, shares	0	0
Total stock purchases, average price	$ 0	$ 0
Other [Member]
Share Repurchase Program [Line Items]
Total stock purchases, shares	20,000	0
Total stock purchases, average price	$ 7.53	$ 0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Description of Business

We were formed in California on March 8, 1991. We specialize in purchasing and servicing retail automobile installment sale contracts (“automobile contracts” or “finance receivables”) originated by licensed motor vehicle dealers located throughout the United States (“dealers”) in the sale of new and used automobiles, light trucks and passenger vans. Through our purchases, we provide indirect financing to dealer customers for borrowers with limited credit histories or past credit problems (“sub-prime customers”). We serve as an alternative source of financing for dealers, allowing sales to customers who otherwise might not be able to obtain financing. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) lent money directly to consumers for loans secured by vehicles, (ii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders, and (iii) acquired installment purchase contracts in four merger and acquisition transactions. In this report, we refer to all of such contracts and loans as “automobile contracts.”

Basis of Presentation

Our Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, with the instructions to Form 10-Q and with Article 10 of Regulation S-X of the Securities and Exchange Commission, and include all adjustments that are, in management’s opinion, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are, in the opinion of management, of a normal recurring nature. Results for the three-month period ended March 31, 2026, are not necessarily indicative of the operating results to be expected for the full year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these Unaudited Condensed Consolidated Financial Statements. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods.

Finance Receivables Measured at Fair Value

Effective January 1, 2018, we adopted the fair value method of accounting for finance receivables acquired on or after that date. For each finance receivable acquired after 2017, we consider the price paid on the purchase date as the fair value for such receivable. We estimate the cash to be received in the future with respect to such receivables, based on our experience with similar receivables acquired in the past. We then compute the internal rate of return that results in the present value of those estimated cash receipts being equal to the purchase date fair value. Thereafter, we recognize interest income on such receivables on a level yield basis using that internal rate of return as the applicable interest rate. Cash received with respect to such receivables is applied first against such interest income, and then to reduce the recorded value of the receivables.

We re-evaluate the fair value of such receivables at the close of each measurement period. If the reevaluation were to yield a value materially different from the recorded value, an adjustment would be required.

Anticipated credit losses are included in our estimation of cash to be received with respect to receivables. In accordance with the fair value accounting standards, credit losses are included in our computation of the appropriate level yield, therefore we do not thereafter make periodic provision for credit losses, as our best estimate of the lifetime aggregate of credit losses is included in that initial computation. Also, because we include anticipated credit losses in our computation of the level yield, the computed level yield is materially lower than the average contractual rate applicable to the receivables. Because our initial recorded value is fixed as the price we pay for the receivable, rather than the contractual principal balance, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.

Other Income

The following table presents the primary components of Other Income for the three-month periods ending March 31, 2026, and 2025:

Schedule of other income
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Origination and servicing fees from third party receivables	$	1,287	$	1,431
Dealer recoveries		2,319		–
Other		7		10
Other income for the period	$	3,613	$	1,441

Leases

The Company has operating leases for corporate offices, equipment, software and hardware. The Company has entered into operating leases for the majority of its real estate locations, primarily office space. These leases are generally for periods of three to seven years with various renewal options. The depreciable life of leased assets is limited by the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term.

The following table presents the supplemental balance sheet information related to leases:


	2026			2025
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	53,225		$	53,225
Less: Accumulated amortization right-of-use assets		(37,461	)		(36,281	)
Operating lease right-of-use assets, net	$	15,764		$	16,944

Operating lease liabilities	$	(18,012	)	$	(19,236	)

Finance Leases
Property and equipment, at cost	$	4,589		$	4,097
Less: Accumulated depreciation		(3,777	)		(3,684	)
Property and equipment, net	$	812		$	413

Finance lease liabilities	$	(832	)	$	(428	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.6%			6.4%

Maturities of lease liabilities were as follows:


(In thousands)	Operating			Finance
Year Ending December 31,	Lease			Lease
2026 (excluding the three months ended March 31, 2026)	$	4,219		$	310
2027		5,756			355
2028		5,937			234
2029		4,331			10
2030		1,171			–
2031.		719			–
Thereafter		50			–
Total undiscounted lease payments		22,183			909
Less amounts representing interest		(4,171	)		(77	)
Lease Liability	$	18,012		$	832

The following table presents the lease expense included in General and administrative and Occupancy expense on our Unaudited Condensed Consolidated Statement of Operations:

Schedule of lease cost
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	1,320	$	1,311
Finance lease cost		104		55
Total lease cost	$	1,424	$	1,366

The following table presents the supplemental cash flow information related to leases:


	Three Months Ended
	March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)
Operating cash flows from operating leases	$	1,320	$	1,311
Operating cash flows from finance leases		88		47
Financing cash flows from finance leases		16		8

Stock-based Compensation

We recognize compensation costs in the financial statements for all share-based payments based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”.

For the three months ended March 31, 2026, and 2025 we recorded stock-based compensation costs in the amount of $512,000 and $717,000, respectively. As of March 31, 2026, unrecognized stock-based compensation costs to be recognized over future periods equaled $4.8 million. This amount will be recognized as expense over a weighted-average period of 3.12 years.

The following represents stock option activity for the three months ended March 31, 2026:

Schedule of stock option activity
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining
	(in thousands)		Exercise Price		Contractual Term
Options outstanding at the beginning of period		6,123	$	6.41	N/A
Granted		–		–	N/A
Exercised		–		–	N/A
Forfeited		–		–	N/A
Options outstanding at the end of period		6,123	$	6.41	2.97 years

Options exercisable at the end of period		4,535	$	5.71	1.86 years

The following table presents the price distribution of stock options outstanding and exercisable as of March 31, 2026 and December 31, 2025:


	Number of shares as of				Number of shares as of
	March 31, 2026				December 31, 2025
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$2.00 - $2.99		1,098		1,098		1,098		1,098
$3.00 - $3.99		897		897		897		897
$4.00 - $4.99		1,145		1,145		1,145		1,145
$8.00 - $8.99		1,430		–		1,430		–
$10.00 - $10.99		1,553		1,395		1,613		1,253
Total shares		6,123		4,535		6,123		4,393

At March 31, 2026, the aggregate intrinsic value of options outstanding and exercisable was $12.7 million. There were no options exercised for the three months ended March 31, 2026, compared to 70,000 for the comparable period in 2025. The total intrinsic value of options exercised was $390,000 for the three-month periods ended March 31, 2025. There were 4,501,000 shares available for future stock option grants under existing plans as of March 31, 2026.

Purchases of Company Stock

The table below describes the purchase of our common stock for the three-months ended March 31, 2026, and 2025:

Three Months Ended

March 31, 2026

March 31, 2025

Avg. Price

Open market purchases

126,622

8.57

–

Shares redeemed upon net exercise of stock options

–

Other

20,000

7.53

–

Total stock purchases

146,622

8.43

–

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity.

Financial Covenants

Certain of our securitization transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. As of March 31, 2026, we were in compliance with all such covenants. In addition, certain of our debt agreements other than our term securitizations contain cross-default provisions. Such cross-default provisions would allow the respective creditors to declare a default if an event of default occurred with respect to other indebtedness of ours, but only if such other event of default were to be accompanied by acceleration of such other indebtedness.

Provision for Contingent Liabilities

We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined. This is described further in footnote 8.

Recent Accounting Pronouncements

We do not believe that any accounting pronouncements issued, but not yet effective, are applicable or would have a material impact on our consolidated financial statements or disclosures, if adopted.

Summary of Significant Accounting Policies (Details - Lease cost) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Operating lease cost	$ 1,320	$ 1,311
Finance lease cost	104	55
Total lease cost	$ 1,424	$ 1,366

Finance receivables measured at fair value (Details - Delinquency status) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Finance receivables	$ 3,941,948	$ 3,778,127
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	3,485,649	3,220,198
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	217,632	272,421
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	86,227	118,201
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	48,911	56,203
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	$ 103,529	$ 111,104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest Income And Interest Expense
Interest on finance receivables at fair value	$ 106,331	$ 99,567
Other interest income	2,390	2,366
Interest income	$ 108,721	$ 101,933

- Definition

Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein.

+ References + Details

Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OtherIncomeLineItems [Line Items]
Other income for the period	$ 3,613	$ 1,441
Other Operating Income [Member] \| Origination And Servicing Fees From Third Party Receivables [Member]
OtherIncomeLineItems [Line Items]
Other income for the period	1,287	1,431
Other Operating Income [Member] \| Dealer Recoveries [Member]
OtherIncomeLineItems [Line Items]
Other income for the period	2,319	0
Other Operating Income [Member] \| Other [Member]
OtherIncomeLineItems [Line Items]
Other income for the period	$ 7	$ 10

Securitization Trust Debt (Tables)

3 Months Ended

Mar. 31, 2026

Securitization Trust Debt

Schedule of securitization trust debt

Schedule of securitization trust debt
										Weighted Average
	Final Scheduled Payment	Receivables Pledged at March 31,		Initial		Outstanding Principal at March 31,		Outstanding Principal at December 31,		Contractual Debt Interest Rate at March 31,
Series	Date (1)	2026 (2)		Principal		2026		2025		2026
	(Dollars in thousands)
CPS 2021-B	June 2028	$	–	$	240,000	$	–	$	15,832		–
CPS 2021-C	September 2028		26,532		291,000		20,877		25,889		3.21%
CPS 2021-D	December 2028		38,630		349,202		32,336		39,625		4.06%
CPS 2022-A	April 2029		44,831		316,800		35,580		42,241		4.35%
CPS 2022-B	October 2029		73,489		395,600		60,999		72,820		6.91%
CPS 2022-C	April 2030		90,856		391,600		65,899		77,073		7.84%
CPS 2022-D	June 2030		88,079		307,018		77,684		86,973		10.05%
CPS 2023-A	August 2030		110,909		324,768		72,286		83,896		8.09%
CPS 2023-B	November 2030		123,672		332,885		96,290		107,035		7.92%
CPS 2023-C	February 2031		120,818		291,732		98,403		110,281		7.53%
CPS 2023-D	May 2031		126,518		286,149		107,460		121,208		8.28%
CPS 2024-A	August 2031		133,029		280,924		112,509		128,466		6.64%
CPS 2024-B	November 2031		173,674		319,871		152,694		171,992		6.74%
CPS 2024-C	March 2032		254,942		436,310		226,459		254,043		6.45%
CPS 2024-D	June 2032		268,918		416,816		240,262		269,169		5.35%
CPS 2025-A	August 2032		319,783		442,420		291,983		324,242		5.64%
CPS 2025-B	March 2033		341,428		419,950		313,883		341,383		5.54%
CPS 2025-C	May 2033		360,778		418,330		337,260		364,711		5.15%
CPS 2025-D	May 2033		352,083		384,600		335,664		366,313		5.18%
CPS 2026-A	August 2033		339,580		345,610		330,081		–		4.74%
		$	3,388,549	$	6,991,585	$	3,008,609	$	3,003,192

________________

(1)

The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $915.9 million in 2026, $914.6 million in 2027, $563.5 million in 2028, $337.9 million in 2029, $182.1 million in 2030, $65.9 million in 2031, and $12.3 million in 2032.

(2)

Includes repossessed assets that are included in other assets on our Unaudited Condensed Consolidated Balance Sheet.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Section 55
-Paragraph 69B
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+ Details

Finance receivables measured at fair value (Details - Finance receivables to their contractual balances) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Finance Receivables Measured At Fair Value
Finance receivables contractual balance	$ 3,941,948	$ 3,778,127
Finance receivables measured at fair value	$ 3,835,789	$ 3,655,855	$ 3,449,106	$ 3,313,767

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Net deferred tax asset	$ 16,000
Income tax expense	$ 2,500,000	$ 2,100,000
Effective income tax rate	31.00%	31.00%
Federal [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net deferred tax asset	$ 270,000
State [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Net deferred tax asset	$ 286,000

Legal Proceedings

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

(8) Legal Proceedings

Consumer Litigation. We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Consumers can and do initiate lawsuits against us alleging violations of law applicable to collection of receivables, and such lawsuits sometimes allege that resolution as a class action is appropriate. For the most part, we have legal and factual defenses to consumer claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case.

In general, there can be no assurance as to the outcomes of the matters described above. We record at each measurement date our best estimate of probable incurred losses for legal contingencies, if any. The amount of losses that may ultimately be incurred cannot be estimated with certainty. However, based on such information as is available to us, the Company is not currently a party to any such material proceedings.

Accordingly, we believe that the ultimate resolution of legal proceedings should not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the uncertainties inherent in contested proceedings there can be no assurance that the ultimate resolution of these matters will not be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our income for that period.

Debt (Details - Debt outstanding) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt (Details - Debt outstanding) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 467,138	$ 324,871
Residual interest financing	181,383	142,982
Subordinated renewable notes	27,508	28,986
Total debt outstanding	$ 679,707	$ 500,701
Warehouse Lines Of Credit 1 [Member]
Line of Credit Facility [Line Items]
Interest rate	2.85% over CP yield rate (Minimum 3.60%) 6.68% and 6.80%	2.85% over CP yield rate (Minimum 3.60%) 6.68% and 6.80%
Interest rate date description	6.40% over SOFR yield rate (Minimum 7.15%) 10.33% and 10.40%	6.40% over SOFR yield rate (Minimum 7.15%) 10.33% and 10.40%
Maturity date description	July 2026
Warehouse lines of credit	$ 301,207	$ 197,107
Warehouse Lines Of Credit 2 [Member]
Line of Credit Facility [Line Items]
Interest rate	4.50% over a commercial paper rate (Minimum 7.50%) 8.18% and 8.25%	4.50% over a commercial paper rate (Minimum 7.50%) 8.18% and 8.25%
Maturity date description	April 2026
Warehouse lines of credit	$ 0	$ 11,778
Warehouse Lines Of Credit 3 [Member]
Line of Credit Facility [Line Items]
Interest rate	2.75% over SOFR yield rate (Minimum 3.00%) 6.42% and 6.50%	2.75% over SOFR yield rate (Minimum 3.00%) 6.42% and 6.50%
Interest rate date description	6.40% over SOFR yield rate (Minimum 6.65%) 10.07% and 10.27%	6.40% over SOFR yield rate (Minimum 6.65%) 10.07% and 10.27%
Maturity date description	October 2027
Warehouse lines of credit	$ 167,500	$ 118,323
Residual Interest Financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	December 2028
Interest rate	7.86%
Residual interest financing	$ 21,030	31,163
Residual Interest Financing 1 [Member]
Line of Credit Facility [Line Items]
Maturity date description	March 2029
Interest rate	11.50%
Residual interest financing	$ 49,652	49,820
Residual Interest Financing 2 [Member]
Line of Credit Facility [Line Items]
Maturity date description	June 2032
Interest rate	11.00%
Residual interest financing	$ 62,810	63,524
Residual Interest Financing 3 [Member]
Line of Credit Facility [Line Items]
Maturity date description	May 2033
Interest rate	8.75%
Residual interest financing	$ 50,000	$ 0
Subordinated Renewable Notes [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2028	November 2027
Debt instrument, interest rate	8.81%	8.98%
Subordinated renewable notes	$ 27,508	$ 28,986

Business Segment Information (Details Narrative)	3 Months Ended
Business Segment Information (Details Narrative)	Mar. 31, 2026 Integer
Segment Reporting [Abstract]
Number of Reportable Segments	1

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

(7) Income Taxes

We file numerous consolidated and separate income tax returns with the United States and with many states. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2015.

As of March 31, 2026 and December 31, 2025, we had no unrecognized tax benefits for uncertain tax positions. We do not anticipate that total unrecognized tax benefits will significantly change due to any settlements of audits or expirations of statutes of limitations over the next 12 months.

The Company and its subsidiaries file a consolidated federal income tax return and combined or stand-alone state franchise tax returns for certain states. We utilize the asset and liability method of accounting for income taxes, under which deferred income taxes are recognized for the future tax consequences attributable to the differences between the financial statement values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets and liabilities are recognized for the future tax consequences of events that have been recognized in the financial statements. A valuation allowance is recognized to reduce a deferred tax asset if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax asset will not be realized. When making this judgment, both positive and negative evidence is considered, with the most weight given to evidence that can be objectively verified. The recognition of deferred tax liabilities, however, does not require a similar more likely than not test for realization. They are recognized with the expectation that they will be settled in future periods when the related taxable temporary differences reverse. As of March 31, 2026 we have a net deferred tax asset of $16,000. Our net deferred tax asset of $16,000 consists of approximately $270,000 of net U.S. federal deferred tax liabilities and $286,000 of net state deferred tax assets.

Income tax expense was $2.5 million for the three months ended on March 31, 2026, compared to income tax expense of $2.1 million for the three months ended March 31, 2025, representing an effective income tax rate of 31% in both periods.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity File Number	1-11416
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES, INC.
Entity Central Index Key	0000889609
Entity Tax Identification Number	33-0459135
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	3800 Howard Hughes Parkway
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89169
City Area Code	949
Local Phone Number	753-6800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CPSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,698,565

Earnings Per Share (Details Narrative) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings per share:
Antidilutive shares	3.0	1.4

Business Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment Information

(10) Business Segment Information

The company has one reportable segment. This determination is made by our Chief Executive Officer, who acts as the chief operating decision-maker (“CODM”), in assessing performance and making decisions regarding resource allocation. The CODM assesses performance by reviewing the consolidated financial statements, which reflect the financial results of our one reportable operating segment.

Within the Company’s one reportable segment, it provides indirect vehicle financing to motor vehicle dealer’s less credit- worthy borrowers. The Company’s revenue primarily consists of interest income and is derived from the interest recorded on contracts the Company has purchased. The revenue generated from any individual borrower is deemed to be immaterial.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	$ 6,944	$ 6,322
Restricted cash and equivalents	178,469	165,885
Warehouse lines of credit	467,138	324,871
Accrued interest payable	11,842	11,994
Residual interest financing	181,383	142,982
Securitization trust debt	2,992,157	2,986,574
Subordinated renewable notes	27,508	28,986
Carrying Value [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	6,944	6,322
Restricted cash and equivalents	178,469	165,885
Warehouse lines of credit	467,138	324,871
Accrued interest payable	11,842	11,994
Residual interest financing	192,294	152,607
Securitization trust debt	3,013,756	2,985,961
Subordinated renewable notes	27,508	28,986
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	6,944	6,322
Restricted cash and equivalents	178,469	165,885
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Warehouse lines of credit	467,138	324,871
Accrued interest payable	11,842	11,994
Residual interest financing	192,294	152,607
Securitization trust debt	3,013,756	2,985,961
Subordinated renewable notes	$ 27,508	$ 28,986

Finance receivables measured at fair value (Tables)

3 Months Ended

Mar. 31, 2026

Finance Receivables Measured At Fair Value

Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis


	Three Months Ended
	March 31,
	2026			2025
	(In thousands)
Balance at beginning of period	$	3,655,855		$	3,313,767
Finance receivables at fair value acquired during period		524,900			449,602
Payments received on finance receivables at fair value		(275,019	)		(252,856	)
Net interest income accretion on fair value receivables		(69,947	)		(64,907	)
Mark to fair value		–			3,500
Balance at end of period	$	3,835,789		$	3,449,106

Schedule of finance receivables to their contractual balances


	March 31, 2026				December 31, 2025
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)
Finance receivables measured at fair value	$	3,941,948	$	3,835,789	$	3,778,127	$	3,655,855

Schedule of level 3 fair value measurements


Financial Instrument	Fair Values as of					Weight Avg. Inputs as of
	March 31,		December 31,			March 31,		December 31,
	2026		2025		Unobservable	2026		2025
	(In thousands)
Assets:
Finance receivables measured at fair value	$	3,835,789	$	3,655,855	Discount rate		11.07%		11.07%
					Cumulative net losses		16.21%		16.02%

Schedule of delinquency status of finance receivables measured at fair value


	March 31,		December 31,
	2026		2025
	(In thousands)
Delinquency Status
Current	$	3,485,649	$	3,220,198
31 - 60 days		217,632		272,421
61 - 90 days		86,227		118,201
91 + days		48,911		56,203
Repo		103,529		111,104
	$	3,941,948	$	3,778,127

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Securitization Trust Debt (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Receivables Pledged

^[1]

$ 3,388,549

Initial Principal

6,991,585

Outstanding Principal

$ 3,008,609

$ 3,003,192

CPS 2021 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2028

Receivables Pledged

^[1]

$ 0

Initial Principal

240,000

Outstanding Principal

$ 0

15,832

Weighted Average Contractual Debt Interest Rate

0.00%

CPS 2021 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2028

Receivables Pledged

^[1]

$ 26,532

Initial Principal

291,000

Outstanding Principal

$ 20,877

25,889

Weighted Average Contractual Debt Interest Rate

3.21%

CPS 2021 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2028

Receivables Pledged

^[1]

$ 38,630

Initial Principal

349,202

Outstanding Principal

$ 32,336

39,625

Weighted Average Contractual Debt Interest Rate

4.06%

CPS 2022 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2029

Receivables Pledged

^[1]

$ 44,831

Initial Principal

316,800

Outstanding Principal

$ 35,580

42,241

Weighted Average Contractual Debt Interest Rate

4.35%

CPS 2022 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

October 2029

Receivables Pledged

^[1]

$ 73,489

Initial Principal

395,600

Outstanding Principal

$ 60,999

72,820

Weighted Average Contractual Debt Interest Rate

6.91%

CPS 2022 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2030

Receivables Pledged

^[1]

$ 90,856

Initial Principal

391,600

Outstanding Principal

$ 65,899

77,073

Weighted Average Contractual Debt Interest Rate

7.84%

CPS 2022 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2030

Receivables Pledged

^[1]

$ 88,079

Initial Principal

307,018

Outstanding Principal

$ 77,684

86,973

Weighted Average Contractual Debt Interest Rate

10.05%

CPS 2023 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

August 2030

Receivables Pledged

^[1]

$ 110,909

Initial Principal

324,768

Outstanding Principal

$ 72,286

83,896

Weighted Average Contractual Debt Interest Rate

8.09%

CPS 2023 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

November 2030

Receivables Pledged

^[1]

$ 123,672

Initial Principal

332,885

Outstanding Principal

$ 96,290

107,035

Weighted Average Contractual Debt Interest Rate

7.92%

CPS 2023 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

February 2031

Receivables Pledged

^[1]

$ 120,818

Initial Principal

291,732

Outstanding Principal

$ 98,403

110,281

Weighted Average Contractual Debt Interest Rate

7.53%

CPS 2023 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

May 2031

Receivables Pledged

^[1]

$ 126,518

Initial Principal

286,149

Outstanding Principal

$ 107,460

121,208

Weighted Average Contractual Debt Interest Rate

8.28%

CPS 2024 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

August 2031

Receivables Pledged

^[1]

$ 133,029

Initial Principal

280,924

Outstanding Principal

$ 112,509

128,466

Weighted Average Contractual Debt Interest Rate

6.64%

CPS 2024 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

November 2031

Receivables Pledged

^[1]

$ 173,674

Initial Principal

319,871

Outstanding Principal

$ 152,694

171,992

Weighted Average Contractual Debt Interest Rate

6.74%

CPS 2024 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2032

Receivables Pledged

^[1]

$ 254,942

Initial Principal

436,310

Outstanding Principal

$ 226,459

254,043

Weighted Average Contractual Debt Interest Rate

6.45%

CPS 2024 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2032

Receivables Pledged

^[1]

$ 268,918

Initial Principal

416,816

Outstanding Principal

$ 240,262

269,169

Weighted Average Contractual Debt Interest Rate

5.35%

CPS 2025 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

August 2032

Receivables Pledged

^[1]

$ 319,783

Initial Principal

442,420

Outstanding Principal

$ 291,983

324,242

Weighted Average Contractual Debt Interest Rate

5.64%

CPS 2025 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2033

Receivables Pledged

^[1]

$ 341,428

Initial Principal

419,950

Outstanding Principal

$ 313,883

341,383

Weighted Average Contractual Debt Interest Rate

5.54%

CPS 2025 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

May 2033

Receivables Pledged

^[1]

$ 360,778

Initial Principal

418,330

Outstanding Principal

$ 337,260

364,711

Weighted Average Contractual Debt Interest Rate

5.15%

CPS 2025 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

May 2033

Receivables Pledged

^[1]

$ 352,083

Initial Principal

384,600

Outstanding Principal

$ 335,664

366,313

Weighted Average Contractual Debt Interest Rate

5.18%

CPS 2026 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

August 2033

Receivables Pledged

^[1]

$ 339,580

Initial Principal

345,610

Outstanding Principal

$ 330,081

$ 0

Weighted Average Contractual Debt Interest Rate

4.74%

[1]

Includes repossessed assets that are included in other assets on our Unaudited Condensed Consolidated Balance Sheet.

[2]

Debt (Details Narrative) - USD ($) $ in Millions	Mar. 04, 2026	Mar. 20, 2025	Dec. 19, 2024	Mar. 22, 2024	Jun. 30, 2021	Mar. 31, 2026	Dec. 31, 2025	Oct. 17, 2025	Mar. 29, 2024	Mar. 20, 2024
Warehouse Credit Facility [Member] \| Capital One [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity								$ 167.5
Long-term increased the capacity						$ 167.5
Revolving Credit Agreement [Member] \| Citibank [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			$ 335.0
Effective advance rate description			The facility provides effective advances up to 10.00% of eligible finance receivables, effectively increasing the advance rate up to 95% across the facility for eligible receivables.
Line of credit outstanding						301.2
Revolving Credit Agreement [Member] \| Ares Agent Services, L.P. [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity									$ 200.0
2025-1 Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from residual interest financings	$ 50.0
Long-term debt	$ 50.0					50.0
Proceeds from residual interest financings		$ 65.0
Asset-backed notes issued										$ 65.0
Residual interest financing balance						62.8
2024-1 Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from residual interest financings				$ 50.0
Long-term debt				$ 50.0		49.7
2021-1 Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from residual interest financings					$ 50.0
Asset-backed notes issued					$ 50.0
Residual interest financing balance						21.0
Residual Interest Financings [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance costs						$ 2.1	$ 1.5

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

(11) Subsequent Events

On April 6, 2026, we amended our two-year revolving credit agreement with Capital One, N.A. to increase the capacity of the facility. The amendment applies to both Capital One, N.A. and the subordinate lender, and increases the capacity of the facility from $167.5 million to $390 million. The revolving period for this facility will extend to October 2027 after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for an eighteen-month period.

On April 22, 2026, we completed our second securitization of 2026. In the transaction, qualified institutional buyers purchased $514.07 million of asset-backed notes secured by $526.17 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2026-B, consist of five classes. Ratings of the notes were provided by Moody’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average interest rate on the notes is approximately 5.51%.

Summary of Significant Accounting Policies (Details - Maturities of lease liabilities) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DisclosureLineElements [Line Items]
Lease Liability	$ 18,012	$ 19,236
Lease Liability	832	$ 428
Operating Lease [Member]
DisclosureLineElements [Line Items]
2026 (excluding the three months ended March 31, 2026)	4,219
2027	5,756
2028	5,937
2029	4,331
2030	1,171
2031	719
Thereafter	50
Total undiscounted lease payments	22,183
Less amounts representing interest	(4,171)
Lease Liability	18,012
Finance Lease [Member]
DisclosureLineElements [Line Items]
2026 (excluding the three months ended March 31, 2026)	310
2027	355
2028	234
2029	10
2030	0
2031	0
Thereafter	0
Total undiscounted lease payments	909
Less amounts representing interest	(77)
Lease Liability	$ 832

Securitization Trust Debt

3 Months Ended

Mar. 31, 2026

Securitization Trust Debt

Securitization Trust Debt

(3) Securitization Trust Debt

We have completed many securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Unaudited Condensed Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:

Schedule of securitization trust debt
										Weighted Average
	Final Scheduled Payment	Receivables Pledged at March 31,		Initial		Outstanding Principal at March 31,		Outstanding Principal at December 31,		Contractual Debt Interest Rate at March 31,
Series	Date (1)	2026 (2)		Principal		2026		2025		2026
	(Dollars in thousands)
CPS 2021-B	June 2028	$	–	$	240,000	$	–	$	15,832		–
CPS 2021-C	September 2028		26,532		291,000		20,877		25,889		3.21%
CPS 2021-D	December 2028		38,630		349,202		32,336		39,625		4.06%
CPS 2022-A	April 2029		44,831		316,800		35,580		42,241		4.35%
CPS 2022-B	October 2029		73,489		395,600		60,999		72,820		6.91%
CPS 2022-C	April 2030		90,856		391,600		65,899		77,073		7.84%
CPS 2022-D	June 2030		88,079		307,018		77,684		86,973		10.05%
CPS 2023-A	August 2030		110,909		324,768		72,286		83,896		8.09%
CPS 2023-B	November 2030		123,672		332,885		96,290		107,035		7.92%
CPS 2023-C	February 2031		120,818		291,732		98,403		110,281		7.53%
CPS 2023-D	May 2031		126,518		286,149		107,460		121,208		8.28%
CPS 2024-A	August 2031		133,029		280,924		112,509		128,466		6.64%
CPS 2024-B	November 2031		173,674		319,871		152,694		171,992		6.74%
CPS 2024-C	March 2032		254,942		436,310		226,459		254,043		6.45%
CPS 2024-D	June 2032		268,918		416,816		240,262		269,169		5.35%
CPS 2025-A	August 2032		319,783		442,420		291,983		324,242		5.64%
CPS 2025-B	March 2033		341,428		419,950		313,883		341,383		5.54%
CPS 2025-C	May 2033		360,778		418,330		337,260		364,711		5.15%
CPS 2025-D	May 2033		352,083		384,600		335,664		366,313		5.18%
CPS 2026-A	August 2033		339,580		345,610		330,081		–		4.74%
		$	3,388,549	$	6,991,585	$	3,008,609	$	3,003,192

________________

(1)

(2)

Includes repossessed assets that are included in other assets on our Unaudited Condensed Consolidated Balance Sheet.

Debt issuance costs of $16.5 million and $16.6 million as of March 31, 2026, and December 31, 2025, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Securitization trust debt on our Consolidated Balance Sheets.

All the securitization trust debt was sold in private placement transactions to qualified institutional buyers. The debt was issued through our wholly owned bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by our other assets.

The terms of the various securitization agreements related to the issuance of the securitization trust debt require that certain delinquency and credit loss criteria be met with respect to the collateral pool and require that we maintain minimum levels of liquidity and net worth and not exceed maximum leverage levels. We are in compliance with all such covenants as of March 31, 2026.

We are responsible for the administration and collection of the contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional credit enhancement for the Notes or to be applied to make payments on the securitization trust debt. As of March 31, 2026, restricted cash under the various agreements totaled approximately $178.5 million. Interest expense on the securitization trust debt is composed of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, insurance premiums, amortization of deferred financing costs, and amortization of discounts required on the notes at the time of issuance. Deferred financing costs related to the securitization trust debt are amortized using the interest method. Accordingly, the effective cost of borrowing of the securitization trust debt is greater than the stated rate of interest.

Our wholly owned, bankruptcy remote subsidiaries were formed to facilitate the above asset-backed financing transactions. Similar bankruptcy remote subsidiaries issue the debt outstanding under our warehouse line of credit. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. All such transactions, treated as secured financing for accounting and tax purposes, are treated as sales for all other purposes, including legal and bankruptcy purposes. None of the assets of these subsidiaries are available to pay any of our other creditors.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 6,944	$ 6,322
Restricted cash and equivalents	178,469	165,885
Finance receivables measured at fair value	3,835,789	3,655,855
Furniture and equipment, net	1,342	771
Deferred tax assets, net	16	16
Other assets	30,239	29,344
Total assets	4,052,799	3,858,193
Liabilities
Accounts payable and accrued expenses	70,261	65,244
Warehouse lines of credit	467,138	324,871
Residual interest financing	181,383	142,982
Securitization trust debt	2,992,157	2,986,574
Subordinated renewable notes	27,508	28,986
Total liabilities	3,738,447	3,548,657
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity
Common stock, no par value; authorized 75,000,000 shares; 21,695,835 and 21,842,457 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	23,703	24,426
Retained earnings	291,924	286,385
Accumulated other comprehensive loss	(1,275)	(1,275)
Total shareholders’ equity	314,352	309,536
Total liabilities and shareholders’ equity	4,052,799	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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Interest income	$ 108,721	$ 101,933
Mark to finance receivables measured at fair value	0	3,500
Other income	3,613	1,441
Total revenues	112,334	106,874
Expenses:
Employee costs	23,046	25,033
General and administrative	12,908	12,563
Interest	60,061	54,918
Sales	6,552	5,911
Occupancy	1,514	1,398
Depreciation and amortization	225	249
Total expenses	104,306	100,072
Income before income tax expense	8,028	6,802
Income tax expense	2,489	2,108
Net income	$ 5,539	$ 4,694
Earnings per share:
Basic	$ 0.25	$ 0.22
Diluted	$ 0.24	$ 0.19
Number of shares used in computing earnings per share:
Basic	21,777	21,444
Diluted	23,534	24,325

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings per share:

Earnings Per Share

(6) Earnings Per Share

Earnings per share for the three-month periods ended March 31, 2026, and 2025 were calculated using the weighted average number of shares outstanding for the related period. The following table reconciles the number of shares used in the computations of basic and diluted earnings per share for the three-month periods ended March 31, 2026, and 2025:

Schedule of earnings per share
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Weighted average number of common shares outstanding during the period used to compute basic earnings per share		21,777		21,444
Incremental common shares attributable to exercise of outstanding options and warrants		1,757		2,881
Weighted average number of common shares used to compute diluted earnings per share		23,534		24,325

If the anti-dilutive effects of common stock equivalents were considered, shares included in the diluted earnings per share calculation for the three-month period ended March 31, 2026, would have included an additional 3.0 million shares attributable to the exercise of outstanding options and warrants. For the three month ended March 31, 2025, 1.4 million shares, would be included in the diluted earnings per share calculation.

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

(4) Debt

The terms and amounts of our other debt outstanding at March 31, 2026, and December 31, 2025, are summarized below:

Schedule of debt outstanding
				Amount Outstanding at
				March 31,		December 31,
				2026		2025
				(In thousands)
Description	Interest Rate	Subordinate Lender Interest Rate	Maturity

Warehouse line of credit	2.85% over CP yield rate (Minimum 3.60%) 6.68% and 6.80% at March 31, 2026 and December 31 2025, respectively	6.40% over SOFR yield rate (Minimum 7.15%) 10.33% and 10.40% at March 31, 2026 and December 31, 2025, respectively	July 2026	$	301,207	$	197,107

Warehouse line of credit	4.50% over a commercial paper rate (Minimum 7.50%) 8.18% and 8.25% at March 31, 2026, and December 31 2025, respectively		April 2026		–		11,778
Warehouse line of credit	2.75% over SOFR yield rate (Minimum 3.00%) 6.42% and 6.50% at March 31, 2026 and December 31, 2025, respectively	6.40% over SOFR yield rate (Minimum 6.65%) 10.07% and 10.27% at March 31, 2026 and December 31, 2025, respectively	October 2027		167,500		118,323

Residual interest financing	7.86%		December 2028		21,030		31,163

Residual interest financing	11.50%		March 2029		49,652		49,820

Residual interest financing	11.00%		June 2032		62,810		63,524

Residual interest financing	8.75%		May 2033		50,000		–

Subordinated renewable notes	Weighted average rate of 8.81% and 8.98% at March 31, 2026 and December 31, 2025, respectively		Weighted average maturity of January 2028 and November 2027 at March 31, 2026 and December 31, 2025, respectively		27,508		28,986
				$	679,707	$	500,701

On March 4, 2026, we completed a $50 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in four CPS securitizations issued from January 2025 through October 2025. The sold notes (“2025-1 Notes”), issued by CPS Auto Securitization Trust 2026-1, consist of a single class with a coupon of 8.75%. At March 31, 2026, there was $50.0 million outstanding under this facility.

On October 17, 2025, we entered into a $167.5 million two-year warehouse credit line with Capital One, N.A as the Class A Lender and Oaktree Asset-Backed Income Private Placement Fund Inc., as the Class B Lenders. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eleven Funding, LLC. The facility provides for effective advances up to 95.50% of eligible finance receivables. The Class A loans under the facility generally accrue interest during the revolving period at a per annum rate equal to the Term SOFR plus 2.75% per annum, with a minimum rate of 3.00% per annum and during the amortization period at a per annum rate equal to the Term SOFR plus 3.75% per annum, with a minimum rate of 4.00% per annum. The Class B loans under the facility generally accrue interest during the revolving period at a per annum rate equal to the Term SOFR plus 6.40% per annum, with a minimum rate of 6.65% per annum and during the amortization period at a per annum rate equal to the Term SOFR plus 7.40% per annum, with a minimum rate of 7.65% per annum. At March 31, 2026, there was $167.5 million outstanding under this facility.

On March 20, 2025, we completed a $65 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $65.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from October 2023 through September 2024. The sold notes (“2025-1 Notes”), issued by CPS Auto Securitization Trust 2025-1, consist of a single class with a coupon of 11.00%. At March 31, 2026, there was $62.8 million outstanding under this facility.

On December 19, 2024, we increased the capacity of our revolving credit agreement with Citibank, N.A., to $335 million. This follows the November 2024 closing of a revolving credit agreement with Oaktree Capital Management, which is subordinate to our credit agreement with Citibank, N.A. The facility provides effective advances up to 10.00% of eligible finance receivables, effectively increasing the advance rate up to 95% across the facility for eligible receivables. The revolving credit agreement with Citibank, N.A. was last renewed in July 2024, extending the maturity date to July 2026 followed by an amortization period through July 2027 for any receivables pledged at the end of the revolving period. There was $301.2 million outstanding under this facility at March 31, 2026.

On March 29, 2024, we renewed our two-year $200 million revolving credit agreement with Ares Agent Services, L.P. The revolving period for this facility was extended to March 2026 followed by an amortization period through March 2028 for any receivables pledged at the end of the revolving period. In March 2026, the revolving period was extended to April 2026. There was nothing outstanding under this facility at March 31, 2026.

On March 22, 2024, we completed a $50 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from January 2022 through January 2023. The sold notes (“2024-1 Notes”), issued by CPS Auto Securitization Trust 2024-1, consist of a single class with a coupon of 11.50%. At March 31, 2026, there was $49.7 million outstanding under this facility.

On June 30, 2021, we completed a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations consecutively issued from January 2018 and September 2020. The sold notes (“2021-1 Notes”), issued by CPS Auto Securitization Trust 2021-1, consist of a single class with a coupon of 7.86%. At March 31, 2026, there was $21.0 million outstanding under this facility.

Unamortized debt issuance costs of $2.1 million and $1.5 million as of March 31, 2026, and December 31, 2025, respectively, have been excluded from the amount reported above for residual interest financing. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of other income

Schedule of other income
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Origination and servicing fees from third party receivables	$	1,287	$	1,431
Dealer recoveries		2,319		–
Other		7		10
Other income for the period	$	3,613	$	1,441

Schedule of supplemental balance sheet information related to leases


	2026			2025
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	53,225		$	53,225
Less: Accumulated amortization right-of-use assets		(37,461	)		(36,281	)
Operating lease right-of-use assets, net	$	15,764		$	16,944

Operating lease liabilities	$	(18,012	)	$	(19,236	)

Finance Leases
Property and equipment, at cost	$	4,589		$	4,097
Less: Accumulated depreciation		(3,777	)		(3,684	)
Property and equipment, net	$	812		$	413

Finance lease liabilities	$	(832	)	$	(428	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.6%			6.4%

Schedule of maturities of lease liabilities


(In thousands)	Operating			Finance
Year Ending December 31,	Lease			Lease
2026 (excluding the three months ended March 31, 2026)	$	4,219		$	310
2027		5,756			355
2028		5,937			234
2029		4,331			10
2030		1,171			–
2031.		719			–
Thereafter		50			–
Total undiscounted lease payments		22,183			909
Less amounts representing interest		(4,171	)		(77	)
Lease Liability	$	18,012		$	832

Schedule of lease cost

Schedule of lease cost
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	1,320	$	1,311
Finance lease cost		104		55
Total lease cost	$	1,424	$	1,366

Schedule of supplemental cash flow information related to leases


	Three Months Ended
	March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)
Operating cash flows from operating leases	$	1,320	$	1,311
Operating cash flows from finance leases		88		47
Financing cash flows from finance leases		16		8

Schedule of stock option activity

Schedule of stock option activity
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining
	(in thousands)		Exercise Price		Contractual Term
Options outstanding at the beginning of period		6,123	$	6.41	N/A
Granted		–		–	N/A
Exercised		–		–	N/A
Forfeited		–		–	N/A
Options outstanding at the end of period		6,123	$	6.41	2.97 years

Options exercisable at the end of period		4,535	$	5.71	1.86 years

Schedule of price distribution of stock options outstanding and exercisable


	Number of shares as of				Number of shares as of
	March 31, 2026				December 31, 2025
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$2.00 - $2.99		1,098		1,098		1,098		1,098
$3.00 - $3.99		897		897		897		897
$4.00 - $4.99		1,145		1,145		1,145		1,145
$8.00 - $8.99		1,430		–		1,430		–
$10.00 - $10.99		1,553		1,395		1,613		1,253
Total shares		6,123		4,535		6,123		4,393

Schedule of purchase of our common stock

Three Months Ended

March 31, 2026

March 31, 2025

Avg. Price

Open market purchases

126,622

8.57

–

Shares redeemed upon net exercise of stock options

–

Other

20,000

7.53

–

Total stock purchases

146,622

8.43

–

Finance receivables measured at fair value (Details - Reconciliation of finance receivables) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance Receivables Measured At Fair Value
Balance at beginning of period	$ 3,655,855	$ 3,313,767
Finance receivables at fair value acquired during period	524,900	449,602
Payments received on finance receivables at fair value	(275,019)	(252,856)
Net interest income accretion on fair value receivables	(69,947)	(64,907)
Mark to fair value	0	3,500
Balance at end of period	$ 3,835,789	$ 3,449,106

Summary of Significant Accounting Policies (Details - Option activity) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Options outstanding, beginning balance	6,123
Weighted average exercise price options outstanding at the beginning balance	$ 6.41
Options granted	0
Weighted average exercise price granted	$ 0
Options exercised	0
Weighted average exercise price exercised	$ 0
Options forfeited	0
Weighted average exercise price forfeited	$ 0
Options outstanding, ending balance	6,123
Weighted average exercise price options outstanding at the end balance	$ 6.41
Weighted average remaining contractual term Options outstanding at the end of period	2 years 11 months 19 days
Options exercisable	4,535	4,393
Weighted average exercise price options exercisable at the end of period	$ 5.71
Weighted average remaining contractual term Options exercisable at the end of period	1 year 10 months 9 days

Finance receivables measured at fair value

3 Months Ended

Mar. 31, 2026

Finance Receivables Measured At Fair Value

Finance receivables measured at fair value

(2) Finance receivables measured at fair value

Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio.

We have elected to use the fair value method to value our portfolio of finance receivables acquired. The accounting treatment follows the fair value hierarchy outlined in ASC 820, “Fair Value Measurements”, and the inputs and assumptions are level 3. This is described further in footnote 9.

Our valuation policies and procedures have been developed by our Accounting department in conjunction with our Risk department and with consultation with outside valuation experts. Our policies and procedures have been approved by our Chief Executive and our Board of Directors and include methodologies for valuation, internal reporting, calibration and back testing. Our periodic review of valuations includes an analysis of changes in fair value measurements and documentation of the reasons for such changes. There is little available third-party information such as broker quotes or pricing services available to assist us in our valuation process.

Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio of finance receivable. Significant changes in any of those inputs in isolation would have a significant effect on our fair value measurement.

For the quarter ended March 31, 2026, the Company evaluated the appropriate fair value and future earnings rate of existing receivables compared to recently acquired receivables and did not record a mark up or down to the portfolio.

The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs:


	Three Months Ended
	March 31,
	2026			2025
	(In thousands)
Balance at beginning of period	$	3,655,855		$	3,313,767
Finance receivables at fair value acquired during period		524,900			449,602
Payments received on finance receivables at fair value		(275,019	)		(252,856	)
Net interest income accretion on fair value receivables		(69,947	)		(64,907	)
Mark to fair value		–			3,500
Balance at end of period	$	3,835,789		$	3,449,106

The table below compares the fair values of these finance receivables to their contractual balances for the periods shown:


	March 31, 2026				December 31, 2025
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)
Finance receivables measured at fair value	$	3,941,948	$	3,835,789	$	3,778,127	$	3,655,855

The following table provides certain qualitative information about our level 3 fair value measurements:


Financial Instrument	Fair Values as of					Weight Avg. Inputs as of
	March 31,		December 31,			March 31,		December 31,
	2026		2025		Unobservable	2026		2025
	(In thousands)
Assets:
Finance receivables measured at fair value	$	3,835,789	$	3,655,855	Discount rate		11.07%		11.07%
					Cumulative net losses		16.21%		16.02%

We report delinquency on a contractual basis. The following table summarizes the delinquency status of these finance receivables measured at fair value as of March 31, 2026, and December 31, 2025:


	March 31,		December 31,
	2026		2025
	(In thousands)
Delinquency Status
Current	$	3,485,649	$	3,220,198
31 - 60 days		217,632		272,421
61 - 90 days		86,227		118,201
91 + days		48,911		56,203
Repo		103,529		111,104
	$	3,941,948	$	3,778,127

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, shares at Dec. 31, 2024	21,433
Beginning balance, value at Dec. 31, 2024	$ 25,720	$ 267,060	$ (10)	$ 0
Common stock issued upon exercise of options and warrants, shares	70
Common stock issued upon exercise of options and warrants	$ 246
Repurchase of common stock, shares	0
Repurchase of common stock	$ 0
Stock-based compensation	$ 717
Net income		4,694		4,694
Pension benefit obligation			0	0
Ending balance, shares at Mar. 31, 2025	21,503
Ending balance, value at Mar. 31, 2025	$ 26,683	271,754	(10)	298,427
Beginning balance, shares at Dec. 31, 2025	21,842
Beginning balance, value at Dec. 31, 2025	$ 24,426	286,385	(1,275)	309,536
Common stock issued upon exercise of options and warrants, shares	0
Common stock issued upon exercise of options and warrants	$ 0
Repurchase of common stock, shares	(146)
Repurchase of common stock	$ (1,235)
Stock-based compensation	$ 512
Net income		5,539		5,539
Pension benefit obligation			0
Ending balance, shares at Mar. 31, 2026	21,696
Ending balance, value at Mar. 31, 2026	$ 23,703	$ 291,924	$ (1,275)	$ 314,352

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 718
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-Subparagraph (d)(1)
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Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References

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-Topic 946
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 5,539	$ 4,694
Adjustments to reconcile net income to net cash provided by operating activities:
Net interest income accretion on fair value receivables	69,947	64,907
Depreciation and amortization	225	249
Amortization of deferred financing costs	3,436	2,865
Mark to finance receivables measured at fair value	0	(3,500)
Provision for credit losses	0	(979)
Stock-based compensation expense	512	717
Changes in assets and liabilities:
Deferred tax assets, net	0	184
Other assets	(895)	(407)
Accounts payable and accrued expenses	5,017	5,138
Net cash provided by operating activities	83,781	73,868
Cash flows from investing activities:
Payments received on finance receivables held for investment	0	3,106
Purchases of finance receivables measured at fair value	(524,900)	(449,602)
Payments received on finance receivables at fair value	275,019	252,856
Purchase of furniture and equipment	(796)	(471)
Net cash used in investing activities	(250,677)	(194,111)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	345,610	442,420
Proceeds from issuance of subordinated renewable notes	270	1,603
Payments on subordinated renewable notes	(1,748)	(545)
Net proceeds from (repayments of) warehouse lines of credit	141,499	(45,811)
Proceeds from issuance of residual interest financing debt	50,000	65,000
Repayment of residual interest financing debt	(11,015)	0
Repayment of securitization trust debt	(340,193)	(292,997)
Payment of financing costs	(3,086)	(3,592)
Purchase of common stock	(1,235)	0
Exercise of options and warrants	0	246
Net cash provided by financing activities	180,102	166,324
Increase in cash and cash equivalents	13,206	46,081
Cash and restricted cash at beginning of period	172,207	137,397
Cash and restricted cash at end of period	185,413	183,478
Cash paid during the period for:
Interest	56,777	51,507
Income taxes	$ 80	$ (75)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	4,998,130	4,998,130
Preferred stock, shares issued	0	0
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	21,695,835	21,842,457
Common stock, shares outstanding	21,695,835	21,842,457
Series A Preferred Stock [Member]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Series B Preferred Stock [Member]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	1,870	1,870
Preferred stock, shares issued	0	0

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of fair values of financial assets and liabilities


	As of March 31, 2026
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	6,944	$	6,944	$	–	$	–	$	6,944
Restricted cash and equivalents		178,469		178,469		–		–		178,469
Liabilities:
Warehouse lines of credit	$	467,138	$	–	$	–	$	467,138	$	467,138
Accrued interest payable		11,842		–		–		11,842		11,842
Residual interest financing		181,383		–		–		192,294		192,294
Securitization trust debt		2,992,157		–		–		3,013,756		3,013,756
Subordinated renewable notes		27,508		–		–		27,508		27,508


	As of December 31, 2025
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	6,322	$	6,322	$	–	$	–	$	6,322
Restricted cash and equivalents		165,885		165,885		–		–		165,885
Liabilities:
Warehouse lines of credit	$	324,871	$	–	$	–	$	324,871	$	324,871
Accrued interest payable		11,994		–		–		11,994		11,994
Residual interest financing		142,982		–		–		152,607		152,607
Securitization trust debt		2,986,574		–		–		2,985,961		2,985,961
Subordinated renewable notes		28,986		–		–		28,986		28,986

Interest Income and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2026

Interest Income And Interest Expense

Schedule of interest income

Schedule of interest income
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Interest on finance receivables at fair value	$	106,331	$	99,567
Other interest income		2,390		2,366

Interest income	$	108,721	$	101,933

Schedule of interest expense

Schedule of interest expense
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Securitization trust debt	$	48,756	$	45,044
Warehouse lines of credit		6,465		6,513
Residual interest financing		4,155		2,715
Subordinated renewable notes		685		646

Interest expense	$	60,061	$	54,918

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

(9) Fair Value Measurements

ASC 820, “Fair Value Measurements” clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements would be separately disclosed by level within the fair value hierarchy.

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The three levels are defined as follows: level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

There were no transfers in or out of level 1, level 2 or level 3 assets and liabilities for the three months ended March 31, 2026, and 2025.

The estimated fair values of financial assets and liabilities, excluding assets carried at fair value, on March 31, 2026 and December 31, 2025, were as follows:


	As of March 31, 2026
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	6,944	$	6,944	$	–	$	–	$	6,944
Restricted cash and equivalents		178,469		178,469		–		–		178,469
Liabilities:
Warehouse lines of credit	$	467,138	$	–	$	–	$	467,138	$	467,138
Accrued interest payable		11,842		–		–		11,842		11,842
Residual interest financing		181,383		–		–		192,294		192,294
Securitization trust debt		2,992,157		–		–		3,013,756		3,013,756
Subordinated renewable notes		27,508		–		–		27,508		27,508


	As of December 31, 2025
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	6,322	$	6,322	$	–	$	–	$	6,322
Restricted cash and equivalents		165,885		165,885		–		–		165,885
Liabilities:
Warehouse lines of credit	$	324,871	$	–	$	–	$	324,871	$	324,871
Accrued interest payable		11,994		–		–		11,994		11,994
Residual interest financing		142,982		–		–		152,607		152,607
Securitization trust debt		2,986,574		–		–		2,985,961		2,985,961
Subordinated renewable notes		28,986		–		–		28,986		28,986

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings per share:

Schedule of earnings per share

Schedule of earnings per share
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Weighted average number of common shares outstanding during the period used to compute basic earnings per share		21,777		21,444
Incremental common shares attributable to exercise of outstanding options and warrants		1,757		2,881
Weighted average number of common shares used to compute diluted earnings per share		23,534		24,325

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net income	$ 5,539	$ 4,694
Other comprehensive income/(loss); change in funded status of pension plan	0	0
Comprehensive income	$ 5,539	$ 4,694

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies (Details - Lease - Cash flow) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,320	$ 1,311
Operating cash flows from finance leases	88	47
Financing cash flows from finance leases	$ 16	$ 8

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Description of Business

Description of Business

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Finance Receivables Measured at Fair Value

Finance Receivables Measured at Fair Value

Other Income

Other Income

The following table presents the primary components of Other Income for the three-month periods ending March 31, 2026, and 2025:

Schedule of other income
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Origination and servicing fees from third party receivables	$	1,287	$	1,431
Dealer recoveries		2,319		–
Other		7		10
Other income for the period	$	3,613	$	1,441

Leases

Leases

The following table presents the supplemental balance sheet information related to leases:


	2026			2025
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	53,225		$	53,225
Less: Accumulated amortization right-of-use assets		(37,461	)		(36,281	)
Operating lease right-of-use assets, net	$	15,764		$	16,944

Operating lease liabilities	$	(18,012	)	$	(19,236	)

Finance Leases
Property and equipment, at cost	$	4,589		$	4,097
Less: Accumulated depreciation		(3,777	)		(3,684	)
Property and equipment, net	$	812		$	413

Finance lease liabilities	$	(832	)	$	(428	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.6%			6.4%

Maturities of lease liabilities were as follows:


(In thousands)	Operating			Finance
Year Ending December 31,	Lease			Lease
2026 (excluding the three months ended March 31, 2026)	$	4,219		$	310
2027		5,756			355
2028		5,937			234
2029		4,331			10
2030		1,171			–
2031.		719			–
Thereafter		50			–
Total undiscounted lease payments		22,183			909
Less amounts representing interest		(4,171	)		(77	)
Lease Liability	$	18,012		$	832

The following table presents the lease expense included in General and administrative and Occupancy expense on our Unaudited Condensed Consolidated Statement of Operations:

Schedule of lease cost
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	1,320	$	1,311
Finance lease cost		104		55
Total lease cost	$	1,424	$	1,366

The following table presents the supplemental cash flow information related to leases:


	Three Months Ended
	March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)
Operating cash flows from operating leases	$	1,320	$	1,311
Operating cash flows from finance leases		88		47
Financing cash flows from finance leases		16		8

Stock-based Compensation

Stock-based Compensation

The following represents stock option activity for the three months ended March 31, 2026:

Schedule of stock option activity
					Weighted
	Number of		Weighted		Average
	Shares		Average		Remaining
	(in thousands)		Exercise Price		Contractual Term
Options outstanding at the beginning of period		6,123	$	6.41	N/A
Granted		–		–	N/A
Exercised		–		–	N/A
Forfeited		–		–	N/A
Options outstanding at the end of period		6,123	$	6.41	2.97 years

Options exercisable at the end of period		4,535	$	5.71	1.86 years

The following table presents the price distribution of stock options outstanding and exercisable as of March 31, 2026 and December 31, 2025:


	Number of shares as of				Number of shares as of
	March 31, 2026				December 31, 2025
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$2.00 - $2.99		1,098		1,098		1,098		1,098
$3.00 - $3.99		897		897		897		897
$4.00 - $4.99		1,145		1,145		1,145		1,145
$8.00 - $8.99		1,430		–		1,430		–
$10.00 - $10.99		1,553		1,395		1,613		1,253
Total shares		6,123		4,535		6,123		4,393

Purchases of Company Stock

Purchases of Company Stock

The table below describes the purchase of our common stock for the three-months ended March 31, 2026, and 2025:

Three Months Ended

March 31, 2026

March 31, 2025

Avg. Price

Open market purchases

126,622

8.57

–

Shares redeemed upon net exercise of stock options

–

Other

20,000

7.53

–

Total stock purchases

146,622

8.43

–

Reclassifications

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity.

Financial Covenants

Financial Covenants

Provision for Contingent Liabilities

Provision for Contingent Liabilities

Recent Accounting Pronouncements

Recent Accounting Pronouncements

We do not believe that any accounting pronouncements issued, but not yet effective, are applicable or would have a material impact on our consolidated financial statements or disclosures, if adopted.