CONSUMER PORTFOLIO SERVICES, INC.

Previous wording

We have and will continue to have a substantial amount of indebtedness. At March 31, 2025, we had approximately $3,300.0 million of debt outstanding. Such debt consisted primarily of $2,743.3 million of securitization trust debt and $365.7 million of debt from warehouse lines of credit. Our securitization trust debt has increased by $148.9 million while our warehouse lines of credit debt has decreased by $45.2 million since December 31, 2024 (each net of deferred financing costs). Since 2005, we have offered renewable subordinated notes to the public on a continuous basis, and such notes have maturities that range from six months to 10 years. We had $27.5 million and $26.5 million in subordinated renewable notes outstanding at March 31, 2025, and December 31, 2024, respectively. In June 2021, we completed a $50.0 million securitization of residual interests from other previously issued securitizations. In March 2024, we completed another residual interest financing of our residual interests from previously issued securitizations in the amount of $50.0 million. On March 20, 2025, we completed a new residual interest financing of our residual interests from previously issued securitizations in the amount of $65.0 million. As of March 31, 2025, all $165.0 million of the residual interest debt remains outstanding.

Current wording

We have and will continue to have a substantial amount of indebtedness. At June 30, 2025, we had approximately $3,392.8 million of debt outstanding. Such debt consisted primarily of $2,813.2 million of securitization trust debt and $395.6 million of debt from warehouse lines of credit. Our securitization trust debt has increased by $218.9 million while our warehouse lines of credit debt has decreased by $15.3 million since December 31, 2024 (each net of deferred financing costs). Since 2005, we have offered renewable subordinated notes to the public on a continuous basis, and such notes have maturities that range from six months to 10 years. We had $28.8 million and $26.5 million in subordinated renewable notes outstanding at June 30, 2025, and December 31, 2024, respectively. In June 2021, March 2024, and again on March 20, 2025, we completed a securitization of residual interests from other previously issued securitizations in the amount of $50 million, $50 million, and $65 million, respectively. As of June 30, 2025, all $155.1 million of the residual interest debt remains outstanding.

Previous wording

Although we believe we are able to service and repay such debt, there is no assurance that we will be able to do so. If we do not generate sufficient operating profits, our ability to make required payments on our debt would be impaired. Failure to pay our indebtedness when due could have a material adverse effect.

Current wording

Although we believe we are able to service and repay such debt, there is no assurance that we will be able to do so. If we do not generate sufficient operating profits, our ability to make the required payments on our debt would be impaired. Failure to pay our indebtedness when due could have a material adverse effect.

Previous wording

Unregistered Sales of Equity Securities and Use of Proceeds*

Current wording

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Previous wording

During the three months ended March 31, 2025, we did not repurchase any shares from existing shareholders.

Current wording

During the three months ended June 30, 2025, we repurchased 76,880 shares from existing shareholders, as reflected in the table below.