CPSS (Consumer Portfolio Services) President Michael Lavin Exercises Options

What Happened

• Michael T. Lavin, President of Consumer Portfolio Services (CPSS), exercised multiple stock option tranches on 2026-08-06. The filing shows option exercises that resulted in acquired shares and a net exercise with tax withholding:
  • Acquired 45,829 shares at $2.47 per share (value reported $113,198).
  • Acquired 28,647 shares at $3.53 per share (value reported $101,124).
  • Acquired 61,353 shares at $3.53 per share (value reported $216,576).
  • As part of a net (cashless) exercise, 36,525 shares were surrendered/forfeited to cover the exercise price and tax liability (treated as disposition; value based on closing price $9.57 = $349,544).
  • The net result of one option exercise was receipt of 24,828 shares (per footnote).
  • Disposed/gifted 99,304 shares (gift entries recorded at $0.00).
• Transaction codes: M = option exercise; F = tax withholding/forfeiture; G = gift. These were option exercises with a cashless/net component and a subsequent gift; gifts are not purchases or sales indicating market sentiment.

Key Details

• Transaction date: 2026-08-06; Form filed 2026-08-10 (filed on the second business day after the transaction — timely).
• Prices/values reported: $2.47 (45,829 shares, $113,198); $3.53 (28,647 shares, $101,124 and 61,353 shares, $216,576); tax withholding valued using closing price $9.57 (36,525 shares, $349,544).
• Net shares received from one option exercise: 24,828 shares (F1 explains net exercise and forfeiture).
• Gift: 99,304 shares were transferred as gifts (reported at $0.00).
• Shares owned after transaction: not specified in the supplied summary — see the Form 4 for total beneficial ownership.
• Footnotes of note:
  • F1: Net (cashless) exercise — 24,828 shares issued after forfeiting 36,525 shares to cover exercise price and taxes (closing price used: $9.57).
  • F2–F4: Vesting/issuance details — some options/grants vested in prior years or were issued for services.
• Filing timeliness: Timely (no late filing flag indicated).

Context

• These were option exercises (derivative conversions). The use of share forfeiture to cover taxes/exercise (a net or cashless exercise) is common and does not by itself indicate a buy or sell sentiment.
• The gift of 99,304 shares is a non-sale transfer; gifts typically reflect personal/estate planning and are not a direct market-confidence signal.
• For full details (total post-transaction holdings, recipient of the gift, and the precise option grants), retail investors should review the complete Form 4 filing (accession 0001683168-26-006168).