Velocity Financial Inc
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
VEL$17.63+1.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
($ in thousands, except par value amounts)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Cash and cash equivalents | $34,829 | $40,566 |
| Restricted cash | 24,216 | 21,361 |
| Loans held for sale, at fair value | — | 17,590 |
| Loans held for investment, net | 2,727,518 | 2,828,123 |
| Loans held for investment, at fair value | 1,649,540 | 1,306,072 |
| Total loans, net | 4,377,058 | 4,151,785 |
| Accrued interest receivables | 29,374 | 27,028 |
| Receivables due from servicers | 87,523 | 85,077 |
| Other receivables | 2,113 | 8,763 |
| Real estate owned, net | 46,280 | 44,268 |
| Property and equipment, net | 2,013 | 2,785 |
| Deferred tax asset | 1,580 | 2,339 |
| Mortgage servicing rights, at fair value | 9,022 | 8,578 |
| Derivative assets | 1,967 | — |
| Goodwill | 6,775 | 6,775 |
| Other assets | 5,468 | 5,248 |
| Total assets | $4,628,218 | $4,404,573 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $123,988 | $121,969 |
| Secured financing, net | 283,813 | 211,083 |
| Securitized debt, net | 2,329,906 | 2,418,811 |
| Securitized debt, at fair value | 1,073,843 | 877,417 |
| Warehouse and repurchase facilities, net | 360,216 | 334,755 |
| Derivative liability | — | 3,665 |
| Total liabilities | 4,171,766 | 3,967,700 |
| Commitments and contingencies | ||
| EQUITY | ||
| Common stock ($0.01 par value, 100,000,000 shares authorized; 33,186,464 and 32,987,248 shares issued, 32,985,794 and 32,865,836 shares outstanding as of March31, 2024 and December 31, 2023, respectively) | 334 | 331 |
| Additional paid-in capital | 308,259 | 306,736 |
| Retained earnings | 146,157 | 128,906 |
| Treasury stock, at cost (200,670 and 121,412 common shares as of March 31, 2024 and December 31, 2023, respectively) | (2,603) | (1,319) |
| Accumulated other comprehensive income (loss) | 794 | (1,210) |
| Total Velocity Financial, Inc. stockholders' equity | 452,941 | 433,444 |
| Noncontrolling interest in subsidiary | 3,511 | 3,429 |
| Total equity | 456,452 | 436,873 |
| Total liabilities and equity | $4,628,218 | $4,404,573 |
CONSOLIDATED BALANCE SHEETS (CONTINUED)
The following table represents the assets and liabilities of consolidated variable interest entities as follows:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Restricted cash | $11,037 | $11,428 |
| Loans held for investment, net | 3,825,664 | 3,720,506 |
| Accrued interest and other receivables | 107,949 | 104,663 |
| Real estate owned, net | 38,308 | 36,133 |
| Deferred tax asset | 203 | — |
| Other assets | 4 | 9 |
| Total assets | $3,983,165 | $3,872,739 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $76,846 | $74,153 |
| Securitized debt | 3,403,749 | 3,296,228 |
| Total liabilities | $3,480,595 | $3,370,381 |
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