Velocity Financial Inc
For the period ended Sep 30, 2024. Filed Nov 8, 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.
Sep 30, 2024 · Filed Nov 8, 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)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Cash and cash equivalents | $44,094 | $40,566 |
| Restricted cash | 23,167 | 21,361 |
| Loans held for sale, at fair value | 19,231 | 17,590 |
| Loans held for investment, at amortized cost | 2,526,320 | 2,828,123 |
| Loans held for investment, at fair value | 2,354,718 | 1,306,072 |
| Total loans, net | 4,900,269 | 4,151,785 |
| Accrued interest receivables | 32,944 | 27,028 |
| Receivables due from servicers | 93,681 | 85,077 |
| Other receivables | 4,265 | 8,763 |
| Real estate owned, net | 62,361 | 44,268 |
| Property and equipment, net | 1,693 | 2,785 |
| Deferred tax asset | 14,501 | 2,339 |
| Mortgage servicing rights, at fair value | 12,416 | 8,578 |
| Goodwill | 6,775 | 6,775 |
| Other assets | 6,308 | 5,248 |
| Total assets | $5,202,474 | $4,404,573 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $140,534 | $121,969 |
| Secured financing, net | 284,371 | 211,083 |
| Securitized debt, at amortized cost | 2,105,099 | 2,418,811 |
| Securitized debt, at fair value | 1,749,268 | 877,417 |
| Warehouse and repurchase facilities, net | 434,027 | 334,755 |
| Derivative liability | 1,486 | 3,665 |
| Total liabilities | 4,714,785 | 3,967,700 |
| Commitments and contingencies | ||
| EQUITY | ||
| Common stock ($0.01 par value, 100,000,000 shares authorized; 33,330,407 and 32,987,248 shares issued, 33,114,845 and 32,865,836 shares outstanding as of September 30, 2024 and December 31, 2023, respectively) | 335 | 331 |
| Additional paid-in capital | 313,087 | 306,736 |
| Retained earnings | 176,738 | 128,906 |
| Treasury stock, at cost (215,562 and 121,412 common shares as of September 30, 2024 and December 31, 2023, respectively) | (2,869) | (1,319) |
| Accumulated other comprehensive loss | (2,655) | (1,210) |
| Total Velocity Financial, Inc. stockholders' equity | 484,636 | 433,444 |
| Noncontrolling interest in subsidiary | 3,053 | 3,429 |
| Total equity | 487,689 | 436,873 |
| Total liabilities and equity | $5,202,474 | $4,404,573 |
CONSOLIDATED BALANCE SHEETS (CONTINUED)
The following table represents the assets and liabilities of consolidated variable interest entities as follows:
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Restricted cash | $10,117 | $11,428 |
| Loans held for investment, at amortized cost | 2,449,223 | 2,805,615 |
| Loans held for investment, at fair value | 1,810,924 | 914,891 |
| Accrued interest and other receivables | 114,551 | 104,663 |
| Real estate owned, net | 50,383 | 36,133 |
| Deferred tax asset | 566 | — |
| Other assets | — | 9 |
| Total assets | $4,435,764 | $3,872,739 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $85,937 | $74,153 |
| Securitized debt | 3,854,366 | 3,296,228 |
| Total liabilities | $3,940,303 | $3,370,381 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.