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$16.71-5.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Cash flows from operating activities: | ||
| Net income | $47,661 | $35,126 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 650 | 567 |
| Amortization of right-of-use assets | 1,048 | 975 |
| Provision for credit losses | 1,151 | 1,088 |
| Origination of loans held for sale | (18,947) | (38,036) |
| Proceeds from sales of loans held for sale | — | 19,816 |
| Net accretion of discount on purchased loans and amortization of deferred loan origination costs | 3,317 | 3,763 |
| Provision for uncollectible borrower advances | 650 | 443 |
| Gain on disposition of loans | (834) | (747) |
| Real estate acquired through foreclosure in excess of recorded investment | (6,322) | (6,009) |
| Amortization of debt issuance discount and costs | 9,468 | 15,184 |
| Change in valuation of real estate owned | 3,903 | 2,486 |
| Change in valuation of fair value loans | (71,579) | (8,483) |
| Change in valuation of mortgage servicing rights | 922 | (548) |
| Change in valuation of fair value securitized debt | 31,957 | (15,083) |
| Gain on sale of real estate owned | (864) | (112) |
| Stock-based compensation | 4,510 | 3,205 |
| Hedging activities | (3,145) | — |
| Deferred tax expense | (11,104) | 4,328 |
| Change in operating assets and liabilities: | ||
| Accrued interest and other receivables | (3,573) | (4,902) |
| Other assets | (1,385) | 6,121 |
| Accounts payable and accrued expenses | 16,998 | 3,494 |
| Net cash provided by operating activities | 4,482 | 22,676 |
| Cash flows from investing activities: | ||
| Purchase of loans held for investment | (16,210) | (10,963) |
| Origination of loans held for investment | (1,258,725) | (728,167) |
| Proceeds from sales of loans originally classified as held for investment | 50,204 | 21,485 |
| Payoffs of loans held for investment and loans at fair value | 525,316 | 334,246 |
| Proceeds from sale of real estate owned | 19,798 | 18,978 |
| Change in advances | (4,921) | 2,308 |
| Change in impounds and deposits | (165) | 1,395 |
| Purchase of property and equipment | (190) | (72) |
| Proceeds from sale of property and equipment | 640 | — |
| Purchase of mortgage servicing rights | (4,760) | — |
| Net cash used in investing activities | (689,013) | (360,790) |
| Cash flows from financing activities: | ||
| Warehouse repurchase facilities advances | 1,365,638 | 753,270 |
| Warehouse repurchase facilities repayments | (1,266,288) | (868,657) |
| Proceeds from secured financing | 74,311 | — |
| Proceeds of securitized debt, net | 1,005,044 | 774,322 |
| Repayment of securitized debt | (485,826) | (333,936) |
| Debt issuance costs | (3,104) | (2,126) |
| Proceeds from issuance of common stocks, net | 1,845 | 1,398 |
| Purchase of treasury stock | (1,550) | (837) |
| Distribution to non-controlling interest | (205) | (280) |
| Net cash provided by financing activities | 689,865 | 323,154 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 5,334 | (14,960) |
| Cash, cash equivalents, and restricted cash at beginning of period | 61,927 | 62,056 |
| Cash, cash equivalents, and restricted cash at end of period | $67,261 | $47,096 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (Unaudited) | ||
| Supplemental cash flow information: | ||
| Cash paid during the period for interest | $183,923 | $134,038 |
| Cash paid during the period for income taxes, net | 22,780 | 2,943 |
| Noncash transactions from investing and financing activities: | ||
| Transfer of loans held for investment to held for sale | 35,067 | 25,075 |
| Transfer of loans held for investment to real estate owned | 34,608 | 31,318 |
| Transfer of accrued interest to loans held for investment | 1,118 | 1,182 |
| Transfer of loans held for sale to held for investment | 2,612 | 4,218 |
| Recognition of new leases in exchange for lease obligations | 1,164 | 656 |
VELOCITY FINANCIAL, INC. AND SUBSIDIARIES
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