Velocity Financial Inc
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
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FY2024 · Filed Mar 12, 2025
VEL$17.65+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
December 31, 2024 and 2023
($ in thousands, except par value amounts)
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Cash and cash equivalents | $49,901 | $40,566 |
| Restricted cash | 20,929 | 21,361 |
| Loans held for sale, at fair value | — | 17,590 |
| Loans held for investment, at amortized cost (net of allowance for credit losses of $4,174 and $4,769 as of December 31, 2024 and 2023, respectively) | 2,420,116 | 2,828,123 |
| Loans held for investment, at fair value | 2,766,951 | 1,306,072 |
| Total loans, net | 5,187,067 | 4,151,785 |
| Accrued interest receivables | 35,235 | 27,028 |
| Receivables due from servicers | 123,494 | 85,077 |
| Other receivables | 1,359 | 8,763 |
| Real estate owned, net | 68,000 | 44,268 |
| Property and equipment, net | 1,650 | 2,785 |
| Deferred tax asset | 13,612 | 2,339 |
| Mortgage servicing rights, at fair value | 13,712 | 8,578 |
| Goodwill | 6,775 | 6,775 |
| Other assets | 5,674 | 5,248 |
| Total assets | $5,527,408 | $4,404,573 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $147,814 | $121,969 |
| Secured financing, net | 284,833 | 211,083 |
| Securitized debt, at amortized cost | 2,019,056 | 2,418,811 |
| Securitized debt, at fair value | 2,207,408 | 877,417 |
| Warehouse and repurchase facilities, net | 348,082 | 334,755 |
| Derivative liability | — | 3,665 |
| Total liabilities | 5,007,193 | 3,967,700 |
| Commitments and contingencies | ||
| EQUITY | ||
| Common stock ($0.01 par value, 100,000,000 shares authorized; 33,761,147 and 32,987,248 shares issued, 33,545,585 and 32,865,836 shares outstanding as of December 31, 2024 and 2023, respectively) | 339 | 331 |
| Additional paid-in capital | 322,954 | 306,736 |
| Retained earnings | 197,325 | 128,906 |
| Treasury stock, at cost (215,562 and 121,412 common shares as of December 31, 2024 and 2023, respectively) | (2,869) | (1,319) |
| Accumulated other comprehensive loss | (805) | (1,210) |
| Total Velocity Financial Inc. stockholders’ equity | 516,944 | 433,444 |
| Noncontrolling interest in subsidiary | 3,271 | 3,429 |
| Total equity | 520,215 | 436,873 |
| Total liabilities and equity | $5,527,408 | $4,404,573 |
December 31, 2024 and 2023
The following table presents the assets and liabilities of our consolidated variable interest entities:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Restricted cash | $9,847 | $11,428 |
| Loans held for investment, at amortized cost | 2,395,394 | 2,805,615 |
| Loans held for investment, at fair value | 2,264,641 | 914,891 |
| Accrued interest and other receivables | 145,891 | 104,663 |
| Real estate owned, net | 57,838 | 36,133 |
| Deferred tax asset | 272 | — |
| Other assets | — | 9 |
| Total assets | $4,873,883 | $3,872,739 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $96,895 | $74,153 |
| Securitized debt | 4,226,464 | 3,296,228 |
| Total liabilities | $4,323,359 | $3,370,381 |
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