Velocity Financial Inc
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
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FY2024 · Filed Mar 12, 2025
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATE MENTS OF CASH FLOWS
| December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $68,466 | $52,293 | $32,519 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 793 | 752 | 796 |
| Amortization of right-of-use assets | 1,207 | 1,545 | 1,320 |
| Provision for credit losses | 1,173 | 1,915 | 1,152 |
| Origination of loans held for sale | (23,554) | (38,036) | (31,255) |
| Proceeds from sales of loans held for sale | 23,956 | 25,817 | 32,156 |
| Net accretion of discount on purchased loans and deferred loan origination costs | 4,411 | 4,813 | 7,009 |
| Provision for (reversal of) uncollectible borrower advances | 554 | 721 | (175) |
| Gain on disposition of loans | (1,236) | (826) | (3,699) |
| Real estate acquired through foreclosure in excess of recorded investment | (8,704) | (7,412) | (3,408) |
| Amortization of debt issuance discount and costs | 12,244 | 18,624 | 28,294 |
| Change in valuation of real estate owned | 6,121 | 3,903 | 364 |
| Change in valuation of fair value loans | (55,857) | (47,850) | (8,265) |
| Change in valuation of mortgage servicing rights | (375) | 660 | (2,086) |
| Change in valuation of fair value securitized debt | (2,581) | 9,002 | — |
| Gain on sale of real estate owned | (4,275) | (568) | (2,939) |
| Stock-based compensation | 6,155 | 4,128 | 3,343 |
| Hedging activities | 1,066 | (2,138) | — |
| Deferred tax (benefit) expense | (11,431) | 2,694 | 11,571 |
| Change in operating assets and liabilities: | |||
| Accrued interest and other receivables | (6,374) | (9,227) | (7,421) |
| Other assets | (284) | 8,361 | (8,040) |
| Accounts payable and accrued expenses | 26,280 | 19,664 | (2,562) |
| Net cash provided by operating activities | 37,755 | 48,835 | 48,674 |
| Cash flows from investing activities: | |||
| Purchase of loans held for investment | (16,670) | (13,823) | (18,231) |
| Origination of loans held for investment | (1,817,600) | (1,079,811) | (1,739,572) |
| Proceeds from sales of loans originally classified as held for investment | 50,204 | 21,485 | 292,472 |
| Payments of loans held for investment and loans at fair value | 722,986 | 459,681 | 541,676 |
| Proceeds from sale of real estate owned | 32,979 | 21,747 | 22,497 |
| Purchase of real estate owned | — | — | (2,250) |
| Change in advances | (10,515) | (3,039) | (5,414) |
| Change in impounds and deposits | (2,058) | 9,208 | 910 |
| Purchase of property and equipment | (289) | (180) | (326) |
| Proceeds from sale of property and equipment | 640 | — | — |
| Purchase of mortgage servicing rights | (4,759) | — | — |
| Net cash used in investing activities | (1,045,082) | (584,732) | (908,238) |
| Cash flows from financing activities: | |||
| Warehouse and repurchase facilities advances | 1,946,797 | 1,192,999 | 1,687,005 |
| Warehouse and repurchase facilities repayments | (1,933,102) | (1,191,642) | (1,658,065) |
| Proceeds from secured financing | 74,311 | — | 215,000 |
| Repayment of secured financing | — | — | (170,844) |
| Proceeds of securitized debt, net | 1,590,197 | 975,072 | 1,369,985 |
| Repayment of securitized debt | (666,274) | (438,763) | (543,620) |
| Debt issuance costs | (3,903) | (3,062) | (25,594) |
| Proceeds from issuance of common stocks, net | 10,145 | 2,305 | 607 |
| Deferred stock issuance costs | (186) | — | — |
| Tax withholding related to vesting of equity awards | (1,550) | (861) | (458) |
| Distribution to non-controlling interest | (205) | (280) | — |
| Net cash provided by financing activities | 1,016,230 | 535,768 | 874,016 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 8,903 | (129) | 14,452 |
| Cash, cash equivalents, and restricted cash at beginning of year | 61,927 | 62,056 | 47,604 |
| Cash, cash equivalents, and restricted cash at end of year | $70,830 | $61,927 | $62,056 |
| December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental cash flow information: | |||
| Cash paid during the year for interest | $251,259 | $180,364 | $118,711 |
| Cash paid during the year for income taxes | 41,549 | 7,648 | 23,039 |
| Noncash transactions from investing and financing activities: | |||
| Transfer of loans held for investment to loans held for sale | 35,067 | 42,029 | 279,233 |
| Transfer of loans held for investment to real estate owned | 49,852 | 48,614 | 10,031 |
| Capitalized interest on loans held for investment | 1,403 | 2,395 | 1,399 |
| Transfer of loans held for sale to held for investment | 2,612 | 16,246 | 77,190 |
| Discount on issuance of securitized debt | — | 1,636 | 23,398 |
| Recognition of new leases in exchange for lease obligations | 1,180 | 1,689 | — |
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