Velocity Financial, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 7, 2025
VEL$16.71-5.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Interest income | $144,119 | $105,070 | $398,426 | $293,359 |
| Interest expense — portfolio related | 88,899 | 63,871 | 245,825 | 178,734 |
| Net interest income — portfolio related | 55,220 | 41,199 | 152,601 | 114,625 |
| Interest expense — corporate debt | 6,144 | 6,143 | 18,429 | 17,677 |
| Net interest income | 49,076 | 35,056 | 134,172 | 96,948 |
| Provision for (reversal of) credit losses | 381 | (69) | 3,851 | 1,151 |
| Net interest income after provision for (reversal of) credit losses | 48,695 | 35,125 | 130,321 | 95,797 |
| Other operating income | ||||
| Gain on disposition of loans | 4,574 | 2,291 | 13,694 | 7,156 |
| Unrealized gain on fair value loans | 30,982 | 35,530 | 95,724 | 71,579 |
| Unrealized loss on fair value securitized debt | (9,988) | (24,995) | (31,254) | (31,957) |
| Unrealized loss on mortgage servicing rights | (343) | (993) | (1,115) | (922) |
| Origination fee income | 9,723 | 6,704 | 27,338 | 16,762 |
| Interest income on cash balance | 1,564 | 1,676 | 4,408 | 5,038 |
| Other income | 565 | 519 | 1,575 | 1,412 |
| Total other operating income | 37,077 | 20,732 | 110,370 | 69,068 |
| Operating expenses | ||||
| Compensation and employee benefits | 23,300 | 17,586 | 67,589 | 49,505 |
| Origination expenses | 1,154 | 867 | 3,185 | 2,262 |
| Securitization expenses | 6,433 | 3,186 | 21,997 | 12,292 |
| Loan servicing | 7,748 | 5,656 | 23,961 | 15,639 |
| Professional fees | 893 | 2,305 | 4,668 | 6,140 |
| Rent and occupancy | 274 | 519 | 847 | 1,633 |
| Real estate owned, net | 7,931 | 1,951 | 14,258 | 5,762 |
| Other operating expenses | 2,664 | 2,543 | 7,995 | 7,278 |
| Total operating expenses | 50,397 | 34,613 | 144,500 | 100,511 |
| Income before income taxes | 35,375 | 21,244 | 96,191 | 64,354 |
| Income tax expense | ||||
| Federal | 7,603 | 3,921 | 19,381 | 11,759 |
| State | 2,360 | 1,706 | 6,580 | 4,934 |
| Income tax expense | 9,963 | 5,627 | 25,961 | 16,693 |
| Net income | 25,412 | 15,617 | 70,230 | 47,661 |
| Net income (loss) attributable to noncontrolling interest | 39 | (186) | (27) | (171) |
| Net income attributable to Velocity Financial, Inc. | $25,373 | $15,803 | $70,257 | $47,832 |
| Less undistributed earnings attributable to unvested restricted stock awards | 352 | 191 | 871 | 580 |
| Net earnings attributable to common stockholders | $25,021 | $15,612 | $69,386 | $47,252 |
| Earnings per common share | ||||
| Basic | $0.66 | $0.48 | $1.91 | $1.45 |
| Diluted | $0.65 | $0.44 | $1.86 | $1.34 |
| Weighted average common shares outstanding | ||||
| Basic | 38,073 | 32,711 | 36,335 | 32,613 |
| Diluted | 38,800 | 35,895 | 37,817 | 35,645 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.