Velocity Financial, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
VEL$17.65+0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
December 31, 2025 and 2024
($ in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Cash and cash equivalents | $92,103 | $49,901 |
| Restricted cash | 157,134 | 20,929 |
| Loans held for investment, at amortized cost (net of allowance for credit losses of $4,521 and $4,174 as of December 31, 2025 and 2024, respectively) | 2,028,262 | 2,420,116 |
| Loans held for investment, at fair value | 4,729,869 | 2,766,951 |
| Total loans, net | 6,758,131 | 5,187,067 |
| Accrued interest receivables | 49,678 | 35,235 |
| Receivables due from servicers | 150,902 | 123,494 |
| Other receivables | 1,897 | 1,359 |
| Real estate owned, net | 118,289 | 68,000 |
| Property and equipment, net | 1,415 | 1,650 |
| Deferred tax asset | 22,709 | 13,612 |
| Mortgage servicing rights, at fair value | 12,963 | 13,712 |
| Derivative assets | 66 | — |
| Goodwill | 6,775 | 6,775 |
| Other assets | 9,451 | 5,674 |
| Total assets | $7,381,513 | $5,527,408 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $168,314 | $147,814 |
| Secured financing, net | 286,679 | 284,833 |
| Securitized debt, at amortized cost | 1,705,589 | 2,019,056 |
| Securitized debt, at fair value | 4,236,737 | 2,207,408 |
| Warehouse and repurchase facilities, net | 308,506 | 348,082 |
| Total liabilities | 6,705,825 | 5,007,193 |
| Commitments and contingencies | ||
| EQUITY | ||
| Common stock ($0.01 par value, 100,000,000 shares authorized; 38,965,317 and 33,761,147 shares issued, 39,573,657 and 33,545,585 shares outstanding as of December 31, 2025 and 2024, respectively) | 398 | 339 |
| Additional paid-in capital | 382,564 | 322,954 |
| Retained earnings | 302,379 | 197,325 |
| Treasury stock, at cost (608,340 and 215,562 common shares as of December 31, 2025 and 2024, respectively) | (10,204) | (2,869) |
| Accumulated other comprehensive loss | (2,602) | (805) |
| Total Velocity Financial Inc. stockholders’ equity | 672,535 | 516,944 |
| Noncontrolling interest in subsidiary | 3,153 | 3,271 |
| Total equity | 675,688 | 520,215 |
| Total liabilities and equity | $7,381,513 | $5,527,408 |
December 31, 2025 and 2024
The following table presents the assets and liabilities of consolidated variable interest entities:
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Restricted cash | $151,827 | $9,847 |
| Loans held for investment, at amortized cost | 2,023,030 | 2,395,394 |
| Loans held for investment, at fair value | 4,273,757 | 2,264,641 |
| Accrued interest and other receivables | 191,313 | 145,891 |
| Real estate owned, net | 114,485 | 57,838 |
| Deferred tax asset | 1,085 | 272 |
| Other assets | 5 | — |
| Total assets | $6,755,502 | $4,873,883 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $120,691 | $96,895 |
| Securitized debt | 5,942,326 | 4,226,464 |
| Total liabilities | $6,063,017 | $4,323,359 |
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