Velocity Financial, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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)
| December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Interest income | $550,829 | $406,843 | $310,775 |
| Interest expense — portfolio related | 340,477 | 247,218 | 186,468 |
| Net interest income — portfolio related | 210,352 | 159,625 | 124,307 |
| Interest expense — corporate debt | 24,571 | 23,821 | 16,556 |
| Net interest income | 185,781 | 135,804 | 107,751 |
| Provision for credit losses | 5,805 | 1,173 | 1,915 |
| Net interest income after provision for credit losses | 179,976 | 134,631 | 105,836 |
| Other operating income | |||
| Gain on disposition of loans | 16,910 | 9,940 | 8,238 |
| Gain on sale of loans to a related party | 19,344 | — | — |
| Unrealized gain on fair value loans | 116,853 | 55,857 | 47,850 |
| Unrealized gain (loss) on fair value securitized debt | (30,454) | 2,581 | (9,002) |
| Unrealized gain (loss) on mortgage servicing rights | (998) | 375 | (660) |
| Origination fee income | 33,982 | 24,007 | 12,450 |
| Interest income on cash balance | 5,856 | 6,490 | 5,194 |
| Other income | 2,126 | 2,148 | 1,840 |
| Total other operating income | 163,619 | 101,398 | 65,910 |
| Operating expenses | |||
| Compensation and employee benefits | 90,217 | 69,589 | 48,344 |
| Origination expenses | 4,466 | 3,077 | 518 |
| Securitization expenses | 28,284 | 19,396 | 12,923 |
| Loan servicing | 33,409 | 22,388 | 17,631 |
| Professional fees | 6,098 | 7,616 | 4,599 |
| Rent and occupancy | 1,122 | 1,929 | 1,927 |
| Real estate owned, net | 22,909 | 6,030 | 6,153 |
| Other operating expenses | 10,850 | 9,613 | 8,524 |
| Total operating expenses | 197,355 | 139,638 | 100,619 |
| Income before income taxes | 146,240 | 96,391 | 71,127 |
| Income tax expense | |||
| Federal | 30,856 | 19,414 | 15,162 |
| State | 10,401 | 8,511 | 3,672 |
| Total income tax expense | 41,257 | 27,925 | 18,834 |
| Net income | 104,983 | 68,466 | 52,293 |
| Net income (loss) attributable to noncontrolling interest | (71) | 47 | 20 |
| Net income attributable to Velocity Financial, Inc. | $105,054 | $68,419 | $52,273 |
| Less undistributed earnings attributable to unvested restricted stock awards | 1,348 | 834 | 753 |
| Net earnings allocated to common shareholders | $103,706 | $67,585 | $51,520 |
| Earnings per common share | |||
| Basic | $2.81 | $2.07 | $1.60 |
| Diluted | $2.75 | $1.91 | $1.52 |
| Weighted average common shares outstanding | |||
| Basic | 36,850 | 32,653 | 32,206 |
| Diluted | 38,178 | 35,760 | 34,484 |
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