Velocity Financial, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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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Consolidated Statements of Income
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Interest income | $153,080 | $118,740 |
| Interest expense — portfolio related | 94,027 | 75,088 |
| Net interest income — portfolio related | 59,053 | 43,652 |
| Interest expense — corporate debt | 15,133 | 6,142 |
| Net interest income | 43,920 | 37,510 |
| Provision for credit losses | 1,661 | 1,872 |
| Net interest income after provision for credit losses | 42,259 | 35,638 |
| Other operating income | ||
| Gain on disposition of loans | 2,896 | 2,834 |
| Unrealized gain on fair value loans | 1,039 | 34,836 |
| Unrealized gain (loss) on fair value securitized debt | 26,254 | (13,682) |
| Unrealized loss on mortgage servicing rights | (337) | (1,081) |
| Origination fee income | 7,970 | 8,679 |
| Interest income on cash balance | 1,405 | 1,339 |
| Other income | 3,730 | 521 |
| Total other operating income | 42,957 | 33,446 |
| Operating expenses | ||
| Compensation and employee benefits | 23,520 | 21,684 |
| Origination expenses | 1,163 | 838 |
| Securitization expenses | 5,285 | 4,043 |
| Loan servicing | 8,563 | 8,008 |
| Professional fees | 5,781 | 1,783 |
| Rent and occupancy | 340 | 275 |
| Real estate owned, net | 6,862 | 3,029 |
| Other operating expenses | 2,825 | 2,530 |
| Total operating expenses | 54,339 | 42,190 |
| Income before income taxes | 30,877 | 26,894 |
| Income tax expense | ||
| Federal | 6,494 | 5,850 |
| State | 2,084 | 2,396 |
| Income tax expense | 8,578 | 8,246 |
| Net income | 22,299 | 18,648 |
| Net loss attributable to noncontrolling interest | (64) | (239) |
| Net income attributable to Velocity Financial, Inc. | $22,363 | $18,887 |
| Less undistributed earnings attributable to unvested restricted stock awards | 312 | 233 |
| Net earnings attributable to common stockholders | $22,051 | $18,654 |
| Earnings per common share | ||
| Basic | $0.57 | $0.55 |
| Diluted | $0.57 | $0.51 |
| Weighted average common shares outstanding | ||
| Basic | 38,626 | 33,687 |
| Diluted | 39,174 | 36,811 |
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