Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☒ Rule 13d-1(b)
☐ Rule 13d-1(c)
☐ Rule 13d-1(d)
| 1 |
Names of Reporting Persons
Beach Point Capital Management LP |
| 2 |
Check the appropriate box if a member of a Group (see instructions)
☐ (a)
☒ (b) |
| 3 | SEC Use Only |
| 4 |
Citizenship or Place of Organization
DELAWARE
|
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5
Sole Voting Power:
0.00 6
Shared Voting Power:
5,300,859.00 7
Sole Dispositive Power:
0.00 8
Shared Dispositive Power:
5,300,859.00 |
| 9 |
Aggregate Amount Beneficially Owned by Each Reporting Person
5,300,859.00 |
| 10 |
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
☐ |
| 11 |
Percent of class represented by amount in row (9)
14.5 % |
| 12 |
Type of Reporting Person (See Instructions)
IA |
| 1 |
Names of Reporting Persons
Beach Point GP LLC |
| 2 |
Check the appropriate box if a member of a Group (see instructions)
☐ (a)
☒ (b) |
| 3 | SEC Use Only |
| 4 |
Citizenship or Place of Organization
DELAWARE
|
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5
Sole Voting Power:
0.00 6
Shared Voting Power:
5,300,859.00 7
Sole Dispositive Power:
0.00 8
Shared Dispositive Power:
5,300,859.00 |
| 9 |
Aggregate Amount Beneficially Owned by Each Reporting Person
5,300,859.00 |
| 10 |
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
☐ |
| 11 |
Percent of class represented by amount in row (9)
14.5 % |
| 12 |
Type of Reporting Person (See Instructions)
HC |
| Item 1. | |
| (a) |
Name of issuer:
Velocity Financial, Inc. |
| (b) |
Address of issuer's principal executive offices:
2945 Townsgate Road, Suite 110, Westlake Village, California, 91361 |
| Item 2. | |
| (a) |
Name of person filing:
Beach Point Capital Management LP ("Beach Point Capital")
Beach Point GP LLC ("Beach Point GP") |
| (b) |
Address or principal business office or, if none, residence:
c/o Beach Point Capital Management LP, 1620 26th Street, Suite 6000n, Santa Monica, CA 90404 |
| (c) |
Citizenship:
Beach Point Capital - Delaware
Beach Point GP - Delaware |
| (d) |
Title of class of securities:
Common Stock, par value $0.01 per share |
| (e) |
CUSIP No.:
92262D101 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | ☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
|
| (b) | ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
|
| (c) | ☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
|
| (d) | ☐ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
|
| (e) | ☒ An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
|
| (f) | ☐ An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
|
| (g) | ☐ A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
|
| (h) | ☐ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
|
| (i) | ☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
|
| (j) | ☐ A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
|
| (k) | ☐ Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
|
| | |
| Item 4. | Ownership |
| (a) |
Amount beneficially owned:
5,300,859 by each of Beach Point Capital and Beach Point GP (collectively, "Beach Point"). **see Note 1**
The Common Stock reported as beneficially owned by Beach Point in this Schedule 13G includes 5,300,859 shares of Common Stock held by certain clients of Beach Point (the "Clients"). |
| (b) |
Percent of class:
14.5% by each of Beach Point Capital and Beach Point GP. The percent of class is based on 36,491,520 shares of Common Stock outstanding as of April 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed on May 1, 2025. %
|
| (c) |
Number of shares as to which the person has:
|
| |
(i) Sole power to vote or to direct the vote:
Beach Point Capital - 0
Beach Point GP - 0
|
| |
(ii) Shared power to vote or to direct the vote:
Beach Point Capital - 5,300,859 **see Note 1**
Beach Point GP - 5,300,859 **see Note 1**
|
| |
(iii) Sole power to dispose or to direct the disposition of:
Beach Point Capital - 0
Beach Point GP - 0
|
| |
(iv) Shared power to dispose or to direct the disposition of:
Beach Point Capital - 5,300,859 **see Note 1**
Beach Point GP - 5,300,859 **see Note 1**
|
| Item 5. | Ownership of 5 Percent or Less of a Class. |
| | |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
| |
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
While Beach Point Capital and Beach Point GP may each be deemed the beneficial owner of the shares of Common Stock of the Issuer, each of the reporting persons is the beneficial owner of such stock on behalf of the Clients, including Beach Point Securitized Credit Fund LP and Beach Point TX SCF LP, who have the right to receive and the power to direct the receipt of the dividends from, or the proceeds of the sale of, such Common Stock. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
| |
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Exhibit I |
| Item 8. | Identification and Classification of Members of the Group. |
| |
Not Applicable
|
| Item 9. | Notice of Dissolution of Group. |
| |
Not Applicable
|
