|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
|
March 31,
2025 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| Interest income |
|
$ |
153,080 |
|
|
$ |
152,403 |
|
|
$ |
118,740 |
|
| Interest expense - portfolio related |
|
|
94,027 |
|
|
|
94,652 |
|
|
|
75,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income - portfolio related |
|
|
59,053 |
|
|
|
57,751 |
|
|
|
43,652 |
|
| Interest expense - corporate debt |
|
|
15,133 |
|
|
|
6,142 |
|
|
|
6,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
43,920 |
|
|
|
51,609 |
|
|
|
37,510 |
|
| Provision for credit losses |
|
|
1,661 |
|
|
|
1,954 |
|
|
|
1,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income after provision for credit losses |
|
|
42,259 |
|
|
|
49,655 |
|
|
|
35,638 |
|
| Other operating income |
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on disposition of loans |
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gain on fair value loans |
|
|
1,039 |
|
|
|
21,129 |
|
|
|
34,836 |
|
| Unrealized gain (loss) on fair value securitized debt |
|
|
26,254 |
|
|
|
800 |
|
|
|
(13,682 |
) |
| Origination fee income |
|
|
7,970 |
|
|
|
6,644 |
|
|
|
8,679 |
|
| Other income |
|
|
7,694 |
|
|
|
24,676 |
|
|
|
3,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other operating income |
|
|
42,957 |
|
|
|
53,249 |
|
|
|
33,446 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
|
23,520 |
|
|
|
22,628 |
|
|
|
21,684 |
|
| Loan servicing |
|
|
8,563 |
|
|
|
9,448 |
|
|
|
8,008 |
|
| Real estate owned, net |
|
|
6,862 |
|
|
|
8,651 |
|
|
|
3,029 |
|
| Other operating expenses |
|
|
15,394 |
|
|
|
12,128 |
|
|
|
9,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
54,339 |
|
|
|
52,855 |
|
|
|
42,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
30,877 |
|
|
|
50,049 |
|
|
|
26,894 |
|
| Income tax expense |
|
|
8,578 |
|
|
|
15,296 |
|
|
|
8,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
22,299 |
|
|
|
34,753 |
|
|
|
18,648 |
|
| Net loss attributable to noncontrolling interest |
|
|
(64 |
) |
|
|
(44 |
) |
|
|
(239 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to Velocity Financial, Inc. |
|
|
22,363 |
|
|
|
34,797 |
|
|
|
18,887 |
|
| Less undistributed earnings attributable to unvested restricted stock awards |
|
|
312 |
|
|
|
477 |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings attributable to common stockholders |
|
$ |
22,051 |
|
|
$ |
34,320 |
|
|
$ |
18,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.57 |
|
|
$ |
0.89 |
|
|
$ |
0.55 |
|
| Diluted |
|
$ |
0.57 |
|
|
$ |
0.89 |
|
|
$ |
0.51 |
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
38,626 |
|
|
|
38,378 |
|
|
|
33,687 |
|
| Diluted |
|
|
39,174 |
|
|
|
39,243 |
|
|
|
36,811 |
|