Velocity Financial, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Velocity Financial, Inc. reported net income of $105.1M (+53.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $550.8M | $406.8M | $310.8M | $240.3M |
| Interest expense — portfolio related | $340.5M | $247.2M | $186.5M | $127.7M |
| Net interest income — portfolio related | $210.4M | $159.6M | $124.3M | $112.6M |
| Interest expense — corporate debt | $24.6M | $23.8M | $16.6M | $29.5M |
| Net interest income | $185.8M | $135.8M | $107.8M | $83.1M |
| Provision for credit losses | $5.8M | $1.2M | $1.9M | $1.2M |
| Net interest income after provision for credit losses | $180.0M | $134.6M | $105.8M | $82.0M |
| Gain on disposition of loans | $36.3M | $9.9M | $8.2M | $7.1M |
| Unrealized gain on fair value loans | $116.9M | $55.9M | $47.9M | $8.3M |
| Unrealized gain (loss) on fair value securitized debt | ($30.5M) | $2.6M | ($9.0M) | — |
| Unrealized gain (loss) on mortgage servicing rights | ($998.0K) | $375.0K | — | — |
| Origination fee income | $34.0M | $24.0M | $12.4M | — |
| Interest income on cash balance | $5.9M | $6.5M | $5.2M | — |
| Other income | $2.1M | $2.1M | $1.8M | $4.8M |
| Total other operating income | $163.6M | $101.4M | $65.9M | $22.2M |
| Compensation and employee benefits | $90.2M | $69.6M | $48.3M | $30.5M |
| Origination expenses | $4.5M | $3.1M | $518.0K | — |
| Securitization expenses | $28.3M | $19.4M | $12.9M | — |
| Loan servicing | $33.4M | $22.4M | $17.6M | $12.3M |
| Professional fees | $6.1M | $7.6M | $4.6M | $4.2M |
| Rent and occupancy | $1.1M | $1.9M | $1.9M | $1.7M |
| Real estate owned, net | $22.9M | $6.0M | $6.2M | ($70.0K) |
| Other operating expenses | $10.8M | $9.6M | $8.5M | $11.1M |
| Total operating expenses | $197.4M | $139.6M | $100.6M | $59.7M |
| Income before income taxes | $146.2M | $96.4M | $71.1M | $44.6M |
| Total income tax expense | $41.3M | $27.9M | $18.8M | $12.0M |
| Net income | $105.0M | $68.5M | $52.3M | $32.5M |
| Net income (loss) attributable to noncontrolling interest | ($71.0K) | $47.0K | $20.0K | $308.0K |
| Net income attributable to Velocity Financial, Inc. | $105.1M | $68.4M | $52.3M | $32.2M |
| Less undistributed earnings attributable to unvested restricted stock awards | $1.3M | $834.0K | $753.0K | $491.0K |
| Net earnings attributable to common stockholders | $103.7M | $67.6M | $51.5M | $31.7M |
| Basic | $2.81 | $2.07 | $1.60 | $0.99 |
| Diluted | $2.75 | $1.91 | $1.52 | $0.94 |
| Basic | 36.9M | 32.7M | 32.2M | 31.9M |
| Diluted | 38.2M | 35.8M | 34.5M | 34.1M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $161.0M | $153.1M | $144.1M | $135.6M |
| Interest expense — portfolio related | $97.6M | $94.0M | $88.9M | $81.8M |
| Net interest income — portfolio related | $63.4M | $59.1M | $55.2M | $53.7M |
| Interest expense — corporate debt | $14.5M | $15.1M | $6.1M | $6.1M |
| Net interest income | $48.9M | $43.9M | $49.1M | $47.6M |
| Provision for credit losses | $980.0K | $1.7M | $381.0K | $1.6M |
| Net interest income after provision for credit losses | $47.9M | $42.3M | $48.7M | $46.0M |
| Gain on disposition of loans | $4.0M | $2.9M | $4.6M | $6.3M |
| Unrealized gain on fair value loans | $24.5M | $1.0M | $31.0M | $29.9M |
| Unrealized gain (loss) on fair value securitized debt | $2.3M | $26.3M | ($10.0M) | ($7.6M) |
| Unrealized gain (loss) on mortgage servicing rights | $1.1M | ($337.0K) | ($343.0K) | $309.0K |
| Origination fee income | $12.2M | $8.0M | $9.7M | $8.9M |
| Interest income on cash balance | $1.3M | $1.4M | $1.6M | $1.5M |
| Other income | $1.7M | $3.7M | $565.0K | $489.0K |
| Total other operating income | $47.1M | $43.0M | $37.1M | $39.8M |
| Compensation and employee benefits | $25.5M | $23.5M | $23.3M | $22.6M |
| Origination expenses | $1.4M | $1.2M | $1.2M | $1.2M |
| Securitization expenses | $4.7M | $5.3M | $6.4M | $11.5M |
| Loan servicing | $15.7M | $8.6M | $7.7M | $8.2M |
| Professional fees | $2.2M | $5.8M | $893.0K | $2.0M |
| Rent and occupancy | $352.0K | $340.0K | $274.0K | $298.0K |
| Real estate owned, net | $6.7M | $6.9M | $7.9M | $3.3M |
| Other operating expenses | $3.2M | $2.8M | $2.7M | $2.8M |
| Total operating expenses | $59.8M | $54.3M | $50.4M | $51.9M |
| Income before income taxes | $35.2M | $30.9M | $35.4M | $33.9M |
| Income tax expense | $9.5M | $8.6M | $10.0M | $7.8M |
| Net income | $25.7M | $22.3M | $25.4M | $26.2M |
| Net income (loss) attributable to noncontrolling interest | $571.0K | ($64.0K) | $39.0K | $173.0K |
| Net income attributable to Velocity Financial, Inc. | $25.2M | $22.4M | $25.4M | $26.0M |
| Less undistributed earnings attributable to unvested restricted stock awards | $341.0K | $312.0K | $352.0K | $286.0K |
| Net earnings attributable to common stockholders | $24.8M | $22.1M | $25.0M | $25.7M |
| Basic | $0.64 | $0.57 | $0.66 | $0.69 |
| Diluted | $0.64 | $0.57 | $0.65 | $0.69 |
| Basic | 38.7M | 38.6M | 38.1M | 37.2M |
| Diluted | 39.3M | 39.2M | 38.8M | 37.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $92.1M | $49.9M | $40.6M | $45.2M |
| Restricted cash | $157.1M | $20.9M | $21.4M | $16.8M |
| Loans held for investment, at amortized cost | $2.0B | $2.4B | — | — |
| Loans held for investment, at fair value | $4.7B | $2.8B | $1.3B | $276.1M |
| Total loans, net | $6.8B | $5.2B | $4.2B | $3.5B |
| Accrued interest receivables | $49.7M | $35.2M | $27.0M | $20.5M |
| Receivables due from servicers | $150.9M | $123.5M | $85.1M | $65.6M |
| Other receivables | $1.9M | $1.4M | $8.8M | $1.1M |
| Real estate owned, net | $118.3M | $68.0M | $44.3M | $13.3M |
| Property and equipment, net | $1.4M | $1.6M | $2.8M | $3.4M |
| Deferred tax asset | $22.7M | $13.6M | $2.3M | $5.0M |
| Mortgage servicing rights, at fair value | $13.0M | $13.7M | $8.6M | $9.2M |
| Derivative Asset | $66.0K | — | — | — |
| Goodwill | $6.8M | $6.8M | $6.8M | $6.8M |
| Other assets | $9.5M | $5.7M | $5.2M | $13.5M |
| Total assets | $7.4B | $5.5B | $4.4B | $3.7B |
| Accounts payable and accrued expenses | $168.3M | $147.8M | $122.0M | $91.5M |
| Secured financing, net | $286.7M | $284.8M | $211.1M | $209.8M |
| Securitized debt, at amortized cost | $1.7B | $2.0B | — | — |
| Securitized debt, at fair value | $4.2B | $2.2B | $877.4M | — |
| Warehouse and repurchase facilities, net | $308.5M | $348.1M | $334.8M | $330.8M |
| Total liabilities | $6.7B | $5.0B | $4.0B | $3.4B |
| 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) | 398.0K | 339.0K | 331.0K | 326.0K |
| Additional paid-in capital | $382.6M | $323.0M | $306.7M | $300.3M |
| Retained earnings | $302.4M | $197.3M | $128.9M | $76.6M |
| Treasury stock, at cost (608,340 and 215,562 common shares as of December 31, 2025 and 2024 respectively) | -10.2M | -2.9M | -1.3M | -458.0K |
| Accumulated other comprehensive loss | ($2.6M) | ($805.0K) | ($1.2M) | — |
| Total Velocity Financial Inc. stockholders' equity | $672.5M | $516.9M | $433.4M | $376.8M |
| Noncontrolling interest in subsidiary | $3.2M | $3.3M | $3.4M | $3.7M |
| Total equity | $675.7M | $520.2M | $436.9M | $380.5M |
| Total liabilities and equity | $7.4B | $5.5B | $4.4B | $3.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $76.1M | $87.1M | $99.0M | $79.6M |
| Restricted cash | $169.1M | $25.0M | $18.8M | $17.6M |
| Loans held for investment, at amortized cost (net of allowance for credit losses of $5,102 and $4,521 as of June 30, 2026 and December 31, 2025, respectively) | $1.8B | $2.0B | $2.1B | $2.2B |
| Loans held for investment, at fair value | $5.5B | $5.2B | $4.4B | $3.8B |
| Total loans, net | $7.3B | $7.1B | $6.5B | $6.1B |
| Retained securities, at fair value | $29.9M | — | — | — |
| Accrued interest receivables | $53.1M | $51.3M | $46.6M | $42.1M |
| Receivables due from servicers | $152.2M | $142.4M | $131.8M | $142.2M |
| Other receivables | $6.0M | $2.7M | $2.8M | $2.0M |
| Real estate owned, net | $142.1M | $131.8M | $113.7M | $93.4M |
| Property and equipment, net | $1.3M | $1.3M | $1.5M | $1.5M |
| Deferred tax asset, net | $19.9M | $18.5M | $16.6M | $12.5M |
| Mortgage servicing rights, at fair value | $14.3M | $12.6M | $12.6M | $12.9M |
| Derivative assets | $118.0K | $464.0K | $18.0K | — |
| Goodwill | $6.8M | $6.8M | $6.8M | $6.8M |
| Other assets | $8.7M | $6.0M | $7.5M | $12.0M |
| Total assets | $8.0B | $7.6B | $7.0B | $6.5B |
| Accounts payable and accrued expenses | $186.0M | $173.1M | $170.6M | $164.9M |
| Secured financing, net | $73.4M | $73.3M | $286.2M | $285.8M |
| Unsecured senior notes, net | $486.2M | $485.4M | — | — |
| Securitized debt, at amortized cost | $1.6B | $1.6B | $1.8B | $1.9B |
| Securitized debt, at fair value | $4.6B | $4.4B | $3.7B | $3.2B |
| Warehouse and repurchase facilities, net | $311.7M | $98.0M | $332.4M | $331.1M |
| Total liabilities | $7.2B | $6.9B | $6.3B | $5.9B |
| Common stock ($0.01 par value, 100,000,000 shares authorized; 40,279,046 and 39,573,657 shares issued, 39,293,655 and 38,965,317 shares outstanding as of June 30, 2026 and December 31, 2025, respectively) | 405.0K | 403.0K | 396.0K | 390.0K |
| Additional paid-in capital | $391.0M | $385.3M | $379.4M | $368.5M |
| Retained earnings | $349.9M | $324.7M | $267.6M | $242.2M |
| Treasury stock, at cost (985,391 and 608,340 common shares as of June 30, 2026 and December 31, 2025, respectively) | -17.5M | -14.7M | -10.2M | -10.0M |
| Accumulated other comprehensive loss | ($2.3M) | ($2.3M) | ($2.9M) | ($3.2M) |
| Total Velocity Financial Inc. stockholders' equity | $721.5M | $693.3M | $634.3M | $597.9M |
| Noncontrolling interest in subsidiary | $3.6M | $3.1M | $3.2M | $3.2M |
| Total equity | $725.2M | $696.4M | $637.5M | $601.1M |
| Total liabilities and equity | $8.0B | $7.6B | $7.0B | $6.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $105.0M | $68.5M | $52.3M | $32.5M |
| Depreciation and amortization | $516.0K | $793.0K | $752.0K | $796.0K |
| Amortization of right-of-use assets | $1.5M | $1.2M | $1.5M | $1.3M |
| Provision for credit losses | $5.8M | $1.2M | $1.9M | $1.2M |
| Origination of loans held for sale | ($49.7M) | ($23.6M) | ($38.0M) | ($31.3M) |
| Proceeds from sales of loans held for sale | $50.9M | $24.0M | $25.8M | $32.2M |
| Net accretion of discount on purchased loans and deferred loan origination costs | $3.8M | $4.4M | $4.8M | $7.0M |
| Provision for (reversal of) uncollectible corporate and escrow advances receivable | ($158.0K) | $554.0K | $721.0K | ($175.0K) |
| Gain on disposition of loans | ($20.6M) | ($1.2M) | ($826.0K) | ($3.7M) |
| Real estate acquired through foreclosure in excess of recorded investment | ($15.7M) | ($8.7M) | ($7.4M) | ($3.4M) |
| Amortization of debt issuance discount and costs | $10.1M | $12.2M | $18.6M | $28.3M |
| Change in valuation of real estate owned | $17.5M | $6.1M | $3.9M | $364.0K |
| Change in valuation of fair value loans | ($116.9M) | ($55.9M) | ($47.9M) | ($8.3M) |
| Change in valuation of mortgage servicing rights | $998.0K | ($375.0K) | $660.0K | ($2.1M) |
| Change in valuation of fair value securitized debt | $30.5M | ($2.6M) | $9.0M | — |
| Hedging activities | ($2.9M) | $1.1M | — | — |
| Gain on sale of real estate owned | ($1.4M) | ($4.3M) | ($568.0K) | ($2.9M) |
| Stock-based compensation | $8.3M | $6.2M | $4.1M | $3.3M |
| Deferred tax (benefit) expense | ($8.1M) | ($11.4M) | $2.7M | $11.6M |
| Accrued interest and other receivables | ($17.2M) | ($6.4M) | ($13.4M) | ($7.4M) |
| Other assets | ($3.6M) | ($284.0K) | $8.4M | ($8.0M) |
| Accounts payable and accrued expenses | $19.6M | $26.3M | $21.7M | ($2.6M) |
| Net cash provided by operating activities | $18.2M | $37.8M | $48.8M | $48.7M |
| Origination of loans held for investment | ($2.7B) | ($1.8B) | ($1.1B) | ($1.7B) |
| Proceeds from sales of loans originally classified as held for investment | $128.9M | $50.2M | $21.5M | $292.5M |
| Payments of loans held for investment | $963.8M | $723.0M | $459.7M | $541.7M |
| Proceeds from sale of real estate owned | $55.6M | $33.0M | $21.7M | $22.5M |
| Capitalized improvement on real estate owned | ($1.3M) | — | — | — |
| Change in corporate and escrow advances receivable | ($1.6M) | ($10.5M) | ($3.0M) | ($5.4M) |
| Change in impounds and deposits | ($1.2M) | ($2.1M) | $9.2M | $910.0K |
| Purchase of property and equipment | ($281.0K) | ($289.0K) | ($180.0K) | ($326.0K) |
| Net cash used in investing activities | ($1.5B) | ($1.0B) | ($584.7M) | ($908.2M) |
| Warehouse repurchase facilities advances | $2.6B | $1.9B | $1.2B | $1.7B |
| Warehouse repurchase facilities repayments | ($2.7B) | ($1.9B) | ($1.2B) | ($1.7B) |
| Proceeds of securitized debt | $2.7B | $1.6B | $975.1M | $1.4B |
| Repayment of securitized debt | ($971.7M) | ($666.3M) | ($438.8M) | ($543.6M) |
| Purchase of treasury stock | ($7.3M) | — | ($861.0K) | ($458.0K) |
| Debt issuance costs | ($1.6M) | ($3.9M) | ($3.1M) | ($25.6M) |
| Proceeds from issuance of common stock related to warrants exercised | $10.9M | — | — | — |
| Proceeds from issuance of common stocks, net | $41.0M | $10.1M | $2.3M | $607.0K |
| Deferred stock issuance costs | ($392.0K) | ($186.0K) | — | — |
| Distribution to non-controlling interest | ($47.0K) | ($205.0K) | ($280.0K) | — |
| Net cash provided by financing activities | $1.7B | $1.0B | $535.8M | $874.0M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $178.4M | $8.9M | ($129.0K) | $14.5M |
| Cash, cash equivalents, and restricted cash at beginning of year | $70.8M | $61.9M | $62.1M | $47.6M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $48.0M | $22.3M | $70.2M | $44.8M |
| Depreciation and amortization | $264.0K | $133.0K | $393.0K | $270.0K |
| Amortization of right-of-use assets | $393.0K | $187.0K | $875.0K | $675.0K |
| Provision for credit losses | $2.6M | $1.7M | $3.9M | $3.5M |
| Origination of loans held for sale | ($88.5M) | ($2.2M) | ($47.9M) | ($45.8M) |
| Proceeds from sales of loans held for sale | $86.9M | $2.3M | $47.0M | $47.0M |
| Net accretion of discount on purchased loans and deferred loan origination costs | $1.6M | $809.0K | — | — |
| (Reversal of) provision for uncollectible corporate and escrow advances receivable | ($209.0K) | ($84.0K) | $711.0K | $587.0K |
| Loss (gain) on disposition of loans | $278.0K | ($64.0K) | ($1.1M) | ($1.1M) |
| Real estate acquired through foreclosure in excess of recorded investment | ($7.1M) | ($2.8M) | ($12.5M) | ($8.0M) |
| Amortization of debt issuance discount and costs | $6.9M | $4.0M | $7.7M | $5.3M |
| Change in valuation of real estate owned | $6.9M | $3.2M | $10.5M | $4.2M |
| Change in valuation of fair value loans | ($25.5M) | ($1.0M) | ($95.7M) | ($64.7M) |
| Change in valuation of mortgage servicing rights | ($789.0K) | $337.0K | $1.6M | $1.2M |
| Change in valuation of fair value securitized debt | ($28.6M) | ($26.3M) | $31.3M | $21.3M |
| Hedging activities | $728.0K | $134.0K | ($3.6M) | ($3.4M) |
| Gain on sale of real estate owned | ($505.0K) | $129.0K | ($1.2M) | ($1.1M) |
| Stock-based compensation | $5.8M | $2.7M | $6.2M | $4.0M |
| Deferred tax expense | $2.5M | $4.1M | ($2.2M) | $2.1M |
| Accrued interest and other receivables | ($8.7M) | ($3.1M) | ($14.0M) | ($8.2M) |
| Other assets | $1.2M | $3.6M | ($2.0M) | ($6.2M) |
| Accounts payable and accrued expenses | $11.7M | $2.1M | $19.8M | $12.8M |
| Net cash provided by operating activities | $15.8M | $12.1M | $22.6M | $11.2M |
| Purchase of loans held for investment | ($70.0K) | ($70.0K) | — | — |
| Origination of loans held for investment | ($1.2B) | ($637.1M) | ($2.0B) | ($1.3B) |
| Proceeds from sales of loans originally classified as held for investment | $103.2M | — | — | — |
| Payments of loans held for investment | $526.2M | $266.9M | $729.0M | $454.2M |
| Proceeds from sale of real estate owned | $36.5M | $18.5M | $34.4M | $22.5M |
| Capitalized improvement on real estate owned | ($589.0K) | ($298.0K) | — | — |
| Change in corporate and escrow advances receivable | $1.9M | ($1.5M) | ($2.8M) | ($2.3M) |
| Change in impounds and deposits | $5.3M | $2.3M | $1.1M | $3.1M |
| Purchase of property and equipment | ($140.0K) | ($42.0K) | ($224.0K) | ($158.0K) |
| Net cash used in investing activities | ($551.3M) | ($351.4M) | ($1.3B) | ($842.6M) |
| Warehouse repurchase facilities advances | $1.1B | $374.4M | $2.1B | $1.5B |
| Warehouse repurchase facilities repayments | ($1.1B) | ($585.5M) | ($2.1B) | ($1.5B) |
| Proceeds from unsecured financing | $500.0M | $500.0M | — | — |
| Repayment of secured financing | ($215.0M) | ($215.0M) | — | — |
| Proceeds from securitized debt | $912.2M | $513.7M | $2.0B | $1.3B |
| Repayment of securitized debt | ($647.9M) | ($365.9M) | ($736.5M) | ($493.3M) |
| Debt issuance costs | ($15.9M) | ($15.1M) | ($1.2M) | ($1.0M) |
| Proceeds from issuance of common stock | $2.6M | — | $39.9M | $31.1M |
| Purchase of treasury stock | ($7.3M) | ($4.5M) | ($7.3M) | ($7.2M) |
| Distribution to non-controlling interest | ($33.0K) | ($33.0K) | ($47.0K) | ($47.0K) |
| Net cash provided by financing activities | $531.4M | $202.1M | $1.3B | $857.8M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | ($4.0M) | ($137.2M) | $47.0M | $26.4M |
Velocity Financial, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.