Velocity Financial, Inc(NYSE:VEL) 
Velocity Financial, Inc. operates as a real estate finance company in the United States. The company primarily originates and manages investor loans secured by 1-4 unit residential rental and small commercial properties. It offers its products through a network of independent mortgage brokers. The c...
Website: http://www.velocitymortgage.com
Founded: 2004
Full Time Employees: 262
CEO: Christopher D. Farrar
Sector: Financial Services
Industry: Mortgage Finance
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Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
interest income | 153,080,000 | 152,403,000 | 144,119,000 | 135,567,000 | 118,740,000 | 113,484,000 | 105,070,000 | 97,760,000 | 90,529,000 | 86,269,000 | 79,088,000 | 74,897,000 | 70,521,000 | 65,632,000 | 63,419,000 | 59,243,000 | 52,049,000 | 49,360,000 | 46,923,000 | 44,978,000 | 40,707,000 | 41,556,000 | 41,374,000 | 39,755,000 | 44,637,000 |
interest expense — portfolio related | 94,027,000 | 94,652,000 | 88,899,000 | 81,838,000 | 75,088,000 | 68,484,000 | 63,871,000 | 59,188,000 | 55,675,000 | 51,406,000 | 47,583,000 | 45,451,000 | 42,029,000 | 40,854,000 | 34,561,000 | 28,752,000 | 23,556,000 | 23,666,000 | 20,321,000 | 20,566,000 | 20,832,000 | 21,442,000 | 22,347,000 | 21,189,000 | 22,848,000 |
net interest income — portfolio related | 59,053,000 | 57,751,000 | 55,220,000 | 53,729,000 | 43,652,000 | 45,000,000 | 41,199,000 | 38,572,000 | 34,854,000 | 34,863,000 | 31,505,000 | 29,446,000 | 28,492,000 | 24,778,000 | 28,858,000 | 30,491,000 | 28,493,000 | 25,694,000 | 26,602,000 | 24,412,000 | 19,875,000 | 20,114,000 | 19,027,000 | 18,566,000 | 21,789,000 |
interest expense — corporate debt | 15,133,000 | 6,142,000 | 6,144,000 | 6,143,000 | 6,142,000 | 6,144,000 | 6,143,000 | 6,155,000 | 5,380,000 | 4,139,000 | 4,138,000 | 4,139,000 | 4,139,000 | 4,139,000 | 4,011,000 | 4,182,000 | 17,140,000 | 4,462,000 | 4,488,000 | 4,309,000 | 7,350,000 | 1,900,000 | 1,913,000 | 1,894,000 | 6,342,000 |
net interest income | 43,920,000 | 51,609,000 | 49,076,000 | 47,586,000 | 37,510,000 | 38,856,000 | 35,056,000 | 32,417,000 | 29,474,000 | 30,724,000 | 27,367,000 | 25,307,000 | 24,353,000 | 20,639,000 | 24,847,000 | 26,309,000 | 11,353,000 | 21,232,000 | 22,114,000 | 20,103,000 | 12,525,000 | 18,214,000 | 17,114,000 | 16,672,000 | 15,447,000 |
provision for credit losses | 1,661,000 | 1,872,000 | 218,000 | ||||||||||||||||||||||
net interest income after provision for credit losses | 42,259,000 | 35,638,000 | 32,199,000 | ||||||||||||||||||||||
other operating income | |||||||||||||||||||||||||
gain on disposition of loans | 2,896,000 | 3,216,000 | 4,574,000 | 6,286,000 | 2,834,000 | 2,784,000 | 2,291,000 | 3,168,000 | 1,699,000 | 1,482,000 | 3,606,000 | 1,237,000 | 1,913,000 | 391,000 | 399,000 | 1,776,000 | 4,540,000 | 2,356,000 | 306,000 | 2,391,000 | 2,839,000 | 4,855,000 | -51,000 | 155,000 | 2,618,000 |
unrealized gain on fair value loans | 1,039,000 | 21,129,000 | 30,982,000 | 29,906,000 | 34,836,000 | -15,722,000 | 35,530,000 | 17,123,000 | 18,925,000 | 39,367,000 | -1,284,000 | 2,413,000 | 7,354,000 | 7,796,000 | 453,000 | 6,000 | 11,000 | 11,000 | 20,000 | -2,000 | 31,000 | 379,000 | -13,000 | 45,000 | |
unrealized gain on fair value securitized debt | 26,254,000 | 34,538,000 | -24,995,000 | -4,643,000 | 3,770,750 | 9,692,000 | 5,560,000 | ||||||||||||||||||
unrealized loss on mortgage servicing rights | -337,000 | -278,750 | -343,000 | ||||||||||||||||||||||
origination fee income | 7,970,000 | 6,644,000 | 9,723,000 | 8,936,000 | 8,679,000 | 7,245,000 | 6,704,000 | 5,072,000 | 4,986,000 | ||||||||||||||||
interest income on cash balance | 1,405,000 | 1,448,000 | 1,564,000 | 1,505,000 | 1,339,000 | 1,452,000 | 1,676,000 | 1,731,000 | 1,631,000 | ||||||||||||||||
other income | 3,730,000 | 551,000 | 565,000 | 489,000 | 521,000 | 736,000 | 519,000 | 110,000 | 408,000 | -130,000 | 681,000 | 903,000 | 3,461,000 | 756,000 | 1,657,000 | 1,257,000 | 1,097,000 | 249,000 | 33,000 | 21,000 | -194,000 | 1,021,000 | -1,481,000 | -1,043,000 | |
total other operating income | 42,957,000 | 53,249,000 | 37,077,000 | 39,847,000 | 33,446,000 | 32,330,000 | 20,732,000 | 22,561,000 | 25,775,000 | 21,671,000 | 17,360,000 | 14,037,000 | 12,558,000 | 11,029,000 | 2,509,000 | 3,039,000 | 5,648,000 | 2,616,000 | 339,000 | 2,432,000 | 2,801,000 | 4,692,000 | 1,349,000 | -1,339,000 | 1,620,000 |
operating expenses | |||||||||||||||||||||||||
compensation and employee benefits | 23,520,000 | 22,628,000 | 23,300,000 | 22,605,000 | 21,684,000 | 20,084,000 | 17,586,000 | 16,562,000 | 15,357,000 | 15,144,000 | 12,523,000 | 10,670,000 | 10,008,000 | 11,794,000 | 6,788,000 | 6,553,000 | 5,323,000 | 4,720,000 | 4,738,000 | 4,546,000 | 5,186,000 | 4,136,000 | 5,692,000 | 5,863,000 | 5,041,000 |
origination expenses | 1,163,000 | 1,281,000 | 1,154,000 | 1,193,000 | 838,000 | 815,000 | 867,000 | 749,000 | 646,000 | 171,000 | 273,000 | 123,000 | -334,000 | ||||||||||||
securitization expenses | 5,285,000 | 6,287,000 | 6,433,000 | 11,521,000 | 4,043,000 | 7,104,000 | 3,186,000 | 6,232,000 | 2,874,000 | 2,710,000 | 4,930,000 | 2,699,000 | |||||||||||||
loan servicing | 8,563,000 | 9,448,000 | 7,748,000 | 8,205,000 | 8,008,000 | 6,749,000 | 5,656,000 | 5,160,000 | 4,824,000 | 4,635,000 | 4,901,000 | 4,267,000 | 3,828,000 | 3,243,000 | 3,314,000 | 3,290,000 | 2,450,000 | 2,479,000 | 2,014,000 | 1,922,000 | 1,867,000 | 1,977,000 | 2,168,000 | 1,754,000 | 2,238,000 |
professional fees | 5,781,000 | 1,430,000 | 893,000 | 1,992,000 | 1,783,000 | 1,476,000 | 2,305,000 | 1,718,000 | 2,115,000 | 1,734,000 | 854,000 | 1,056,000 | 955,000 | 1,092,000 | 664,000 | 1,062,000 | 1,362,000 | 1,717,000 | 736,000 | 795,000 | 533,000 | 1,415,000 | 1,051,000 | 588,000 | 1,184,000 |
rent and occupancy | 340,000 | 275,000 | 274,000 | 298,000 | 275,000 | 296,000 | 519,000 | 617,000 | 498,000 | 550,000 | 472,000 | 458,000 | 446,000 | 435,000 | 445,000 | 426,000 | 442,000 | 429,000 | 447,000 | 430,000 | 463,000 | 424,000 | 415,000 | 448,000 | 456,000 |
real estate owned | 6,862,000 | 8,651,000 | 7,931,000 | 3,298,000 | 3,029,000 | 268,000 | 1,951,000 | 1,355,000 | 2,455,000 | 2,068,000 | 1,239,000 | 1,018,000 | 1,829,000 | 551,000 | -195,000 | -251,000 | -175,000 | 416,000 | 1,186,000 | 1,039,000 | 509,000 | 217,000 | 898,000 | 408,000 | 1,134,000 |
other operating expenses | 2,825,000 | 2,855,000 | 2,664,000 | 2,801,000 | 2,530,000 | 2,335,000 | 2,543,000 | 2,494,000 | 2,242,000 | 2,248,000 | 2,142,000 | 1,931,000 | 2,202,000 | 3,298,000 | 1,711,000 | 3,199,000 | 2,848,000 | 2,334,000 | 2,177,000 | 1,918,000 | 2,059,000 | 2,578,000 | 1,641,000 | 1,847,000 | 1,997,000 |
total operating expenses | 54,339,000 | 52,855,000 | 50,397,000 | 51,913,000 | 42,190,000 | 39,127,000 | 34,613,000 | 34,887,000 | 31,011,000 | 29,260,000 | 27,334,000 | 22,222,000 | 21,518,000 | 20,413,000 | 12,727,000 | 14,279,000 | 12,250,000 | 12,095,000 | 11,298,000 | 10,650,000 | 10,617,000 | 10,747,000 | 11,865,000 | 10,908,000 | 12,050,000 |
income before income taxes | 30,877,000 | 50,049,000 | 35,375,000 | 33,922,000 | 26,894,000 | 32,037,000 | 21,244,000 | 19,873,000 | 23,236,000 | 22,308,000 | 17,239,000 | 16,824,000 | 14,757,000 | 11,692,000 | 14,049,000 | 14,790,000 | 4,021,000 | 7,104,000 | 10,927,000 | 12,885,000 | 4,604,000 | 11,753,000 | 5,025,000 | 2,625,000 | 3,727,000 |
income tax expense | 8,578,000 | 6,490,250 | 9,963,000 | 11,232,000 | 5,627,000 | 5,162,000 | 5,903,000 | 5,141,000 | 5,070,000 | 4,602,000 | 4,021,000 | 3,465,000 | 3,759,000 | 4,019,000 | 790,000 | 3,024,000 | 2,905,000 | 3,432,000 | 1,208,000 | 2,177,000 | 1,544,000 | 484,000 | 1,148,000 | ||
federal | 6,494,000 | 11,475,000 | 7,603,000 | 5,928,000 | 5,850,000 | ||||||||||||||||||||
state | 2,084,000 | 3,821,000 | 2,360,000 | 1,824,000 | 2,396,000 | ||||||||||||||||||||
net income | 22,299,000 | 34,753,000 | 25,412,000 | 26,170,000 | 18,648,000 | 20,805,000 | 15,617,000 | 14,711,000 | 17,333,000 | 17,167,000 | 12,169,000 | 12,222,000 | 10,736,000 | 8,227,000 | 10,290,000 | 10,771,000 | 3,231,000 | 5,217,750 | 8,022,000 | 9,453,000 | 3,396,000 | 9,576,000 | 3,481,000 | 2,141,000 | 2,579,000 |
yoy | 19.58% | 67.04% | 62.72% | 77.89% | 7.59% | 21.19% | 28.33% | 20.36% | 61.45% | 108.67% | 18.26% | 13.47% | 232.28% | 57.67% | 28.27% | 13.94% | -4.86% | -45.51% | 130.45% | 341.52% | 31.68% | ||||
qoq | -35.84% | 36.76% | -2.90% | 40.34% | -10.37% | 33.22% | 6.16% | -15.13% | 0.97% | 41.07% | -0.43% | 13.84% | 30.50% | -20.05% | -4.47% | 233.36% | -38.08% | -34.96% | -15.14% | 178.36% | -64.54% | 175.09% | 62.59% | -16.98% | |
net loss attributable to noncontrolling interest | -64,000 | ||||||||||||||||||||||||
net income attributable to velocity financial, inc. | 22,363,000 | 34,797,000 | 25,373,000 | 25,997,000 | 18,887,000 | 20,587,000 | 15,803,000 | 14,778,000 | 17,251,000 | 17,355,000 | 12,086,000 | 12,183,000 | 10,649,000 | 8,462,000 | 9,983,000 | 10,645,000 | 3,121,000 | ||||||||
less undistributed earnings attributable to unvested restricted stock awards | 312,000 | 477,000 | 352,000 | 286,000 | 233,000 | 254,000 | 191,000 | 182,000 | 217,000 | 132,500 | 183,000 | 185,000 | |||||||||||||
net earnings attributable to common stockholders | 22,051,000 | 17,346,500 | 25,021,000 | 25,711,000 | 18,654,000 | 11,813,000 | 15,612,000 | 14,596,000 | 17,034,000 | 8,597,000 | 11,903,000 | 11,998,000 | 10,489,000 | 5,846,750 | 9,831,000 | 10,481,000 | 3,073,000 | 3,246,750 | 4,992,000 | 5,882,000 | 2,115,000 | ||||
earnings per common share | |||||||||||||||||||||||||
basic | 570 | 900 | 660 | 690 | 550 | 620 | 480 | 450 | 520 | 530 | 370 | 370 | 330 | 260 | 310 | 330 | 100 | 250 | 250 | 290 | 110 | -507.5 | 170 | ||
diluted | 570 | 890 | 650 | 690 | 510 | 570 | 440 | 420 | 490 | 500 | 350 | 360 | 310 | 240 | 290 | 310 | 90 | 240 | 230 | 280 | 100 | -507.5 | 110 | ||
weighted-average common shares outstanding | |||||||||||||||||||||||||
basic | 38,626,000 | 36,850,000 | 38,073,000 | 37,194,000 | 33,687,000 | 32,653,000 | 32,711,000 | 32,585,000 | 32,541,000 | 32,206,000 | 32,275,000 | 32,122,000 | 32,098,000 | 31,913,000 | 31,922,000 | 31,917,000 | 31,892,000 | 22,813,000 | 20,090,000 | 20,087,000 | 20,087,000 | 20,087,000 | 20,087,000 | 20,087,000 | |
diluted | 39,174,000 | 38,178,000 | 38,800,000 | 37,790,000 | 36,811,000 | 35,760,000 | 35,895,000 | 35,600,000 | 35,439,000 | 34,484,000 | 34,731,000 | 34,140,000 | 34,052,000 | 34,131,000 | 34,199,000 | 34,057,000 | 34,204,000 | 33,982,000 | 34,212,000 | 33,960,000 | 33,407,000 | 20,087,000 | 32,435,000 | 20,087,000 | |
provision for (reversal of) credit losses | 962,750 | 381,000 | 287,750 | -69,000 | |||||||||||||||||||||
net interest income after provision for (reversal of) credit losses | 32,580,250 | 48,695,000 | 23,949,250 | 35,125,000 | |||||||||||||||||||||
unrealized loss on fair value securitized debt | -7,813,500 | -9,988,000 | -7,584,000 | -13,682,000 | -2,318,000 | ||||||||||||||||||||
net income attributable to noncontrolling interest | -44,000 | 39,000 | 173,000 | -239,000 | 218,000 | -186,000 | -67,000 | 82,000 | -188,000 | 83,000 | 39,000 | 87,000 | -235,000 | 307,000 | 126,000 | 110,000 | |||||||||
benefit from credit losses | 1,598,000 | ||||||||||||||||||||||||
net interest income after benefit from credit losses | 45,988,000 | ||||||||||||||||||||||||
unrealized gain on mortgage servicing rights | 309,000 | -1,081,000 | 1,297,000 | -993,000 | 444,000 | ||||||||||||||||||||
total income tax expense | 7,752,000 | 8,246,000 | |||||||||||||||||||||||
benefit from loan losses | 1,002,000 | 298,000 | |||||||||||||||||||||||
net interest income after benefit from loan losses | 28,472,000 | 25,009,000 | |||||||||||||||||||||||
provision for loan losses | 272,000 | 154,000 | 636,000 | 730,000 | 105,000 | 406,000 | 1,573,000 | 1,800,000 | 1,290,000 | ||||||||||||||||
net interest income after provision for loan losses | 29,897,000 | 27,213,000 | 23,717,000 | 10,623,000 | 12,420,000 | 17,808,000 | 15,541,000 | 14,872,000 | 14,157,000 | ||||||||||||||||
origination income | 2,117,250 | 3,323,000 | 2,735,000 | ||||||||||||||||||||||
bank interest income | 869,500 | 1,342,000 | 1,189,000 | ||||||||||||||||||||||
unrealized loss on fair value securitizations | -170,000 | ||||||||||||||||||||||||
securitizations expenses | 2,584,000 | ||||||||||||||||||||||||
less undistributed earnings attributable to participating securities | 160,000 | 129,000 | 152,000 | 164,000 | 48,000 | 705,000 | 3,030,000 | 3,571,000 | 1,281,000 | ||||||||||||||||
provision for (reversal of) loan losses | -437,000 | 580,000 | 279,000 | ||||||||||||||||||||||
net interest income after provision for (reversal of) loan losses | 15,230,000 | 24,267,000 | 26,030,000 | ||||||||||||||||||||||
benefit from (reversal of) loan losses | -167,000 | 228,000 | |||||||||||||||||||||||
net interest income after benefit from (reversal of) loan losses | 13,852,250 | 21,886,000 | |||||||||||||||||||||||
less deemed dividends on preferred stock | 48,955,000 | ||||||||||||||||||||||||
(reversal of) provision for loan losses | -1,000,000 | ||||||||||||||||||||||||
net interest income after (reversal of) provision for loan losses | 21,103,000 | ||||||||||||||||||||||||
other expense | -36,000 | ||||||||||||||||||||||||
net income allocated to common shareholders | -10,188,500 | 3,481,000 | |||||||||||||||||||||||
net loss allocated to common shareholders | -46,814,000 | ||||||||||||||||||||||||
loss per common share | |||||||||||||||||||||||||
basic | -2,330 | ||||||||||||||||||||||||
diluted | -2,330 | ||||||||||||||||||||||||
weighted-average common share outstanding | |||||||||||||||||||||||||
basic | 38,626,000 | 36,850,000 | 38,073,000 | 37,194,000 | 33,687,000 | 32,653,000 | 32,711,000 | 32,585,000 | 32,541,000 | 32,206,000 | 32,275,000 | 32,122,000 | 32,098,000 | 31,913,000 | 31,922,000 | 31,917,000 | 31,892,000 | 22,813,000 | 20,090,000 | 20,087,000 | 20,087,000 | 20,087,000 | 20,087,000 | 20,087,000 | |
diluted | 39,174,000 | 38,178,000 | 38,800,000 | 37,790,000 | 36,811,000 | 35,760,000 | 35,895,000 | 35,600,000 | 35,439,000 | 34,484,000 | 34,731,000 | 34,140,000 | 34,052,000 | 34,131,000 | 34,199,000 | 34,057,000 | 34,204,000 | 33,982,000 | 34,212,000 | 33,960,000 | 33,407,000 | 20,087,000 | 32,435,000 | 20,087,000 | |
earnings per share | |||||||||||||||||||||||||
basic | 0.13 | ||||||||||||||||||||||||
diluted | 0.13 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||
cash and cash equivalents | 87,054,000 | 98,964,000 | 79,559,000 | 51,676,000 | 49,901,000 | 44,094,000 | 47,366,000 | 34,829,000 | 40,566,000 | 29,393,000 | 33,987,000 | 39,397,000 | 45,248,000 | 26,372,000 | 46,250,000 | 36,629,000 | 35,965,000 | 35,497,000 | 27,741,000 | 20,434,000 | 13,273,000 | 19,210,000 | 9,803,000 | 7,649,000 | 21,465,000 |
restricted cash | 24,996,000 | 18,846,000 | 17,630,000 | 22,785,000 | 20,929,000 | 23,167,000 | 32,293,000 | 24,216,000 | 21,361,000 | 17,703,000 | 16,786,000 | 16,636,000 | 16,808,000 | 14,533,000 | 9,217,000 | 10,837,000 | 11,639,000 | 9,586,000 | 7,921,000 | 6,808,000 | 7,020,000 | 7,821,000 | 6,735,000 | 4,483,000 | 6,087,000 |
loans held for investment, at amortized cost | 1,951,030,000 | 2,127,170,000 | 2,226,720,000 | 2,322,009,000 | 2,420,116,000 | 2,526,320,000 | |||||||||||||||||||
loans held for investment, at fair value | 5,154,508,000 | 4,371,317,000 | 3,826,505,000 | 3,287,188,000 | 2,766,951,000 | 2,354,718,000 | 1,971,683,000 | 1,649,540,000 | 1,306,072,000 | 951,990,000 | 705,330,000 | 450,732,000 | 276,095,000 | 926,000 | 1,351,000 | 1,352,000 | 1,359,000 | 1,360,000 | 1,370,000 | 1,364,000 | 3,327,000 | 2,956,000 | 2,987,000 | 2,960,000 | |
total loans | 7,105,538,000 | 6,501,077,000 | 6,053,225,000 | 5,614,205,000 | 5,187,067,000 | 4,900,269,000 | 4,591,302,000 | 4,377,058,000 | 4,151,785,000 | 3,917,366,000 | 3,763,270,000 | 3,638,093,000 | 3,548,485,000 | 3,463,058,000 | 3,120,150,000 | 2,907,157,000 | 2,616,831,000 | 2,297,057,000 | 2,093,039,000 | 2,009,869,000 | 1,962,734,000 | 2,004,413,000 | 2,077,119,000 | 2,148,595,000 | 2,080,787,000 |
accrued interest receivables | 51,259,000 | 46,553,000 | 42,108,000 | 38,460,000 | 35,235,000 | 32,944,000 | 31,124,000 | 29,374,000 | 27,028,000 | 24,756,000 | 22,602,000 | 20,931,000 | 20,463,000 | 18,333,000 | 15,820,000 | 14,169,000 | 13,159,000 | 11,974,000 | 11,094,000 | 11,169,000 | 11,373,000 | 13,134,000 | 17,793,000 | 14,470,000 | 13,295,000 |
receivables due from servicers | 142,354,000 | 131,761,000 | 142,231,000 | 120,016,000 | 123,494,000 | 93,681,000 | 82,359,000 | 87,523,000 | 85,077,000 | 70,139,000 | 63,896,000 | 64,133,000 | 65,644,000 | 66,992,000 | 75,688,000 | 78,278,000 | 74,330,000 | 57,058,000 | 73,517,000 | 77,731,000 | 71,044,000 | 44,466,000 | 36,028,000 | 37,884,000 | 49,659,000 |
other receivables | 2,690,000 | 2,755,000 | 2,006,000 | 3,599,000 | 1,359,000 | 4,265,000 | 6,566,000 | 2,113,000 | 8,763,000 | 236,000 | 1,306,000 | 2,188,000 | 1,075,000 | 1,962,000 | 1,320,000 | 4,527,000 | 1,812,000 | 870,000 | 10,169,000 | 3,879,000 | 4,085,000 | 402,000 | 4,609,000 | 2,516,000 | 4,778,000 |
real estate owned | 131,849,000 | 113,700,000 | 93,387,000 | 83,444,000 | 68,000,000 | 62,361,000 | 50,757,000 | 46,280,000 | 44,268,000 | 29,299,000 | 20,388,000 | 21,778,000 | 13,325,000 | 13,188,000 | 19,218,000 | 16,177,000 | 17,557,000 | 17,905,000 | 20,046,000 | 14,487,000 | 15,767,000 | 14,653,000 | 15,648,000 | 16,164,000 | 13,068,000 |
property and equipment | 1,324,000 | 1,481,000 | 1,539,000 | 1,592,000 | 1,650,000 | 1,693,000 | 1,912,000 | 2,013,000 | 2,785,000 | 2,861,000 | 3,023,000 | 3,209,000 | 3,356,000 | 3,495,000 | 3,632,000 | 3,690,000 | 3,830,000 | 3,348,000 | 3,625,000 | 3,891,000 | 4,145,000 | 4,446,000 | 4,718,000 | 4,964,000 | 4,680,000 |
deferred tax asset | 18,462,000 | 16,625,000 | 12,488,000 | 11,051,000 | 13,612,000 | 14,501,000 | 1,144,000 | 1,580,000 | 2,339,000 | 705,000 | 1,878,000 | 2,543,000 | 5,033,000 | 4,337,000 | 15,195,000 | 16,477,000 | 16,604,000 | 6,654,000 | |||||||
mortgage servicing rights, at fair value | 12,645,000 | 12,597,000 | 12,940,000 | 12,631,000 | 13,712,000 | 12,416,000 | 12,229,000 | 9,022,000 | 8,578,000 | 9,786,000 | 9,445,000 | 9,143,000 | 9,238,000 | 9,868,000 | 8,438,000 | 7,661,000 | 7,152,000 | ||||||||
derivative assets | 464,000 | 18,000 | 1,967,000 | 1,261,000 | |||||||||||||||||||||
goodwill | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | 6,775,000 | ||||||||
other assets | 6,033,000 | 7,531,000 | 11,992,000 | 5,296,000 | 5,674,000 | 6,308,000 | 9,566,000 | 5,468,000 | 5,248,000 | 7,028,000 | 7,789,000 | 12,268,000 | 13,525,000 | 18,453,000 | 11,036,000 | 7,345,000 | 6,824,000 | 6,843,000 | 7,257,000 | 7,325,000 | 6,779,000 | 16,489,000 | 9,042,000 | 10,518,000 | 12,667,000 |
total assets | 7,591,443,000 | 6,958,683,000 | 6,475,880,000 | 5,971,530,000 | 5,527,408,000 | 5,202,474,000 | 4,873,393,000 | 4,628,218,000 | 4,404,573,000 | 4,117,308,000 | 3,951,145,000 | 3,837,094,000 | 3,748,975,000 | 3,647,366,000 | 3,332,739,000 | 3,109,722,000 | 2,812,478,000 | 2,457,164,000 | 2,267,605,000 | 2,164,839,000 | 2,102,874,000 | 2,126,866,000 | 2,187,051,000 | 2,257,354,000 | 2,214,766,000 |
liabilities | |||||||||||||||||||||||||
accounts payable and accrued expenses | 173,076,000 | 170,584,000 | 164,935,000 | 153,475,000 | 147,814,000 | 140,534,000 | 138,033,000 | 123,988,000 | 121,969,000 | 97,869,000 | 95,344,000 | 84,976,000 | 91,525,000 | 75,150,000 | 78,384,000 | 92,768,000 | 92,195,000 | 79,360,000 | 70,049,000 | 65,003,000 | 63,361,000 | 61,859,000 | 55,938,000 | 58,591,000 | 56,146,000 |
secured financing | 73,274,000 | 286,218,000 | 285,756,000 | 285,294,000 | 284,833,000 | 284,371,000 | 283,909,000 | 283,813,000 | 211,083,000 | 210,774,000 | 210,464,000 | 210,155,000 | 209,846,000 | 209,537,000 | 209,227,000 | 208,956,000 | 162,845,000 | 163,449,000 | 164,053,000 | 129,666,000 | 74,982,000 | 74,776,000 | 74,571,000 | 74,364,000 | 145,599,000 |
unsecured senior notes | 485,445,000 | ||||||||||||||||||||||||
securitized debt, at amortized cost | 1,638,995,000 | 1,783,150,000 | 1,859,750,000 | 1,935,746,000 | 2,019,056,000 | 2,105,099,000 | |||||||||||||||||||
securitized debt, at fair value | 4,426,240,000 | 3,748,889,000 | 3,232,769,000 | 2,459,767,000 | 2,207,408,000 | 1,749,268,000 | 1,509,952,000 | 1,073,843,000 | 877,417,000 | 669,139,000 | 381,799,000 | ||||||||||||||
warehouse and repurchase facilities | 98,009,000 | 332,386,000 | 331,057,000 | 570,025,000 | 348,082,000 | 434,027,000 | 237,437,000 | 360,216,000 | 334,755,000 | 215,176,000 | 235,749,000 | 298,313,000 | 330,814,000 | 340,050,000 | 208,390,000 | 424,692,000 | 301,069,000 | 258,491,000 | 151,872,000 | 203,314,000 | 19,541,000 | ||||
total liabilities | 6,895,039,000 | 6,321,227,000 | 5,874,827,000 | 5,405,311,000 | 5,007,193,000 | 4,714,785,000 | 4,398,646,000 | 4,171,766,000 | 3,967,700,000 | 3,697,292,000 | 3,545,903,000 | 3,445,854,000 | 3,368,475,000 | 3,276,632,000 | 2,973,227,000 | 2,761,790,000 | 2,467,988,000 | 2,124,974,000 | 1,944,137,000 | 1,851,369,000 | 1,793,285,000 | 1,827,106,000 | 1,891,024,000 | 2,006,924,000 | 2,061,922,000 |
commitments and contingencies | |||||||||||||||||||||||||
equity | |||||||||||||||||||||||||
common stock | 403,000 | 396,000 | 390,000 | 359,000 | 339,000 | 335,000 | 335,000 | 334,000 | 331,000 | 330,000 | 329,000 | 328,000 | 326,000 | 325,000 | 325,000 | 325,000 | 323,000 | 206,000 | 206,000 | 206,000 | 201,000 | 201,000 | 201,000 | ||
additional paid-in capital | 385,254,000 | 379,401,000 | 368,527,000 | 353,446,000 | 322,954,000 | 313,087,000 | 311,324,000 | 308,259,000 | 306,736,000 | 304,906,000 | 303,207,000 | 301,308,000 | 300,310,000 | 298,772,000 | 297,840,000 | 297,031,000 | 296,364,000 | 205,915,000 | 205,215,000 | 204,670,000 | 203,937,000 | 203,685,000 | 247,746,000 | ||
retained earnings | 324,742,000 | 267,582,000 | 242,209,000 | 216,212,000 | 197,325,000 | 176,738,000 | 160,935,000 | 146,157,000 | 128,906,000 | 111,551,000 | 99,465,000 | 87,282,000 | 76,633,000 | 68,171,000 | 58,188,000 | 47,543,000 | 44,422,000 | 36,069,000 | 28,047,000 | 18,594,000 | 5,622,000 | 2,141,000 | 2,483,000 | ||
treasury stock | -14,741,000 | -10,203,000 | -10,024,000 | -5,031,000 | -2,869,000 | -2,869,000 | -2,869,000 | -2,603,000 | -1,319,000 | -1,294,000 | -1,294,000 | -1,294,000 | -458,000 | -458,000 | -458,000 | -458,000 | |||||||||
accumulated other comprehensive loss | -2,310,000 | -2,917,000 | -3,207,000 | -1,799,000 | -805,000 | -2,655,000 | -1,210,000 | ||||||||||||||||||
total velocity financial, inc. stockholders' equity | 693,348,000 | 634,259,000 | 597,895,000 | 563,187,000 | 484,636,000 | 471,323,000 | 452,941,000 | 416,398,000 | 401,707,000 | 387,624,000 | |||||||||||||||
noncontrolling interest in subsidiary | 3,056,000 | 3,197,000 | 3,158,000 | 3,032,000 | 3,271,000 | 3,053,000 | 3,424,000 | 3,511,000 | 3,429,000 | 3,618,000 | 3,535,000 | 3,616,000 | 3,689,000 | 3,924,000 | 3,617,000 | 3,491,000 | 3,381,000 | ||||||||
total equity | 696,404,000 | 637,456,000 | 601,053,000 | 566,219,000 | 520,215,000 | 487,689,000 | 474,747,000 | 456,452,000 | 436,873,000 | 420,016,000 | 405,242,000 | 391,240,000 | 380,500,000 | 370,734,000 | 359,512,000 | 347,932,000 | 344,490,000 | ||||||||
total liabilities and equity | 7,591,443,000 | 6,958,683,000 | 6,475,880,000 | 5,971,530,000 | 5,527,408,000 | 5,202,474,000 | 4,873,393,000 | 4,628,218,000 | 4,404,573,000 | 4,117,308,000 | 3,951,145,000 | 3,837,094,000 | 3,748,975,000 | 3,647,366,000 | 3,332,739,000 | 3,109,722,000 | |||||||||
loans held for sale, at fair value | 2,590,000 | 5,008,000 | 19,231,000 | 17,590,000 | 19,536,000 | 18,081,000 | 16,569,000 | ||||||||||||||||||
derivative liability | 560,000 | 1,004,000 | 1,486,000 | 374,000 | 3,665,000 | ||||||||||||||||||||
total velocity financial inc. stockholders’ equity | 516,944,000 | ||||||||||||||||||||||||
loans held for investment | 2,619,619,000 | 2,727,518,000 | 2,828,123,000 | 2,945,840,000 | 3,057,940,000 | 3,169,280,000 | 3,272,390,000 | 3,445,563,000 | 3,118,799,000 | 2,828,302,000 | 2,527,564,000 | 2,295,697,000 | 2,083,753,000 | 2,008,505,000 | 1,948,089,000 | 2,001,086,000 | 1,861,819,000 | 1,922,485,000 | 1,863,360,000 | ||||||
securitized debt | 2,228,941,000 | 2,329,906,000 | 2,418,811,000 | 2,504,334,000 | 2,622,547,000 | ||||||||||||||||||||
accumulated other comprehensive income | 1,598,000 | 794,000 | |||||||||||||||||||||||
total velocity financial inc. stockholders' equity | 433,444,000 | 376,811,000 | 366,810,000 | 355,895,000 | 344,441,000 | 341,109,000 | |||||||||||||||||||
accumulated other comprehensive income, net of tax | 905,000 | ||||||||||||||||||||||||
securitizations | 2,657,469,000 | 2,736,290,000 | 2,651,895,000 | 2,477,226,000 | 2,035,374,000 | 1,911,879,000 | 1,623,674,000 | 1,558,163,000 | 1,453,386,000 | 1,579,019,000 | 1,670,930,000 | 1,599,719,000 | 1,576,432,000 | 1,438,629,000 | |||||||||||
securitizations, at fair value | 194,941,000 | ||||||||||||||||||||||||
loans held for sale | 77,503,000 | 87,908,000 | 7,916,000 | 13,106,000 | 212,344,000 | 223,123,000 | 214,467,000 | ||||||||||||||||||
mezzanine equity | |||||||||||||||||||||||||
series a convertible preferred stock | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 | ||||||||||||||||||||
preferred stock | |||||||||||||||||||||||||
total liabilities, mezzanine equity and equity | 2,812,478,000 | ||||||||||||||||||||||||
net deferred tax asset | 17,026,000 | 13,196,000 | 9,246,000 | 1,832,000 | 5,556,000 | 10,111,000 | 8,280,000 | ||||||||||||||||||
stockholders' equity | |||||||||||||||||||||||||
total stockholders' equity | 242,190,000 | 233,468,000 | 223,470,000 | ||||||||||||||||||||||
total liabilities, mezzanine equity and stockholders' equity | 2,457,164,000 | 2,267,605,000 | 2,164,839,000 | ||||||||||||||||||||||
loans held for investment at fair value | 1,539,000 | ||||||||||||||||||||||||
liabilities and members’ equity | |||||||||||||||||||||||||
warehouse repurchase facilities | 75,923,000 | 160,796,000 | 297,537,000 | 421,548,000 | |||||||||||||||||||||
preferred stock/class c preferred units | 90,000,000 | ||||||||||||||||||||||||
shareholders'/members’ equity | 219,589,000 | ||||||||||||||||||||||||
total liabilities and members’ equity | 2,102,874,000 | 2,214,766,000 | |||||||||||||||||||||||
• | |||||||||||||||||||||||||
stockholders' / members' equity | |||||||||||||||||||||||||
members’ equity | 152,844,000 | ||||||||||||||||||||||||
total stockholders' / members’ equity | 209,760,000 | 206,027,000 | 250,430,000 | ||||||||||||||||||||||
total liabilities, mezzanine equity and stockholders' / members’ equity | 2,126,866,000 | 2,187,051,000 | |||||||||||||||||||||||
interest income | 41,374,000 | 39,755,000 | 44,637,000 | 157,531,000 | |||||||||||||||||||||
interest expense — portfolio related | 22,347,000 | 21,189,000 | 22,848,000 | 83,903,000 | |||||||||||||||||||||
net interest income — portfolio related | 19,027,000 | 18,566,000 | 21,789,000 | 73,628,000 | |||||||||||||||||||||
interest expense — corporate debt | 1,913,000 | 1,894,000 | 6,342,000 | 14,618,000 | |||||||||||||||||||||
net interest income | 17,114,000 | 16,672,000 | 15,447,000 | 59,010,000 | |||||||||||||||||||||
benefit from loan losses | 1,573,000 | 1,800,000 | 1,290,000 | 1,139,000 | |||||||||||||||||||||
net interest income after benefit from loan losses | 15,541,000 | 14,872,000 | 14,157,000 | 57,871,000 | |||||||||||||||||||||
other operating income | |||||||||||||||||||||||||
gain on disposition of loans | -51,000 | 155,000 | 2,618,000 | 4,410,000 | |||||||||||||||||||||
unrealized gain on fair value loans | 379,000 | -13,000 | 45,000 | -9,000 | |||||||||||||||||||||
other income | 1,021,000 | -1,481,000 | -1,043,000 | -1,752,000 | |||||||||||||||||||||
total other operating income | 1,349,000 | -1,339,000 | 1,620,000 | 2,649,000 | |||||||||||||||||||||
operating expenses | |||||||||||||||||||||||||
compensation and employee benefits | 5,692,000 | 5,863,000 | 5,041,000 | 15,511,000 | |||||||||||||||||||||
rent and occupancy | 415,000 | 448,000 | 456,000 | 1,531,000 | |||||||||||||||||||||
loan servicing | 2,168,000 | 1,754,000 | 2,238,000 | 7,396,000 | |||||||||||||||||||||
professional fees | 1,051,000 | 588,000 | 1,184,000 | 2,056,000 | |||||||||||||||||||||
other operating expenses | 1,641,000 | 1,847,000 | 1,997,000 | 5,981,000 | |||||||||||||||||||||
total operating expenses | 11,865,000 | 10,908,000 | 12,050,000 | 35,122,000 | |||||||||||||||||||||
income before income taxes | 5,025,000 | 2,625,000 | 3,727,000 | 25,398,000 | |||||||||||||||||||||
income tax expense | 1,544,000 | 484,000 | 1,148,000 | 8,106,000 | |||||||||||||||||||||
net income | 3,481,000 | 2,141,000 | 2,579,000 | 17,292,000 | |||||||||||||||||||||
less deemed dividends on preferred stock | 48,955,000 | ||||||||||||||||||||||||
net income allocated to common shareholders | 3,481,000 | -46,814,000 | |||||||||||||||||||||||
earnings per common share | |||||||||||||||||||||||||
basic | 170 | -2,330 | 130 | ||||||||||||||||||||||
diluted | 110 | -2,330 | 130 | ||||||||||||||||||||||
weighted-average common shares outstanding | |||||||||||||||||||||||||
loss per common share | |||||||||||||||||||||||||
weighted-average common share outstanding | |||||||||||||||||||||||||
total liabilities and stockholders' / members’ equity | 2,257,354,000 | ||||||||||||||||||||||||
earnings per share | |||||||||||||||||||||||||
class c preferred units |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||
net income | 25,412,000 | 26,170,000 | 18,648,000 | 20,805,000 | 15,617,000 | 14,711,000 | 17,333,000 | 17,167,000 | 12,168,000 | 12,222,000 | 10,736,000 | 8,227,000 | 10,290,000 | 8,353,000 | 8,022,000 | 9,453,000 | 3,396,000 | 9,576,000 | 3,481,000 | 2,141,000 | 2,579,000 | ||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||
depreciation and amortization | 123,000 | 132,000 | 138,000 | 143,000 | 283,000 | 185,000 | 182,000 | 185,000 | 186,000 | 186,000 | 195,000 | 191,000 | 204,000 | 195,000 | 206,000 | 236,000 | 280,000 | 302,000 | 301,000 | 301,000 | 312,000 | 303,000 | 303,000 |
amortization of right-of-use assets | 200,000 | 206,000 | 469,000 | 159,000 | 332,000 | 372,000 | 344,000 | 570,000 | 333,000 | 332,000 | 310,000 | 341,000 | 315,000 | 334,000 | 330,000 | 407,000 | 320,000 | 198,000 | 367,000 | 311,000 | 307,000 | 310,000 | 299,000 |
provision for credit losses | 22,000 | ||||||||||||||||||||||
origination of loans held for sale | -2,070,000 | -40,923,000 | -4,886,000 | -4,607,000 | 0 | -18,948,000 | 0 | -19,088,000 | -15,136,000 | 0 | 0 | 3,000 | -96,067,000 | ||||||||||
proceeds from sales of loans held for sale | -1,000 | 6,001,000 | 0 | 18,081,000 | 1,735,000 | 0 | 0 | 0 | 80,858,000 | ||||||||||||||
net accretion of discount on purchased loans and amortization of deferred loan origination costs | 998,000 | 1,037,000 | 954,000 | 1,007,000 | 1,228,000 | 1,082,000 | 1,317,000 | 1,274,000 | 1,172,000 | ||||||||||||||
provision for uncollectible corporate and escrow advances receivable | |||||||||||||||||||||||
gain on disposition of loans | 0 | -402,000 | -43,000 | -252,000 | -539,000 | -79,000 | 155,000 | -222,000 | -680,000 | 873,000 | 237,000 | -555,000 | -4,254,000 | -2,031,000 | -147,000 | -2,006,000 | -2,592,000 | -4,702,000 | 563,000 | ||||
real estate acquired through foreclosure in excess of recorded investment | -4,574,000 | -5,141,000 | -2,834,000 | -2,382,000 | -2,248,000 | -2,914,000 | -1,160,000 | -1,403,000 | -3,761,000 | -1,015,000 | -1,233,000 | -1,264,000 | -636,000 | -1,222,000 | -286,000 | -326,000 | -159,000 | -385,000 | -247,000 | -154,000 | -346,000 | ||
amortization of debt issuance discount and costs | 2,324,000 | 2,449,000 | 2,894,000 | 2,776,000 | 3,129,000 | 3,055,000 | 3,284,000 | 3,440,000 | 4,570,000 | 5,335,000 | 5,279,000 | 5,767,000 | 5,571,000 | 4,864,000 | 12,092,000 | 6,136,000 | 3,932,000 | 3,753,000 | 6,403,000 | 3,349,000 | 3,945,000 | 2,687,000 | 6,175,000 |
change in valuation of real estate owned | 6,307,000 | 2,150,000 | 2,073,000 | 2,218,000 | 1,642,000 | 539,000 | 1,722,000 | 1,417,000 | 816,000 | 492,000 | 1,178,000 | 88,000 | 369,000 | 142,000 | -235,000 | 140,000 | 384,000 | 800,000 | 435,000 | -10,000 | 528,000 | 648,000 | 568,000 |
change in valuation of fair value loans | -30,982,000 | -29,906,000 | -34,836,000 | 15,722,000 | -35,530,000 | -17,124,000 | -18,925,000 | -39,367,000 | 2,011,000 | -3,140,000 | -7,354,000 | -7,796,000 | -453,000 | -6,000 | -10,000 | -11,000 | 0 | -20,000 | 2,000 | -31,000 | -379,000 | 13,000 | -45,000 |
change in valuation of mortgage servicing rights | 343,000 | 142,000 | 1,081,000 | -1,297,000 | 993,000 | 373,000 | -444,000 | 1,208,000 | -341,000 | -302,000 | 95,000 | 630,000 | -1,430,000 | -776,000 | -510,000 | ||||||||
change in valuation of fair value securitized debt | 9,988,000 | 7,584,000 | 13,682,000 | -34,538,000 | 24,996,000 | 4,643,000 | 2,318,000 | 24,085,000 | -9,692,000 | ||||||||||||||
gain on sale of real estate owned | -152,000 | -790,000 | -300,000 | -3,411,000 | -286,000 | -456,000 | -151,000 | 160,000 | -121,000 | -140,000 | -1,179,000 | -1,300,000 | -320,000 | -169,000 | -78,000 | 26,000 | -188,000 | 8,000 | -257,000 | -346,000 | -49,000 | ||
stock-based compensation | 2,154,000 | 2,029,000 | 1,970,000 | 1,645,000 | 1,574,000 | 1,565,000 | 1,371,000 | 923,000 | 1,179,000 | 1,026,000 | 1,000,000 | 933,000 | 931,000 | 810,000 | 669,000 | 564,000 | 565,000 | 545,000 | 485,000 | 253,000 | 252,000 | 253,000 | 207,000 |
hedging activities | -149,000 | -1,852,000 | -1,552,000 | 4,211,000 | -6,385,000 | ||||||||||||||||||
deferred tax benefit | |||||||||||||||||||||||
change in operating assets and liabilities: | |||||||||||||||||||||||
accrued interest and other receivables | -5,888,000 | -3,146,000 | -5,004,000 | -2,801,000 | 1,986,000 | -6,015,000 | 456,000 | -8,491,000 | -1,655,000 | -789,000 | -2,458,000 | -2,468,000 | -3,273,000 | 190,000 | -1,870,000 | -2,244,000 | -567,000 | -3,276,000 | 2,800,000 | -54,000 | -1,109,000 | -5,528,000 | 1,088,000 |
other assets | 4,155,000 | -6,589,000 | 430,000 | 1,101,000 | 4,081,000 | -5,180,000 | -286,000 | 2,182,000 | 1,085,000 | 4,148,000 | 946,000 | 4,552,000 | -7,713,000 | -4,024,000 | -858,000 | 150,000 | 569,000 | -151,000 | -930,000 | 9,186,000 | -4,137,000 | 1,176,000 | -2,151,000 |
accounts payable and accrued expenses | 7,015,000 | 7,610,000 | 5,147,000 | 9,282,000 | 2,317,000 | 12,021,000 | 2,660,000 | 18,198,000 | -310,000 | 10,764,000 | -6,960,000 | 12,824,000 | -4,245,000 | -11,730,000 | 589,000 | 2,559,000 | 7,442,000 | 3,314,000 | 3,137,000 | 2,613,000 | 5,289,000 | 2,723,000 | 433,000 |
net cash from operating activities | 11,452,000 | 7,662,000 | 3,536,000 | 33,273,000 | -17,571,000 | 11,472,000 | 10,581,000 | 26,159,000 | -9,753,000 | 44,357,000 | -11,928,000 | 40,018,000 | -4,444,000 | 1,264,000 | 11,836,000 | 18,048,000 | 18,678,000 | 10,472,000 | 10,424,000 | 17,528,000 | 13,624,000 | 22,374,000 | 1,366,000 |
capital expenditures | -66,000 | -78,000 | -80,000 | -99,000 | -65,000 | -84,000 | -41,000 | -108,000 | -24,000 | 0 | -48,000 | -53,000 | -56,000 | -151,000 | -66,000 | -31,000 | -2,000 | -53,000 | -49,000 | -2,000 | -42,000 | -57,000 | -625,000 |
free cash flows | 11,386,000 | 7,584,000 | 3,456,000 | 33,174,000 | -17,636,000 | 11,388,000 | 10,540,000 | 26,051,000 | -9,777,000 | 44,357,000 | -11,976,000 | 39,965,000 | -4,500,000 | 1,113,000 | 11,770,000 | 18,017,000 | 18,676,000 | 10,419,000 | 10,375,000 | 17,526,000 | 13,582,000 | 22,317,000 | 741,000 |
cash flows from investing activities: | |||||||||||||||||||||||
purchase of loans held for investment | -460,000 | -1,096,000 | -3,523,000 | -11,591,000 | -2,860,000 | -2,417,000 | -1,234,000 | -11,976,000 | -392,000 | -4,629,000 | -11,174,000 | -5,922,000 | 0 | 0 | 0 | -3,571,000 | |||||||
origination of loans held for investment | -713,016,000 | -684,465,000 | -635,537,000 | -558,875,000 | -457,829,000 | -422,225,000 | -378,671,000 | -351,644,000 | -271,633,000 | -258,646,000 | -197,888,000 | -263,878,000 | -442,417,000 | -447,564,000 | -585,713,000 | -503,229,000 | -344,301,000 | -260,013,000 | -236,484,000 | -181,810,000 | -8,197,000 | 0 | -153,600,000 |
proceeds from sales of loans originally classified as held for investment | 0 | 978,000 | 34,154,000 | 15,072,000 | 0 | -4,000 | 0 | 21,489,000 | 68,412,000 | 0 | 76,720,000 | 147,340,000 | 36,670,000 | -174,925,000 | 216,118,000 | 57,924,000 | |||||||
payments of loans held for investment and loans at fair value | |||||||||||||||||||||||
proceeds from sale of real estate owned | 11,862,000 | 14,518,000 | 8,019,000 | 13,181,000 | 3,842,000 | 10,215,000 | 5,741,000 | 2,769,000 | 9,567,000 | 7,290,000 | 2,121,000 | 3,929,000 | 9,274,000 | 4,664,000 | 4,630,000 | 2,178,000 | 3,383,000 | 1,134,000 | 2,942,000 | 1,602,000 | 3,040,000 | 1,625,000 | 1,202,000 |
capitalized improvement on real estate held for sale | -80,000 | 0 | -19,000 | ||||||||||||||||||||
change in corporate and escrow advances receivable | |||||||||||||||||||||||
change in impounds and deposits | -1,958,000 | 3,334,000 | -259,000 | -1,893,000 | -1,480,000 | 1,955,000 | -640,000 | 7,813,000 | 2,057,000 | -1,034,000 | 372,000 | 3,587,000 | 1,227,000 | -2,660,000 | -1,244,000 | 7,308,000 | 1,727,000 | 1,787,000 | -1,620,000 | -1,111,000 | 635,000 | -5,378,000 | 2,011,000 |
purchase of property and equipment | -66,000 | -78,000 | -80,000 | -99,000 | -65,000 | -84,000 | -41,000 | -108,000 | -24,000 | 0 | -48,000 | -53,000 | -56,000 | -151,000 | -66,000 | -31,000 | -2,000 | -53,000 | -49,000 | -2,000 | -42,000 | -57,000 | -625,000 |
proceeds from sale of property and equipment | 0 | 0 | 0 | 640,000 | |||||||||||||||||||
purchase of mortgage servicing rights | 1,000 | -1,180,000 | |||||||||||||||||||||
net cash from investing activities | -429,074,000 | -441,198,000 | -401,413,000 | -356,069,000 | -279,732,000 | -196,837,000 | -212,444,000 | -223,942,000 | -148,181,000 | -141,031,000 | -71,578,000 | -89,173,000 | -311,186,000 | -214,221,000 | -293,658,000 | -176,651,000 | -85,988,000 | -53,656,000 | 14,400,000 | 70,635,000 | 54,768,000 | -52,064,000 | |
cash flows from financing activities: | |||||||||||||||||||||||
warehouse repurchase facilities advances | 590,301,000 | 662,395,000 | 819,529,000 | 631,862,000 | 404,765,000 | 329,011,000 | 290,232,000 | 216,246,000 | 246,792,000 | 393,457,000 | 343,311,000 | 607,760,000 | 498,366,000 | 303,575,000 | 217,397,000 | 196,633,000 | 152,657,000 | 17,123,000 | 0 | 250,416,000 | |||
warehouse repurchase facilities repayments | -588,723,000 | -901,112,000 | -597,740,000 | -434,703,000 | -527,899,000 | -303,686,000 | -310,904,000 | -278,174,000 | -279,579,000 | -262,248,000 | -560,066,000 | -483,600,000 | -455,312,000 | -196,730,000 | -269,071,000 | -68,261,000 | -96,275,000 | -158,740,000 | -136,932,000 | -374,732,000 | |||
proceeds from secured financing | 0 | 0 | 0 | 74,311,000 | 0 | 0 | 0 | 215,000,000 | 0 | 0 | 35,000,000 | 140,000,000 | |||||||||||
proceeds of securitized debt | 671,355,000 | 918,977,000 | 415,680,000 | 585,153,000 | 286,965,000 | 488,711,000 | 229,368,000 | 200,750,000 | 312,638,000 | ||||||||||||||
repayment of securitized debt | -243,184,000 | -231,018,000 | -262,319,000 | -180,448,000 | -198,839,000 | -160,419,000 | -126,568,000 | -104,827,000 | -137,479,000 | ||||||||||||||
debt issuance costs | -162,000 | -790,000 | -253,000 | -799,000 | -384,000 | -394,000 | -2,326,000 | -936,000 | -753,000 | -2,494,000 | -3,801,000 | -9,215,000 | -10,084,000 | -8,043,000 | -3,905,000 | -4,117,000 | -10,959,000 | -317,000 | -3,284,000 | ||||
deferred stock issuance costs | 0 | -355,000 | -24,000 | ||||||||||||||||||||
proceeds from issuance of common stock related to warrants exercised | 0 | ||||||||||||||||||||||
proceeds from issuance of common stock | 8,835,000 | ||||||||||||||||||||||
purchase of treasury stock | -179,000 | 0 | -266,000 | -1,284,000 | -24,000 | 0 | -1,000 | -836,000 | 0 | 0 | 0 | -458,000 | |||||||||||
distribution to non-controlling interest | 0 | 0 | -185,000 | 0 | 0 | -120,000 | -160,000 | ||||||||||||||||
net cash from financing activities | 438,243,000 | 456,264,000 | 401,508,000 | 326,365,000 | 284,905,000 | 205,979,000 | 198,981,000 | 212,614,000 | 154,257,000 | 91,414,000 | 77,483,000 | 70,306,000 | 301,068,000 | 220,958,000 | 281,684,000 | 324,661,000 | 167,394,000 | 83,936,000 | 50,181,000 | -38,666,000 | -73,766,000 | -72,736,000 | 35,278,000 |
net increase in cash, cash equivalents, and restricted cash | 20,621,000 | 22,728,000 | 3,631,000 | 3,569,000 | -12,398,000 | 21,151,000 | -14,562,000 | 8,001,000 | -138,000 | 2,521,000 | 9,421,000 | 8,420,000 | 6,949,000 | -15,420,000 | |||||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | 0 | 70,830,000 | 0 | 0 | 61,927,000 | 0 | 0 | 62,056,000 | 0 | 0 | 47,604,000 | 0 | 0 | 20,293,000 | 0 | 0 | 27,552,000 | |||||
cash, cash equivalents, and restricted cash at end of period | 20,621,000 | 22,728,000 | 74,461,000 | -12,398,000 | 20,614,000 | 59,045,000 | -3,677,000 | -5,260,000 | 56,033,000 | -14,562,000 | 8,001,000 | 47,466,000 | 9,421,000 | 8,420,000 | 27,242,000 | 10,493,000 | 4,406,000 | 12,132,000 | |||||
benefit from credit losses | 1,598,000 | 1,872,000 | |||||||||||||||||||||
benefit from uncollectible borrower advances | 123,000 | ||||||||||||||||||||||
deferred tax expense | -867,000 | 2,963,000 | -327,000 | -11,752,000 | 168,000 | 480,000 | -1,634,000 | 1,174,000 | 664,000 | 2,490,000 | -695,000 | 10,858,000 | 1,281,000 | 127,000 | |||||||||
payoffs of loans held for investment and loans at fair value | 225,918,000 | 228,322,000 | 178,876,000 | 121,643,000 | 99,780,000 | 106,731,000 | 132,847,000 | 155,881,000 | 146,217,000 | 141,613,000 | 344,368,000 | -41,333,000 | 124,189,000 | 99,805,000 | 78,168,000 | 60,614,000 | 103,384,000 | ||||||
change in advances | -425,000 | -1,859,000 | -5,594,000 | -1,778,000 | -1,640,000 | -1,503,000 | -5,347,000 | 1,450,000 | -1,738,000 | 2,596,000 | -6,667,000 | -85,000 | 1,531,000 | -193,000 | -3,832,000 | -930,000 | -119,000 | -548,000 | -3,437,000 | -2,718,000 | -1,808,000 | -746,000 | |
benefit from (reversal of) uncollectible borrower advances | 627,000 | -62,000 | |||||||||||||||||||||
proceeds from issuance of common stocks | 28,797,000 | 8,300,000 | 189,000 | 1,501,000 | 155,000 | 523,000 | |||||||||||||||||
tax withholding related to vesting of equity awards | -2,162,000 | ||||||||||||||||||||||
net accretion of discount on purchased loans and deferred loan origination costs | 1,315,000 | 1,713,000 | 2,054,000 | 1,927,000 | 1,724,000 | 1,368,000 | 1,299,000 | 1,023,000 | 941,000 | 1,324,000 | |||||||||||||
provision for (reversal of) uncollectible borrower advances | |||||||||||||||||||||||
purchase of real estate owned | 0 | 0 | |||||||||||||||||||||
warehouse and repurchase facilities advances | |||||||||||||||||||||||
warehouse and repurchase facilities repayments | |||||||||||||||||||||||
repayment of secured financing | 0 | 0 | 0 | -170,844,000 | -1,093,000 | -1,094,000 | -1,094,000 | -78,875,000 | 0 | 0 | 0 | -75,000,000 | |||||||||||
cash, cash equivalents, and restricted cash at beginning of year | |||||||||||||||||||||||
cash, cash equivalents, and restricted cash at end of year | |||||||||||||||||||||||
provision for uncollectible borrower advances | 50,000 | 261,000 | 344,000 | 75,000 | 99,000 | ||||||||||||||||||
reversal of loan repurchase reserve | |||||||||||||||||||||||
gain on disposal of property and equipment | 0 | -9,000 | |||||||||||||||||||||
(gain) loss on sale of real estate owned | |||||||||||||||||||||||
benefit from loan losses | 1,002,000 | 155,000 | |||||||||||||||||||||
reversal of uncollectible borrower advances | -4,000 | ||||||||||||||||||||||
payoffs of loans held for investment | 158,549,000 | ||||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -2,882,000 | -6,023,000 | 10,493,000 | ||||||||||||||||||||
provision for (reversal of) loan losses | |||||||||||||||||||||||
purchase of held for sale loans | -745,000 | 0 | 1,195,000 | -1,950,000 | 0 | -1,029,000 | 0 | -203,000 | |||||||||||||||
repayments on loans held for sale | 2,657,000 | 5,000 | 132,000 | -121,000 | -435,000 | 1,007,000 | 9,856,000 | 8,987,000 | |||||||||||||||
loss on disposal of property and equipment | 0 | -11,000 | 0 | 0 | 17,000 | 1,000 | 1,000 | 3,000 | 0 | 38,000 | |||||||||||||
change in valuation of held for sale loans | -2,000 | -13,000 | 15,000 | -17,000 | 17,000 | -1,306,000 | 921,000 | 40,000 | |||||||||||||||
capitalized real estate owned improvements | -116,000 | -49,000 | -19,000 | -10,000 | -248,000 | -251,000 | -228,000 | -119,000 | |||||||||||||||
proceeds from sale of investments | |||||||||||||||||||||||
acquisition of century, net of cash acquired | |||||||||||||||||||||||
issuance of common stock | 0 | 0 | 0 | 0 | 100,800,000 | ||||||||||||||||||
(reversal of) benefit from repurchase of loans | |||||||||||||||||||||||
provision for loan losses | 636,000 | 730,000 | 105,000 | 1,574,000 | 1,798,000 | 1,290,000 | |||||||||||||||||
provision for repurchase of loans | 39,000 | 228,000 | |||||||||||||||||||||
(reversal of) provision for uncollectible borrower advances | -15,000 | ||||||||||||||||||||||
change in valuation of fair value securitizations | 170,000 | ||||||||||||||||||||||
proceeds of securitizations | 197,487,000 | 187,988,000 | 302,861,000 | 610,169,000 | 268,967,000 | 521,494,000 | 204,910,000 | 18,692,000 | 176,069,000 | 93,235,000 | 248,691,000 | ||||||||||||
repayment of securitizations | -86,221,000 | -106,121,000 | -129,201,000 | -163,241,000 | -145,057,000 | -230,584,000 | -139,106,000 | -145,453,000 | -128,357,000 | -113,423,000 | -104,933,000 | -70,402,000 | -109,566,000 | ||||||||||
benefit from (reversal of) loan losses | |||||||||||||||||||||||
net proceeds from issuance of preferred stock | 0 | -1,000 | |||||||||||||||||||||
proceeds from issuance of warrants | 0 | 0 | |||||||||||||||||||||
ipo deal costs | 0 | 0 | 0 | -1,903,000 | |||||||||||||||||||
benefit from repurchase of loans | |||||||||||||||||||||||
(reversal of) benefit from uncollectible borrower advances | |||||||||||||||||||||||
increase in operating assets and liabilities: | |||||||||||||||||||||||
net income including noncontrolling interest | 3,231,000 | ||||||||||||||||||||||
decrease in operating assets and liabilities: | |||||||||||||||||||||||
provision for held for sale loan losses | |||||||||||||||||||||||
proceeds from insurance related to real estate owned | |||||||||||||||||||||||
net cash from (provided by) investing activities | |||||||||||||||||||||||
repurchase of class c preferred units | |||||||||||||||||||||||
preferred stock issuance costs | |||||||||||||||||||||||
(reversal of) benefit from loan losses | 227,000 | ||||||||||||||||||||||
accretion and amortization of loan costs | |||||||||||||||||||||||
net deferred tax benefit | -3,831,000 | -3,950,000 | -2,592,000 | 4,555,000 | -1,790,000 | ||||||||||||||||||
stock issuance costs | |||||||||||||||||||||||
benefit from held for sale loan losses | |||||||||||||||||||||||
net deferred tax expense | |||||||||||||||||||||||
supplemental cash flow information: | |||||||||||||||||||||||
cash paid during the period for interest | 20,791,000 | 22,033,000 | |||||||||||||||||||||
cash paid during the period for income taxes | |||||||||||||||||||||||
noncash transactions from investing and financing activities: | |||||||||||||||||||||||
transfer of loans held for investment to real estate owned | 1,028,000 | 4,352,000 | |||||||||||||||||||||
return paid-in-kind on class c preferred units | |||||||||||||||||||||||
return paid-in-kind on class d preferred units | |||||||||||||||||||||||
deferred ipo costs charged against additional paid-in capital | 0 | -4,000,000 | |||||||||||||||||||||
discount (premium) on issuance of securitizations | |||||||||||||||||||||||
gain on sale of loans | -2,271,000 | ||||||||||||||||||||||
debt issuance cost | -3,428,000 | ||||||||||||||||||||||
interest paid in kind on secured financing | |||||||||||||||||||||||
loss on disposal of property & equipment | |||||||||||||||||||||||
loss on sale of real estate owned | |||||||||||||||||||||||
proceeds from sales of loans | |||||||||||||||||||||||
proceeds from insurance related real estate owned | |||||||||||||||||||||||
issuance of class d preferred units | |||||||||||||||||||||||
redemption of class c preferred units | |||||||||||||||||||||||
tax distributions | |||||||||||||||||||||||
cash paid during the year for interest | |||||||||||||||||||||||
cash paid during the year for income taxes | |||||||||||||||||||||||
transfer of loans held for investment to loans held for sale |