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Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings Per Share Calculations | The following table presents the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands, except per share data) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Velocity Financial, Inc. |  | $ | 25,373 |  |  | $ | 15,803 |  |  | $ | 70,257 |  |  | $ | 47,832 |
Less: undistributed earnings attributable to unvested restricted stock awards |  |  | 352 |  |  |  | 191 |  |  |  | 871 |  |  |  | 580 |
Net earnings attributable to common stockholders |  | $ | 25,021 |  |  | $ | 15,612 |  |  | $ | 69,386 |  |  | $ | 47,252 |
Weighted average common shares outstanding |  |  | 38,073 |  |  |  | 32,711 |  |  |  | 36,335 |  |  |  | 32,613 |
Basic earnings per common share |  | $ | 0.66 |  |  | $ | 0.48 |  |  | $ | 1.91 |  |  | $ | 1.45 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Velocity Financial, Inc. |  | $ | 25,373 |  |  | $ | 15,803 |  |  | $ | 70,257 |  |  | $ | 47,832 |
Weighted average common shares outstanding |  |  | 38,073 |  |  |  | 32,711 |  |  |  | 36,335 |  |  |  | 32,613 |
Add dilutive effects for warrants |  |  | — |  |  |  | 2,435 |  |  |  | 811 |  |  |  | 2,391 |
Add dilutive effects for stock options |  |  | 221 |  |  |  | 238 |  |  |  | 219 |  |  |  | 199 |
Add dilutive effects of unvested restricted stock awards |  |  | 138 |  |  |  | 185 |  |  |  | 120 |  |  |  | 163 |
Add dilutive effects of unvested performance-based stock units |  |  | 368 |  |  |  | 323 |  |  |  | 331 |  |  |  | 278 |
Add dilutive effects of employee stock purchase plan |  |  | — |  |  |  | 3 |  |  |  | 1 |  |  |  | 1 |
Weighted average diluted common shares outstanding |  |  | 38,800 |  |  |  | 35,895 |  |  |  | 37,817 |  |  |  | 35,645 |
Diluted earnings per common share |  | $ | 0.65 |  |  | $ | 0.44 |  |  | $ | 1.86 |  |  | $ | 1.34 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025(1) |  |  | 2024 |  |  | 2025(1) |  |  | 2024(1) |
Stock options |  |  | 317,581 |  |  |  | 83,359 |  |  |  | 314,421 |  |  |  | 27,853 |
Unvested restricted stock awards |  |  | — |  |  |  | 5,485 |  |  |  | 65,765 |  |  |  | 70,368 |
Employee stock purchase plan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,846 |
Share equivalents excluded from EPS |  |  | 317,581 |  |  |  | 88,844 |  |  |  | 380,186 |  |  |  | 134,067 |
(1) Weighted average.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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