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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 98,964 $ 49,901
Restricted cash 18,846 20,929
Loans held for sale, at fair value 2,590  
Loans held for investment, at amortized cost 2,127,170 2,420,116
Loans held for investment, at fair value 4,371,317 2,766,951
Total loans, net 6,501,077 5,187,067
Accrued interest receivables 46,553 35,235
Receivables due from servicers 131,761 123,494
Other receivables 2,755 1,359
Real estate owned, net 113,700 68,000
Property and equipment, net 1,481 1,650
Deferred tax asset 16,625 13,612
Mortgage servicing rights, at fair value 12,597 13,712
Derivative Asset 18  
Goodwill 6,775 6,775
Other assets 7,531 5,674
Total assets 6,958,683 5,527,408
LIABILITIES    
Accounts payable and accrued expenses 170,584 147,814
Secured financing, net 286,218 284,833
Securitized debt, at amortized cost 1,783,150 2,019,056
Securitized debt, at fair value 3,748,889 2,207,408
Warehouse and repurchase facilities, net 332,386 348,082
Total liabilities 6,321,227 5,007,193
Commitments and contingencies
EQUITY    
Common stock ($0.01 par value, 100,000,000 shares authorized; 39,508,370 and 33,761,147 shares issued, 38,900,030 and 33,545,585 shares outstanding as of September 30, 2025 and December 31, 2024, respectively) 396 339
Additional paid-in capital 379,401 322,954
Retained earnings 267,582 197,325
Treasury stock, at cost (608,340 and 215,562 common shares as of September 30, 2025 and December 31, 2024, respectively) (10,203) (2,869)
Accumulated other comprehensive loss (2,917) (805)
Total Velocity Financial Inc. stockholders' equity 634,259 516,944
Noncontrolling interest in subsidiary 3,197 3,271
Total equity 637,456 520,215
Total liabilities and equity $ 6,958,683 $ 5,527,408