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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income $ 144,119 $ 105,070 $ 398,426 $ 293,359
Interest expense — portfolio related 88,899 63,871 245,825 178,734
Net interest income — portfolio related 55,220 41,199 152,601 114,625
Interest expense — corporate debt 6,144 6,143 18,429 17,677
Net interest income 49,076 35,056 134,172 96,948
Provision for (reversal of) credit losses 381 (69) 3,851 1,151
Net interest income after provision for (reversal of) credit losses 48,695 35,125 130,321 95,797
Other operating income        
Gain on disposition of loans 4,574 2,291 13,694 7,156
Unrealized gain on fair value loans 30,982 35,530 95,724 71,579
Unrealized loss on fair value securitized debt (9,988) (24,995) (31,254) (31,957)
Unrealized loss on mortgage servicing rights (343) (993) (1,115) (922)
Origination fee income 9,723 6,704 27,338 16,762
Interest income on cash balance 1,564 1,676 4,408 5,038
Other income 565 519 1,575 1,412
Total other operating income 37,077 20,732 110,370 69,068
Operating expenses        
Compensation and employee benefits 23,300 17,586 67,589 49,505
Origination expenses 1,154 867 3,185 2,262
Securitization expenses 6,433 3,186 21,997 12,292
Loan servicing 7,748 5,656 23,961 15,639
Professional fees 893 2,305 4,668 6,140
Rent and occupancy 274 519 847 1,633
Real estate owned, net 7,931 1,951 14,258 5,762
Other operating expenses 2,664 2,543 7,995 7,278
Total operating expenses 50,397 34,613 144,500 100,511
Income before income taxes 35,375 21,244 96,191 64,354
Income tax expense 9,963 5,627 25,961 16,693
Net income 25,412 15,617 70,230 47,661
Net income (loss) attributable to noncontrolling interest 39 (186) (27) (171)
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
Earnings per common share        
Basic $ 0.66 $ 0.48 $ 1.91 $ 1.45
Diluted $ 0.65 $ 0.44 $ 1.86 $ 1.34
Weighted average common shares outstanding        
Basic 38,073 32,711 36,335 32,613
Diluted 38,800 35,895 37,817 35,645
Federal        
Operating expenses        
Income tax expense $ 7,603 $ 3,921 $ 19,381 $ 11,759
State        
Operating expenses        
Income tax expense $ 2,360 $ 1,706 $ 6,580 $ 4,934