<SEC-DOCUMENT>0001140361-25-007915.txt : 20250310
<SEC-HEADER>0001140361-25-007915.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310194403
ACCESSION NUMBER:		0001140361-25-007915
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250306
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Snow Ian K
		CENTRAL INDEX KEY:			0001327044
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39183
		FILM NUMBER:		25725423

	MAIL ADDRESS:	
		STREET 1:		C/O SNOW, PHIPPS & GUGGENHEIM
		STREET 2:		135 EAST 57TH STREET, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Snow Phipps Group (RPV), L.P.
		CENTRAL INDEX KEY:			0001696654
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39183
		FILM NUMBER:		25725421

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		212-508-3330

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Snow Phipps Group AIV (Offshore), L.P.
		CENTRAL INDEX KEY:			0001798852
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39183
		FILM NUMBER:		25725420

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVENUE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		212-508-3300

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVENUE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SPG GP, LLC
		CENTRAL INDEX KEY:			0001696701
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39183
		FILM NUMBER:		25725424

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		212-508-3330

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVENUE
		STREET 2:		18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Snow Phipps Group AIV, L.P.
		CENTRAL INDEX KEY:			0001798851
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39183
		FILM NUMBER:		25725422

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVENUE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065
		BUSINESS PHONE:		212-508-3300

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVENUE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10065

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Velocity Financial, Inc.
		CENTRAL INDEX KEY:			0001692376
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2945 TOWNSGATE ROAD
		STREET 2:		SUITE 110
		CITY:			WESTLAKE VILLAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		866-505-3863

	MAIL ADDRESS:	
		STREET 1:		2945 TOWNSGATE ROAD
		STREET 2:		SUITE 110
		CITY:			WESTLAKE VILLAGE
		STATE:			CA
		ZIP:			91361

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Velocity Financial, LLC
		DATE OF NAME CHANGE:	20161214
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-03-06</periodOfReport>

    <issuer>
        <issuerCik>0001692376</issuerCik>
        <issuerName>Velocity Financial, Inc.</issuerName>
        <issuerTradingSymbol>VEL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001696701</rptOwnerCik>
            <rptOwnerName>SPG GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>545 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327044</rptOwnerCik>
            <rptOwnerName>Snow Ian K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>545 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001798851</rptOwnerCik>
            <rptOwnerName>Snow Phipps Group AIV, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>545 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001696654</rptOwnerCik>
            <rptOwnerName>Snow Phipps Group (RPV), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>545 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001798852</rptOwnerCik>
            <rptOwnerName>Snow Phipps Group AIV (Offshore), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>545 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Private Placement Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.96</value>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F7"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>892777</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2020-08-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-04-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>892777</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Notes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Private Placement Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.96</value>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F7"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>892777</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2020-08-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>892777</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>892777</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Notes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Private Placement Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.94</value>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F7"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>446389</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2020-08-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-04-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>446389</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Notes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Private Placement Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.94</value>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-03-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F7"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>446389</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2020-08-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>446389</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>446389</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Notes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On March 6, 2025, the Issuer amended each Private Placement Warrant (&quot;Warrant&quot;) held by each of Snow Phipps Group AIV, L.P. (&quot;SPG AIV&quot;), Snow Phipps Group AIV (Offshore), L.P. (&quot;SPG AIV Offshore&quot;), and Snow Phipps Group (RPV), L.P. (&quot;SPG RPV&quot;) (collectively, the &quot;Warrantholders&quot;) to extend the existing expiration date for the exercise of the Warrants from April 7, 2025, to May 7, 2025.</footnote>
        <footnote id="F2">This Form 4 is being filed by and behalf of: each of the Warrantholders; SPG GP, LLC, the general partner of each of the Warrantholders (&quot;SPG GP&quot;); and Ian K. Snow, who serves as the managing member of SPG GP (collectively, the &quot;Reporting Persons&quot;).</footnote>
        <footnote id="F3">Represents in the aggregate directly held warrants to purchase a number of shares of Common Stock, as follows:  841,408 shares by SPG AIV; 7,554 shares by SPG AIV Offshore; and 43,815 shares by SPG RPV.</footnote>
        <footnote id="F4">Represents in the aggregate directly held warrants to purchase a number of shares of Common Stock, as follows: 420,704 shares by SPG AIV; 3,777 shares by SPG AIV Offshore; 21,908 shares by SPG RPV.</footnote>
        <footnote id="F5">The exercise price and the number of shares of Common Stock issuable upon exercise of the Warrants are subject to adjustment, as set forth in the Warrants.</footnote>
        <footnote id="F6">Not applicable.</footnote>
        <footnote id="F7">Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of such Reporting Person's pecuniary interest, and this reports shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (&quot;Section 16&quot;), or for any other purpose. Messrs. John Pless and Alan Mantel, each a partner of SPG GP and/or one of its affiliates, were appointed to the board of directors of the Issuer as a representative of the Reporting Persons.  Solely for purposes of Section 16, the Reporting Persons are deemed directors-by-deputization. Information with respect to each Reporting Person is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.</footnote>
    </footnotes>

    <remarks>Exhibit 99.1 (Signatures and Joint Filer Information) is incorporated herein by reference.</remarks>

    <ownerSignature>
        <signatureName>See Exhibit 99.1 for Signatures</signatureName>
        <signatureDate>2025-03-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20045198_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><u>Exhibit 99.1</u></div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Joint Filer Information to Form 4</u></div>
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            <div>Name of Joint Filer:</div>
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            <div>Address of Joint Filer:</div>
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            <div>545 Madison Avenue, 10th Floor</div>
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            <div>Relationship of Joint Filer to Issuer:</div>
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            <div>Director; 10% Owner</div>
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            <div>Issuer Name and Ticker or Trading Symbol:</div>
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            <div>Velocity Financial, Inc. [VEL]</div>
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            <div>(Month/Day/Year):</div>
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            <div>3/6/2025</div>
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            <div>Designated Filer:</div>
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            <div>SPG GP, LLC</div>
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            <div>/s/ Alan Mantel</div>
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        <tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>New York, NY&#160; 10022</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Director; 10% Owner</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div>Date of Earliest Transaction Required to be Reported</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>3/6/2025</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>SPG GP, LLC</div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
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            <div>/s/ Alan Mantel</div>
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          <td style="width: 60%; vertical-align: top; padding-bottom: 2px;" rowspan="1" colspan="1">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
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            <div>Alan Mantel</div>
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          <td colspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
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          <td style="width: 60%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
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            <div>Snow Phipps Group AIV, L.P.</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Address of Joint Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>545 Madison Avenue, 10th Floor</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>New York, NY&#160; 10022</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Relationship of Joint Filer to Issuer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Director; 10% Owner</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Velocity Financial, Inc. [VEL]</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Date of Earliest Transaction Required to be Reported</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">
            <div>3/6/2025</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Designated Filer:</div>
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            <div>SPG GP, LLC</div>
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            <div>Snow Phipps Group AIV, L.P.</div>
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          <td style="width: 60%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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            <div>/s/ Alan Mantel</div>
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          <td style="width: 60%; vertical-align: top; padding-bottom: 2px;" rowspan="1" colspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
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          <td style="width: 35%; vertical-align: top;">
            <div>Alan Mantel</div>
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          <td colspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
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          <td style="width: 35%; vertical-align: top;">
            <div>Authorized Signatory</div>
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          <td colspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 60%; vertical-align: top;">&#160;</td>
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            <div>Date: 3/10/2025</div>
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          <td style="width: 60%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
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            <div>Name of Joint Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Snow Phipps Group (RPV), L.P.</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Address of Joint Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>545 Madison Avenue, 10th Floor</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>New York, NY&#160; 10022</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Relationship of Joint Filer to Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Director; 10% Owner</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Issuer Name and Ticker or Trading Symbol:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Velocity Financial, Inc. [VEL]</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Date of Earliest Transaction Required to be Reported</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">
            <div>3/6/2025</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Designated Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>SPG GP, LLC</div>
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    <div style="font-weight: bold;">Signature:</div>
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        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Snow Phipps Group (RPV), L.P.</div>
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          <td style="width: 60%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>/s/ Alan Mantel</div>
          </td>
          <td style="width: 60%; vertical-align: top; padding-bottom: 2px;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div>Alan Mantel</div>
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          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
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          <td style="width: 35%; vertical-align: top;">
            <div>Authorized Signatory</div>
          </td>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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        <tr>
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            <div>Date: 3/10/2025</div>
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          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <td style="width: 50%; vertical-align: top;">
            <div>Name of Joint Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Snow Phipps Group AIV (Offshore), L.P.</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Address of Joint Filer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>545 Madison Avenue, 10th Floor</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>New York, NY&#160; 10022</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Relationship of Joint Filer to Issuer:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Director; 10% Owner</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Issuer Name and Ticker or Trading Symbol:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Velocity Financial, Inc. [VEL]</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Date of Earliest Transaction Required to be Reported</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>3/6/2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div>Designated Filer:</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>SPG GP, LLC</div>
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    <div><br>
    </div>
    <div style="font-weight: bold;">Signature:</div>
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            <div>Snow Phipps Group AIV (Offshore), L.P.</div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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            <div>/s/ Alan Mantel</div>
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            <div>Name:</div>
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            <div>Alan Mantel</div>
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          <td style="width: 60%; vertical-align: top;" colspan="1">&#160;</td>
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            <div>Title:</div>
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            <div>Authorized Signatory</div>
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            <div>Date: 3/10/2025</div>
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    <div style="text-align: center;"> <font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
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</SEC-DOCUMENT>
