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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 87,054 $ 92,103
Restricted cash 24,996 157,134
Loans held for investment, at amortized cost (net of allowance for credit losses of $4,860 and $4,521 as of March 31, 2026 and December 31, 2025, respectively) 1,951,030 2,028,262
Loans held for investment, at fair value 5,154,508 4,729,869
Total loans, net 7,105,538 6,758,131
Accrued interest receivables 51,259 49,678
Receivables due from servicers 142,354 150,902
Other receivables 2,690 1,897
Real estate owned, net 131,849 118,289
Property and equipment, net 1,324 1,415
Deferred tax asset, net 18,462 22,709
Mortgage servicing rights, at fair value 12,645 12,963
Derivative Asset 464 66
Goodwill 6,775 6,775
Other assets 6,033 9,451
Total assets 7,591,443 7,381,513
LIABILITIES    
Accounts payable and accrued expenses 173,076 168,314
Secured financing, net 73,274 286,679
Unsecured senior notes, net 485,445 0
Securitized debt, at amortized cost 1,638,995 1,705,589
Securitized debt, at fair value 4,426,240 4,236,737
Warehouse and repurchase facilities, net 98,009 308,506
Total liabilities 6,895,039 6,705,825
Commitments and contingencies
EQUITY    
Common stock ($0.01 par value, 100,000,000 shares authorized; 40,071,992 and 39,573,657 shares issued, 39,235,281 and 38,965,317 shares outstanding as of March 31, 2026 and December 31, 2025, respectively) 403 398
Additional paid-in capital 385,254 382,564
Retained earnings 324,742 302,379
Treasury stock, at cost (836,711 and 608,340 common shares as of March 31, 2026 and December 31, 2025, respectively) (14,741) (10,204)
Accumulated other comprehensive loss (2,310) (2,602)
Total Velocity Financial Inc. stockholders' equity 693,348 672,535
Noncontrolling interest in subsidiary 3,056 3,153
Total equity 696,404 675,688
Total liabilities and equity $ 7,591,443 $ 7,381,513