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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income $ 153,080 $ 118,740
Interest expense — portfolio related 94,027 75,088
Net interest income — portfolio related 59,053 43,652
Interest expense — corporate debt 15,133 6,142
Net interest income 43,920 37,510
Provision for credit losses 1,661 1,872
Net interest income after provision for credit losses 42,259 35,638
Other operating income    
Gain on disposition of loans 2,896 2,834
Unrealized gain on fair value loans 1,039 34,836
Unrealized gain (loss) on fair value securitized debt 26,254 (13,682)
Unrealized loss on mortgage servicing rights (337) (1,081)
Origination fee income 7,970 8,679
Interest income on cash balance 1,405 1,339
Other income 3,730 521
Total other operating income 42,957 33,446
Operating expenses    
Compensation and employee benefits 23,520 21,684
Origination expenses 1,163 838
Securitization expenses 5,285 4,043
Loan servicing 8,563 8,008
Professional fees 5,781 1,783
Rent and occupancy 340 275
Real estate owned, net 6,862 3,029
Other operating expenses 2,825 2,530
Total operating expenses 54,339 42,190
Income before income taxes 30,877 26,894
Income tax expense 8,578 8,246
Net income 22,299 18,648
Net loss attributable to noncontrolling interest (64) (239)
Net income attributable to Velocity Financial, Inc. 22,363 18,887
Less undistributed earnings attributable to unvested restricted stock awards 312 233
Net earnings attributable to common stockholders $ 22,051 $ 18,654
Earnings per common share    
Basic $ 0.57 $ 0.55
Diluted $ 0.57 $ 0.51
Weighted average common shares outstanding    
Basic 38,626 33,687
Diluted 39,174 36,811
Federal    
Operating expenses    
Income tax expense $ 6,494 $ 5,850
State    
Operating expenses    
Income tax expense $ 2,084 $ 2,396