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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 76,115 $ 92,103
Restricted cash 169,088 157,134
Loans held for investment, at amortized cost (net of allowance for credit losses of $5,102 and $4,521 as of June 30, 2026 and December 31, 2025, respectively) 1,823,039 2,028,262
Loans held for investment, at fair value 5,460,522 4,729,869
Total loans, net 7,283,561 6,758,131
Retained securities, at fair value 29,924 0
Accrued interest receivables 53,107 49,678
Receivables due from servicers 152,182 150,902
Other receivables 6,006 1,897
Real estate owned, net 142,085 118,289
Property and equipment, net 1,291 1,415
Deferred tax asset, net 19,852 22,709
Mortgage servicing rights, at fair value 14,307 12,963
Derivative assets 118 66
Goodwill 6,775 6,775
Other assets 8,719 9,451
Total assets 7,963,130 7,381,513
LIABILITIES    
Accounts payable and accrued expenses 186,020 168,314
Secured financing, net 73,427 286,679
Unsecured senior notes, net 486,170 0
Securitized debt, at amortized cost 1,570,782 1,705,589
Securitized debt, at fair value 4,609,891 4,236,737
Warehouse and repurchase facilities, net 311,676 308,506
Total liabilities 7,237,966 6,705,825
Commitments and contingencies
EQUITY    
Common stock ($0.01 par value, 100,000,000 shares authorized; 40,279,046 and 39,573,657 shares issued, 39,293,655 and 38,965,317 shares outstanding as of June 30, 2026 and December 31, 2025, respectively) 405 398
Additional paid-in capital 390,977 382,564
Retained earnings 349,905 302,379
Treasury stock, at cost (985,391 and 608,340 common shares as of June 30, 2026 and December 31, 2025, respectively) (17,483) (10,204)
Accumulated other comprehensive loss (2,267) (2,602)
Total Velocity Financial Inc. stockholders' equity 721,537 672,535
Noncontrolling interest in subsidiary 3,627 3,153
Total equity 725,164 675,688
Total liabilities and equity $ 7,963,130 $ 7,381,513