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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income $ 160,986 $ 135,567 $ 314,066 $ 254,307
Interest expense — portfolio related 97,627 81,838 191,654 156,926
Net interest income — portfolio related 63,359 53,729 122,412 97,381
Interest expense — corporate debt 14,469 6,143 29,602 12,285
Net interest income 48,890 47,586 92,810 85,096
Provision for credit losses 980 1,598 2,641 3,470
Net interest income after provision for credit losses 47,910 45,988 90,169 81,626
Other operating income        
Gain on disposition of loans 3,954 6,286 6,850 9,120
Unrealized gain on fair value loans 24,483 29,906 25,522 64,742
Unrealized gain (loss) on fair value securitized debt 2,297 (7,584) 28,551 (21,266)
Unrealized gain (loss) on mortgage servicing rights 1,126 309 789 (772)
Origination fee income 12,154 8,936 20,124 17,615
Interest income on cash balance 1,334 1,505 2,739 2,844
Other income 1,730 489 5,460 1,010
Total other operating income 47,078 39,847 90,035 73,293
Operating expenses        
Compensation and employee benefits 25,514 22,605 49,034 44,289
Origination expenses 1,405 1,193 2,568 2,031
Securitization expenses 4,669 11,521 9,954 15,564
Loan servicing 15,685 8,205 24,248 16,213
Professional fees 2,173 1,992 7,954 3,775
Rent and occupancy 352 298 692 573
Real estate owned, net 6,723 3,298 13,585 6,327
Other operating expenses 3,232 2,801 6,057 5,331
Total operating expenses 59,753 51,913 114,092 94,103
Income before income taxes 35,235 33,922 66,112 60,816
Income tax expense 9,501 7,752 18,079 15,998
Net income 25,734 26,170 48,033 44,818
Net income (loss) attributable to noncontrolling interest 571 173 507 (66)
Net income attributable to Velocity Financial, Inc. 25,163 25,997 47,526 44,884
Less undistributed earnings attributable to unvested restricted stock awards 341 286 694 523
Net earnings attributable to common stockholders $ 24,822 $ 25,711 $ 46,832 $ 44,361
Earnings per common share        
Basic $ 0.64 $ 0.69 $ 1.21 $ 1.25
Diluted $ 0.64 $ 0.69 $ 1.21 $ 1.2
Weighted average common shares outstanding        
Basic 38,730 37,194 38,678 35,450
Diluted 39,304 37,790 39,239 37,309
Federal        
Operating expenses        
Income tax expense $ 7,198 $ 5,928 $ 13,692 $ 11,778
State        
Operating expenses        
Income tax expense $ 2,303 $ 1,824 $ 4,387 $ 4,220