Beach Point Capital Updates Velocity Financial Stake
Ticker: VEL · Form: SC 13G/A · Filed: 2024-02-09T00:00:00.000Z
Sentiment: neutral
Topics: institutional-ownership, amendment, equity-stake
TL;DR
**Beach Point Capital just updated its stake in Velocity Financial, Inc. as of year-end 2023.**
AI Summary
Beach Point Capital Management LP, an investment firm, filed an amended SC 13G/A on February 9, 2024, indicating a change in their ownership of Velocity Financial, Inc. common stock as of December 31, 2023. This filing updates their previous disclosures, showing their current stake in the company. For investors, this matters because it reveals a significant institutional investor's updated position, which can signal their confidence (or lack thereof) in Velocity Financial's future performance.
Why It Matters
This filing shows an institutional investor's updated position in Velocity Financial, Inc., providing insight into their current level of commitment to the company.
Risk Assessment
Risk Level: low — This filing is a routine update from an institutional investor and does not inherently signal high risk.
Analyst Insight
An investor should note that Beach Point Capital Management LP has updated its position in Velocity Financial, Inc. and consider researching the details of their previous and current holdings (which would be found in the full filing, not provided here) to understand the nature of the change (increase or decrease) and its potential implications for the stock.
Key Players & Entities
- Beach Point Capital Management LP (company) — the reporting person and institutional investor
- Velocity Financial, Inc. (company) — the subject company whose stock is being reported
- December 31, 2023 (date) — the date of the event requiring the filing
- February 9, 2024 (date) — the filing date of the SC 13G/A
- Common Stock, Par Value $0.01 Per Share (other) — the class of securities reported
FAQ
What type of filing is this document?
This document is an SC 13G/A, which is an amendment to a Schedule 13G filing, as indicated by 'FORM TYPE: SC 13G/A' and 'SCHEDULE 13G (Amendment No. 4)*'.
Who is the 'Reporting Person' in this filing?
The 'Reporting Person' is Beach Point Capital Management LP, as stated under 'NAMES OF REPORTING PERSONS' on page 2 of 9.
What is the 'Subject Company' of this filing?
The 'Subject Company' is Velocity Financial, Inc., as identified under 'SUBJECT COMPANY' in the header and 'VELOCITY FINANCIAL, INC. (Name of Issuer)' on the cover page.
What was the 'Date of Event which Requires Filing of this Statement'?
The 'Date of Event which Requires Filing of this Statement' was December 31, 2023, as specified on the cover page of the filing.
What is the CUSIP number for the securities reported?
The CUSIP number for the 'COMMON STOCK, PAR VALUE $0.01 PER SHARE' of Velocity Financial, Inc. is 92262D101, as listed on the cover page and page 2 of 9.
Filing Stats: 1,750 words · 7 min read · ~6 pages · Grade level 10.7 · Accepted 2024-02-09 16:43:30
Key Financial Figures
- $0.01 — ame of Issuer) COMMON STOCK, PAR VALUE $0.01 PER SHARE (Title of Class of Securiti
Filing Documents
- sayw24020902_13ga.htm (SC 13G/A) — 88KB
- 0000905148-24-000537.txt ( ) — 90KB
(a)
ITEM 1(a). NAME OF ISSUER: VELOCITY FINANCIAL, INC. (the "Issuer")
(b)
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 30699 Russell Ranch Road, Suite 295, Westlake Village, California 91362
(a)
ITEM 2(a). NAME OF PERSON FILING: Beach Point Capital Beach Point GP
(b)
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: c/o Beach Point Capital Management LP, 1620 26th Street, Suite 6000n, Santa Monica, CA 90404
(c)
ITEM 2(c). CITIZENSHIP: Beach Point Capital - Delaware Beach Point GP - Delaware
(d)
ITEM 2(d). TITLE OF CLASS OF SECURITIES: COMMON STOCK, PAR VALUE $0.01 PER SHARE ("Common Stock")
(e)
ITEM 2(e). CUSIP NUMBER: 92262D101 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: SCHEDULE 13G CUSIP: 92262D101 Page 5 of 9 Pages ITEM 4. OWNERSHIP: Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 5,307,835 by each of Beach Point Capital and Beach Point GP (collectively, "Beach Point"). **see Note 1** The Common Stock reported as beneficially owned by Beach Point in this Schedule 13G includes 5,307,835 shares of Common Stock held by certain clients of Beach Point (the "Clients"). (b) Percent of class: 16.2% by each of Beach Point Capital and Beach Point GP. The percent of class is based on 32,781,966 shares of Common Stock outstanding as of Nove