PIMCO Amends Stake in Velocity Financial

TL;DR

PIMCO filed an amendment to its 13D/A for Velocity Financial, Inc. on 7/23/24.

AI Summary

Pacific Investment Management Company LLC (PIMCO) has filed an amendment (Amendment No. 4) to its Schedule 13D/A regarding Velocity Financial, Inc. The filing, dated July 23, 2024, indicates a change in beneficial ownership. PIMCO, located at 650 Newport Center Drive, Newport Beach, CA, is the filer, with Zephram Yowell listed as the contact person.

Why It Matters

This filing signals a potential shift in major shareholder activity for Velocity Financial, Inc., which could influence the company's stock performance and strategic direction.

Risk Assessment

Risk Level: medium — Schedule 13D filings often indicate significant investor activity, which can lead to increased volatility.

Key Players & Entities

• Pacific Investment Management Company LLC (company) — Filer of the Schedule 13D/A
• Velocity Financial, Inc. (company) — Subject company of the filing
• Zephram Yowell (person) — Contact person for PIMCO

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti

Filing Documents

• d875769dsc13da.htm (SC 13D/A) — 36KB
• 0001193125-24-183111.txt ( ) — 38KB

From the Filing

SC 13D/A 1 d875769dsc13da.htm SC 13D/A SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D/A (Rule 13d-101) UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 4)* Velocity Financial, Inc. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 92262D101 (CUSIP Number) Pacific Investment Management Company LLC Attention: Zephram Yowell, Senior Vice President, Senior Counsel 650 Newport Center Drive Newport Beach, California 92660 (949) 720-6000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 22, 2024 (Date of Event Which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Note . Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7 for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 92262D101 Page 2 of 3 Pages 1. NAME OF REPORTING PERSON Pacific Investment Management Company LLC 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)(b) 3. SEC USE ONLY 4. SOURCE OF FUNDS OO 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) 6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7. SOLE VOTING POWER 10,963,806 shares of Common Stock 1,673,958 Warrants(1) 8. SHARED VOTING POWER 0 9. SOLE DISPOSITIVE POWER 10,963,806 shares of Common Stock(1) 1,673,958 Warrants(1) 10. SHARED DISPOSITIVE POWER 0 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,963,806 shares of Common Stock(1) 1,673,958 Warrants(1) 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 36.5%(2) 14. TYPE OF REPORTING PERSON IA, OO (1) The shares reported herein for the Reporting Person represent the securities of the Issuer that are held by TOBI (see Item 2 of the Schedule 13D) (i) 10,963,806 shares of the Issuers Common Stock, and (ii) 1,673,958 shares of Common Stock that TOBI has the right to acquire through the exercise of Warrants (the Warrant Shares). (2) The number of shares outstanding for purposes of this percentage calculation assumes (i) 32,985,794 outstanding shares of the Issuers Common Stock as of May 1, 2024 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, as filed with the Securities and Exchange Commission on May 3, 2024, plus (ii) the Warrant Shares. CUSIP No. 92262D101 Page 3 of 3 Pages SCHEDULE 13D The statement on Schedule 13D filed on April 14, 2020 (the Original Schedule 13D), relating to the common stock, par value $0.01 per share (the Common Stock), of Velocity Financial, Inc. (the Issuer), a Delaware corporation, (as amended by Amendment No. 1 to Schedule 13D filed on October 12, 2021 (Amendment No. 1), by Amendment No. 2 to Schedule 13D filed on July 14, 2023 (Amendment No. 2) and by Amendment No. 3 to Schedule 13D filed on July 22, 2024 (Amendment No. 3 and together with the Original Schedule 13D and Amendment No. 1 and Amendment No 2, the Schedule 13D)) is hereby amended as set forth below by this Amendment No. 4 to the Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned to such terms in the Schedule 13D. This Amendment No. 4 is filed solely to correct the citizenship information of certain individuals included on Schedule A. Dated: July 23, 2024 PACIFIC INVESTMENT MANAGEMENT COMPANY LLC By: /s/ Alyssa Creighton Name: Alyssa Creighton Title: Senior Vice President Schedule A of the Schedule 13D is hereby amended in its entirety as follows: Schedule A The name and present principal occupation of each Executive Committee Member and Chief Investment Officer of PIMCO is set forth below. Unless otherwise noted the