Velocity Financial Reports Q2 2024 Results
Ticker: VEL · Form: 10-Q · Filed: 2024-08-02T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financial-services, quarterly-report
TL;DR
Velocity Financial's Q2 2024 10-Q is out, showing ongoing financial operations and agreements.
AI Summary
Velocity Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial instruments and agreements, such as the July 2021 Term Repurchase Agreement and the 2019 Trust Three, are referenced, indicating ongoing financial activities and obligations.
Why It Matters
This filing provides investors with a quarterly update on Velocity Financial's financial health and operational status, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing references various financial agreements and debt instruments, suggesting potential financial risks and complexities.
Key Players & Entities
- Velocity Financial, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — Period of Report
- 20240802 (date) — Filing Date
- 0000950170-24-089502 (other) — Accession Number
- July Two Thousand Twenty One Term Repurchase Agreement (other) — Financial Agreement
- Two Thousand Nineteen Trust Three (other) — Financial Entity
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, meaning the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240802.
What is the company's Central Index Key (CIK)?
Velocity Financial, Inc.'s Central Index Key is 0001692376.
What specific financial agreements are mentioned in the filing?
The filing references agreements such as the 'JulyTwoThousandTwentyOneTermRepurchaseAgreementMember' and 'MasterParticipationAndFacilityAgreementMember'.
What is the company's business address?
The business address is 2945 TOWNSGATE ROAD, SUITE 110, WESTLAKE VILLAGE, CA 91361.
Filing Stats: 4,400 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-08-01 18:41:16
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share VEL The New York Stock Ex
Filing Documents
- vel-20240630.htm (10-Q) — 6469KB
- vel-ex31_1.htm (EX-31.1) — 17KB
- vel-ex31_2.htm (EX-31.2) — 17KB
- vel-ex32_1.htm (EX-32.1) — 11KB
- vel-ex32_2.htm (EX-32.2) — 11KB
- 0000950170-24-089502.txt ( ) — 25713KB
- vel-20240630.xsd (EX-101.SCH) — 2036KB
- vel-20240630_htm.xml (XML) — 7305KB
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.
Controls and Procedures
Controls and Procedures 55 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 56 Item 1A.
Risk Factors
Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upon Senior Securities 56 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57
SIGNATURES
SIGNATURES 59 i
—FINANCI AL INFORMATION
PART I—FINANCI AL INFORMATION
Consolidated Financ ial Statements (Unaudited)
Item 1. Consolidated Financ ial Statements (Unaudited) VELOCITY FINANCIAL, INC. CONSOLIDATED B ALANCE SHEETS (In thousands, except par value amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and cash equivalents $ 47,366 $ 40,566 Restricted cash 32,293 21,361 Loans held for sale, at fair value — 17,590 Loans held for investment, net 2,619,619 2,828,123 Loans held for investment, at fair value 1,971,683 1,306,072 Total loans, net 4,591,302 4,151,785 Accrued interest receivables 31,124 27,028 Receivables due from servicers 82,359 85,077 Other receivables 6,566 8,763 Real estate owned, net 50,757 44,268 Property and equipment, net 1,912 2,785 Deferred tax asset 1,144 2,339 Mortgage servicing rights, at fair value 12,229 8,578 Goodwill 6,775 6,775 Other assets 9,566 5,248 Total assets $ 4,873,393 $ 4,404,573 LIABILITIES Accounts payable and accrued expenses $ 138,033 $ 121,969 Secured financing, net 283,909 211,083 Securitized debt, net 2,228,941 2,418,811 Securitized debt, at fair value 1,509,952 877,417 Warehouse and repurchase facilities, net 237,437 334,755 Derivative liability 374 3,665 Total liabilities 4,398,646 3,967,700 Commitments and contingencies EQUITY Common stock ($ 0.01 par value, 100,000,000 shares authorized; 33,314,197 and 32,987,248 shares issued, 33,098,635 and 32,865,836 shares outstanding as of June 30, 2024 and December 31, 2023, respectively) 335 331 Additional paid-in capital 311,324 306,736 Retained earnings 160,935 128,906 Treasury stock, at cost ( 215,562 and 121,412 common shares as of June 30, 2024 and December 31, 2023, respectively) ( 2,869 ) ( 1,319 ) Accumulated other comprehensive income (loss) 1,598 ( 1,210 ) Total Velocity Financial, Inc. stockholders' equity 471,323 433,444 Noncontrolling interest in subsid