Velocity Financial Files 2024 10-K
Ticker: VEL · Form: 10-K · Filed: 2025-03-12T00:00:00.000Z
Sentiment: neutral
Topics: 10-K, annual-report, finance-services
TL;DR
VEL 10-K is in! Full FY24 financials out now.
AI Summary
Velocity Financial, Inc. filed its 2024 10-K on March 12, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Westlake Village, CA, operates in the finance services sector. Key financial data and operational details for the period are disclosed in this annual report.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Velocity Financial's financial performance and strategic positioning for the fiscal year 2024.
Risk Assessment
Risk Level: medium — As a finance services company, Velocity Financial is subject to market, credit, and regulatory risks inherent in the lending industry.
Key Numbers
- 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
- 2025-03-12 — Filing Date (Date the 10-K was submitted to the SEC)
Key Players & Entities
- Velocity Financial, Inc. (company) — Filer of the 10-K
- 2024-12-31 (date) — Fiscal year end
- 2025-03-12 (date) — Filing date
- Westlake Village, CA (location) — Company headquarters and mailing address
- 6199 (industry_code) — Standard Industrial Classification for Finance Services
FAQ
What were Velocity Financial's total revenues for the fiscal year ended December 31, 2024?
The filing does not explicitly state total revenues in the provided snippet, but it indicates the reporting period is for the fiscal year ended December 31, 2024.
What is the company's primary business segment as indicated by the SIC code?
The Standard Industrial Classification (SIC) code is 6199, which corresponds to Finance Services.
Where is Velocity Financial, Inc. headquartered?
Velocity Financial, Inc. is headquartered in Westlake Village, CA, with a business and mailing address at 2945 Townsgate Road, Suite 110.
When did Velocity Financial, Inc. change its name from Velocity Financial, LLC?
The company formerly known as Velocity Financial, LLC changed its name on December 14, 2016.
What specific portfolio segments are mentioned in relation to the company's loan evaluation and aging status?
The filing mentions 'CommercialRefinancePortfolioSegmentMember', 'ShortTermOneToFourUnitPurchasePortfolioSegmentMember', and 'LoansIndividuallyEvaluatedForImpairmentMember'.
From the Filing
0000950170-25-037433.txt : 20250312 0000950170-25-037433.hdr.sgml : 20250312 20250311184114 ACCESSION NUMBER: 0000950170-25-037433 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 173 CONFORMED PERIOD OF REPORT: 20241231 FILED AS OF DATE: 20250312 DATE AS OF CHANGE: 20250311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Velocity Financial, Inc. CENTRAL INDEX KEY: 0001692376 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39183 FILM NUMBER: 25729357 BUSINESS ADDRESS: STREET 1: 2945 TOWNSGATE ROAD STREET 2: SUITE 110 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 BUSINESS PHONE: 866-505-3863 MAIL ADDRESS: STREET 1: 2945 TOWNSGATE ROAD STREET 2: SUITE 110 CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 FORMER COMPANY: FORMER CONFORMED NAME: Velocity Financial, LLC DATE OF NAME CHANGE: 20161214 10-K 1 vel-20241231.htm 10-K 10-K FY 0001692376 false P1Y P3Y P3Y http://fasb.org/us-gaap/2024#InterestExpenseBorrowings http://fasb.org/us-gaap/2024#InterestExpenseBorrowings http://fasb.org/us-gaap/2024#DerivativeLiabilities http://fasb.org/us-gaap/2024#DerivativeLiabilities http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#RelatedPartyMember 1 http://fasb.org/srt/2024#ChiefExecutiveOfficerMember 0001692376 vel:CommercialRefinancePortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember vel:LoansIndividuallyEvaluatedForImpairmentMember vel:COVID19PandemicMember 2024-12-31 0001692376 vel:LoansIndividuallyEvaluatedForImpairmentMember vel:COVID19PandemicMember vel:AgingStatusAndAccrualStatusMember vel:ShortTermOneToFourUnitPurchasePortfolioSegmentMember 2023-12-31 0001692376 srt:MinimumMember vel:LessThanOneMillionMember us-gaap:CommercialRealEstateMember 2023-01-01 2023-12-31 0001692376 vel:CommercialPurchasePortfolioSegmentMember vel:COVID19PandemicMember vel:AgingStatusAndAccrualStatusMember vel:LoansCollectivelyEvaluatedForImpairmentMember 2023-12-31 0001692376 vel:DeferredIssuanceCostsAndDiscountsMember 2024-12-31 0001692376 vel:OneMillionAndMoreMember us-gaap:CommercialRealEstateMember srt:MaximumMember 2023-01-01 2023-12-31 0001692376 vel:TwentyTwentyOneOneTrustMember 2024-01-01 2024-12-31 0001692376 us-gaap:RestrictedStockUnitsRSUMember 2023-12-31 0001692376 us-gaap:SoftwareDevelopmentMember 2023-12-31 0001692376 vel:CommercialRefinancePortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember vel:LoansIndividuallyEvaluatedForImpairmentMember vel:COVID19PandemicMember 2023-12-31 0001692376 vel:NumberOfLoansHeldInRealEstateOwnedMember us-gaap:CommercialRealEstatePortfolioSegmentMember stpr:GA us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001692376 vel:TwoThousandTwentyTwoMc1TrustMember 2023-12-31 0001692376 vel:TwentyTwentyTwoOneTrustMember 2024-01-01 2024-12-31 0001692376 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001692376 vel:LoansIndividuallyEvaluatedForImpairmentMember vel:CommercialPurchasePortfolioSegmentMember vel:AgingStatusAndAccrualStatusMember vel:COVID19PandemicMember 2024-12-31 0001692376 vel:OriginatesAndPurchasesLoansSecuredMember stpr:TX us-gaap:CommercialPortfolioSegmentMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-12-31 0001692376 vel:CenturyHealthAndHousingCapitalMember 2021-12-28 0001692376 vel:TwoThousandNineteenTermLoansMember 2023-12-31 0001692376 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:GeographicConcentrationRiskMember 2024-01-01 2024-12-31 0001692376 us-gaap:TreasuryStockCommonMember 2022-12-31 0001692376 vel:ShortTermOneToFourUnitRefinancePortfolioSegmentMember 2022-12-31 0001692376 us-gaap:CommonStock