← Velocity Financial, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net interest income | $48.8m |
$59.0m
+20.91%
|
$67.4m
+14.30%
|
$76.0m
+12.64%
|
$83.1m
+9.44%
|
$107.8m
+29.59%
|
$135.8m
+26.04%
|
$185.8m
+36.80%
|
$199.2m
+7.25%
|
|
| Other operating expenses | $5.3m | $6.0m | $8.4m | $8.5m | $11.1m | $8.5m | $9.6m | $10.8m | — | |
| Total operating expenses | $32.2m | $35.1m | $45.6m | $44.7m | $59.7m | $100.6m | $139.6m | $197.4m | — | |
| Total other operating income | $2.8m | $2.6m | $6.3m | $8.2m | $22.2m | $65.9m | $101.4m | $163.6m | — | |
| Interest expense — portfolio related | $62.6m | $83.9m | $87.8m | $85.4m | $127.7m | $186.5m | $247.2m | $340.5m | $417.1m | |
| Interest expense — corporate debt | $13.3m | $14.6m | $12.0m | $20.6m | $29.5m | $16.6m | $23.8m | $24.6m | $417.1m | |
| Interest income | $124.7m | $157.5m | $167.3m | $182.0m | $240.3m | $310.8m | $406.8m | $550.8m | $616.3m | |
| Net interest income — portfolio related | $62.1m |
$73.6m
+18.52%
|
$79.5m
+7.97%
|
$96.6m
+21.49%
|
$112.6m
+16.61%
|
$124.3m
+10.38%
|
$159.6m
+28.41%
|
$210.4m
+31.78%
|
$199.2m
-5.28%
|
|
| Net interest income after provision for credit losses | $48.6m |
$57.9m
+19.07%
|
$62.4m
+7.79%
|
$76.3m
+22.26%
|
$82.0m
+7.51%
|
$105.8m
+29.07%
|
$134.6m
+27.21%
|
$180.0m
+33.68%
|
$199.2m
+10.71%
|
|
| Interest income on cash balance | — | — | — | — | — | $5.2m | $6.5m | $5.9m | $616.3m | |
| Unrealized gain (loss) on fair value securitized debt | — | — | — | — | — | ($9.0m) | $2.6m | ($30.5m) | — | |
| Unrealized gain (loss) on mortgage servicing rights | — | — | — | — | $2.1m | ($660k) | $375k | ($998k) | — | |
| Other income | $1.4m | ($1.8m) | ($1.7m) | $267k | $4.8m | $1.8m | $2.1m | $2.1m | — | |
| Income before income taxes | $19.2m | $25.4m | $23.1m | $39.8m | $44.6m | $71.1m | $96.4m | $146.2m | $151.5m | |
| Total income tax expense | $11.6m | $8.1m | $5.4m | $10.6m | $12.0m | $18.8m | $27.9m | $41.3m | — | |
| Net income | $7.6m |
$25.4m
+232.83%
|
$23.1m
-8.93%
|
$39.8m
+72.05%
|
$32.5m
-18.28%
|
$52.3m
+60.81%
|
$68.5m
+30.93%
|
$105.0m
+53.34%
|
$106.2m
+1.14%
|
|
| Net income attributable to Velocity Financial, Inc. | $7.6m | $17.3m | $17.8m | $29.2m | $32.2m | $52.3m | $68.4m | $105.1m | $106.2m | |
| Net earnings attributable to common stockholders | — | — | ($31.2m) | $20.6m | $31.7m | $51.5m | $67.6m | $103.7m | — | |
| Net income (loss) attributable to noncontrolling interest | — | — | — | — | $308k | $20k | $47k | ($71k) | $106.2m | |
| Basic | — | — | ($1.55) | $0.90 | $0.99 | $1.60 | $2.07 | $2.81 | $2.77 | |
| Diluted | — | — | ($1.55) | $0.61 | $0.93 | $1.49 | $1.89 | $2.72 | $106,177,000.00 | |
| Provision for credit losses | $201k | $1.1m | $5.1m | ($292k) | $1.2m | $1.9m | $1.2m | $5.8m | — | |
| Gain on disposition of loans | $1.2m | $4.4m | $7.6m | $7.9m | $7.1m | $8.2m | $9.9m | $36.3m | — | |
| Unrealized gain on fair value loans | $241k | ($9k) | $442k | $29k | $8.3m | $47.9m | $55.9m | $116.9m | — | |
| Origination fee income | — | — | — | $1.6m | $5.2m | $12.4m | $24.0m | $34.0m | — | |
| Compensation and employee benefits | $15.1m | $15.5m | $20.7m | $19.2m | $30.5m | $48.3m | $69.6m | $90.2m | — | |
| Origination expenses | — | — | — | $2.2m | $4.0m | $518k | $3.1m | $4.5m | — | |
| Securitization expenses | — | — | — | — | — | $12.9m | $19.4m | $28.3m | — | |
| Loan servicing | $6.0m | $7.4m | $7.8m | $8.3m | $12.3m | $17.6m | $22.4m | $33.4m | — | |
| Professional fees | $3.0m | $2.1m | $4.2m | $3.8m | $4.2m | $4.6m | $7.6m | $6.1m | — | |
| Rent and occupancy | $1.3m | $1.5m | $1.7m | $1.8m | $1.7m | $1.9m | $1.9m | $1.1m | — | |
| Real estate owned, net | $1.4m | $2.6m | $2.7m | $3.1m | ($70k) | $6.2m | $6.0m | $22.9m | — | |
| Less undistributed earnings attributable to unvested restricted stock awards | — | — | — | $8.6m | $491k | $753k | $834k | $1.3m | — |