← Velocity Financial, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | $7.6m | $17.3m | $17.8m | $29.2m | $32.5m | $52.3m | $68.5m | $105.0m | |
| Depreciation and amortization | $1.4m | $1.4m | $1.2m | $1.1m | $796k | $752k | $793k | $516k | |
| Amortization of right-of-use assets | — | $1.1m | $1.2m | $1.3m | $1.3m | $1.5m | $1.2m | $1.5m | |
| Amortization of debt issuance discount and costs | $7.4m | $10.4m | $16.2m | $20.2m | $28.3m | $18.6m | $12.2m | $10.1m | |
| Deferred tax (benefit) expense | ($517k) | ($7.8m) | $1.7m | ($9.9m) | $11.6m | $2.7m | ($11.4m) | ($8.1m) | |
| Gain on disposition of loans | ($709k) | ($4.1m) | ($6.9m) | ($6.8m) | ($3.7m) | ($826k) | ($1.2m) | ($20.6m) | |
| Provision for credit losses | $201k | $1.1m | $5.1m | ($292k) | $1.2m | $1.9m | $1.2m | $5.8m | |
| Origination of loans held for sale | ($148.8m) | ($336.9m) | ($96.1m) | — | ($31.3m) | ($38.0m) | ($23.6m) | ($49.7m) | |
| Proceeds from sales of loans held for sale | $76.8m | $192.5m | $80.9m | $100k | $32.2m | $25.8m | $24.0m | $50.9m | |
| Net accretion of discount on purchased loans and deferred loan origination costs | $3.5m | $4.9m | $4.6m | $6.5m | $7.0m | $4.8m | $4.4m | $3.8m | |
| Provision for (reversal of) uncollectible corporate and escrow advances receivable | $56k | $112k | $871k | ($80k) | ($175k) | $721k | $554k | ($158k) | |
| Change in valuation of real estate owned | $888k | $1.6m | $1.7m | $1.8m | $364k | $3.9m | $6.1m | $17.5m | |
| Change in valuation of fair value loans | ($241k) | $9k | ($442k) | ($29k) | ($8.3m) | ($47.9m) | ($55.9m) | ($116.9m) | |
| Change in valuation of mortgage servicing rights | — | — | — | — | ($2.1m) | $660k | ($375k) | $998k | |
| Change in valuation of fair value securitized debt | — | — | — | — | — | $9.0m | ($2.6m) | $30.5m | |
| Hedging activities | — | — | — | — | — | ($2.1m) | $1.1m | ($2.9m) | |
| Gain on sale of real estate owned | ($640k) | ($207k) | ($644k) | ($409k) | ($2.9m) | ($568k) | ($4.3m) | ($1.4m) | |
| Stock-based compensation | — | — | $965k | $2.2m | $3.3m | $4.1m | $6.2m | $8.3m | |
| Accrued interest and other receivables | ($16.2m) | ($14.5m) | ($5.6m) | ($3.3m) | ($7.4m) | ($13.4m) | ($6.4m) | ($17.2m) | |
| Other assets | ($3.0m) | ($3.2m) | $4.1m | ($362k) | ($8.0m) | $8.4m | ($284k) | ($3.6m) | |
| Accounts payable and accrued expenses | $434k | $18.3m | $11.1m | $16.5m | ($2.6m) | $21.7m | $26.3m | $19.6m | |
| Origination of loans held for investment | ($595.7m) | ($682.9m) | ($343.6m) | ($1.3b) | ($1.7b) | ($1.1b) | ($1.8b) | ($2.7b) | |
| Payments of loans held for investment | $334.7m | $379.3m | $342.0m | $568.8m | $541.7m | $459.7m | $723.0m | $963.8m | |
| Proceeds from sale of real estate owned | $6.2m | $4.5m | $7.5m | $9.6m | $22.5m | $21.7m | $33.0m | $55.6m | |
| Capitalized improvement on real estate owned | — | — | — | — | — | — | — | ($1.3m) | |
| Change in corporate and escrow advances receivable | — | — | ($8.7m) | ($5.4m) | ($5.4m) | ($3.0m) | ($10.5m) | ($1.6m) | |
| Change in impounds and deposits | $4.3m | $5.0m | ($3.8m) | $9.2m | $910k | $9.2m | ($2.1m) | ($1.2m) | |
| Purchase of property and equipment | ($1.3m) | ($882k) | ($726k) | ($135k) | ($326k) | ($180k) | ($289k) | ($281k) | |
| Proceeds from sale of property and equipment | $100k | $322k | $42k | $18k | $3k | — | $640k | — | |
| Purchase of mortgage servicing rights | — | — | — | — | — | — | ($4.8m) | — | |
| Warehouse repurchase facilities advances | $658.5m | $961.7m | $420.2m | $1.2b | $1.7b | $1.2b | $1.9b | $2.6b | |
| Warehouse repurchase facilities repayments | ($527.9m) | ($756.0m) | ($766.7m) | ($989.4m) | ($1.7b) | ($1.2b) | ($1.9b) | ($2.7b) | |
| Proceeds from secured financing | — | $153.0m | — | $175.0m | $215.0m | — | $74.3m | — | |
| Purchase of treasury stock | — | — | — | — | ($458k) | ($861k) | ($1.6m) | ($7.3m) | |
| Deferred stock issuance costs | — | — | ($1.9m) | ($560k) | — | — | ($186k) | ($392k) | |
| Distribution to non-controlling interest | — | — | — | — | — | ($280k) | ($205k) | ($47k) | |
| Transfer of loans held for investment to real estate owned | $7.4m | $11.4m | $9.7m | $11.5m | $10.0m | $48.6m | $49.9m | $105.0m | |
| Capitalized interest on loans held for investment | — | — | $7.8m | $2.0m | $1.4m | $2.4m | $1.4m | $2.3m | |
| Recognition of new leases in exchange for lease obligations | — | — | — | $256k | $26k | $1.7m | $1.2m | $1.8m | |
| Preferred stock conversion to common stock | — | — | — | $90.0m | — | — | — | — | |
| Investment securities | — | — | — | $1.2m | — | — | — | — | |
| Fair value of tangible asset acquired | — | — | — | $688k | — | — | — | — | |
| Mortgage servicing rights | — | — | — | $7.5m | — | — | — | — | |
| Other receivables | — | — | — | $154k | — | — | — | — | |
| Goodwill | — | — | — | $6.8m | — | — | — | — | |
| Liabilities assumed | — | — | — | $1.8m | — | — | — | — | |
| Net cash provided by operating activities | ($72.5m) | ($105.3m) | $54.9m | $57.6m | $48.7m | $48.8m | $37.8m | $18.2m | |
| Real estate acquired through foreclosure in excess of recorded investment | ($491k) | ($291k) | ($665k) | ($1.1m) | ($3.4m) | ($7.4m) | ($8.7m) | ($15.7m) | |
| Purchase of loans held for investment | ($16.9m) | ($9.3m) | ($3.6m) | ($20.6m) | ($18.2m) | ($13.8m) | ($16.7m) | — | |
| Proceeds from sales of loans originally classified as held for investment | — | — | $99.6m | $135.8m | $292.5m | $21.5m | $50.2m | $128.9m | |
| Transfer of loans held for investment to loans held for sale | — | — | ($110.7m) | ($205.7m) | $279.2m | $42.0m | $35.1m | $109.8m | |
| Transfer of loans held for sale to held for investment | — | — | $213.6m | $11.1m | $77.2m | $16.2m | $2.6m | $109.8m | |
| Net cash used in investing activities | ($270.2m) | ($305.9m) | $87.7m | ($656.5m) | ($908.2m) | ($584.7m) | ($1.0b) | ($1.5b) | |
| Proceeds of securitized debt | $535.5m | $608.1m | $536.7m | $977.7m | $1.4b | $975.1m | $1.6b | $2.7b | |
| Debt issuance costs | ($7.8m) | ($17.9m) | ($8.9m) | ($27.0m) | ($25.6m) | ($3.1m) | ($3.9m) | ($1.6m) | |
| Discount on issuance of securitized debt | — | — | — | $2.1m | $23.4m | $1.6m | — | $4.3m | |
| Repayment of securitized debt | ($314.7m) | ($371.4m) | ($398.3m) | ($643.5m) | ($543.6m) | ($438.8m) | ($666.3m) | ($971.7m) | |
| Proceeds from issuance of common stock related to warrants exercised | — | — | — | — | — | — | — | $10.9m | |
| Proceeds from issuance of common stocks, net | — | — | $100.8m | $137k | $607k | $2.3m | $10.1m | $41.0m | |
| Net cash provided by financing activities | $343.6m | $422.1m | ($149.9m) | $626.2m | $874.0m | $535.8m | $1.0b | $1.7b | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $950k | $10.9m | ($7.3m) | $27.3m | $14.5m | ($129k) | $8.9m | $178.4m | |
| Cash, cash equivalents, and restricted cash at beginning of year | $16.7m | $27.6m | $20.3m | $47.6m | $62.1m | $61.9m | $70.8m | $249.2m | |
| Cash paid during the year for interest | $66.5m | $86.4m | $85.4m | $85.0m | $118.7m | $180.4m | $251.3m | $344.9m | |
| Cash paid during the year for income taxes | $13.2m | $15.4m | $965k | $9.6m | $23.0m | $7.6m | $41.5m | $50.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.