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Velocity Financial Inc 2024年度报告

2025-03-11美股财报R***
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Velocity Financial Inc 2024年度报告

note08c (MarkOne) UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-K ☐ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedDecember31,2024OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthetransitionperiodfromtoCommissionFile:001-39183 VelocityFinancial,Inc. (ExactNameofRegistrantasSpecifiedinItsCharter) Delaware46-0659719 (Stateorotherjurisdictionofincorporationororganization) 2945TownsgateRoad,Suite110WestlakeVillage,California (I.R.S.EmployerIdentificationNo.) 91361 (Addressofprincipalexecutiveoffices)(ZipCode) Registrant’stelephonenumber,includingareacode:(818)532-3700 SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol Nameofeachexchangeonwhichregistered Commonstock,parvalue$0.01pershareVELTheNewYorkStockExchange SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☐No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes☐No☐ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☐No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☐No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeacceleratedfiler☐Acceleratedfiler☐ Non-acceleratedfiler☐Smallerreportingcompany☐ Emerginggrowthcompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☐ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☐ AsofJune30,2024,theaggregatemarketvalueofvotingandnon-votingcommonstockheldbynon-affiliatesoftheregistrantwas$161.4million,basedonaclosingpriceof$17.93. AsofMarch3,2025,theregistranthad34,015,492sharesofcommonstock,parvalue$0.01pershare,outstanding. DocumentsIncorporatedbyReference CertainportionsofourDefinitiveProxyStatementpursuanttoRegulation14AoftheSecuritiesExchangeActof1934inconnectionwithour2025AnnualMeetingofShareholdersareincorporatedbyreferenceintoPartIIIofthisForm10-K. LocationofExhibitIndexTheindexofexhibitsiscontainedinPartIVofthisForm10-Konpage41. TableofContents Page PARTI 1 Item1. Business 1 Item1A. RiskFactors 7 Item1B. UnresolvedStaffComments 8 Item1C Cybersecurity 8 Item2. Properties 8 Item3. LegalProceedings 8 Item4. MineSafetyDisclosures 8 PARTII 9 Item5. MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities 9 Item6. [Reserved] 9 Item7. Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 10 Item8. FinancialStatementsandSupplementaryData 38 Item9. ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure 38 Item9A. ControlsandProcedures 38 Item9B. OtherInformation 39 PARTIII 40 Item10. Directors,ExecutiveOfficersandCorporateGovernance 40 Item11. ExecutiveCompensation 40 Item12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 40 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence 40 Item14. PrincipalAccountingFeesandServices 40 PARTIV 41 Item15. Exhibits,FinancialStatementSchedules 41 Item16. Form10-KSummary 43 Signatures 98 VelocityFinancial,Inc. Unlessotherwisestatedorthecontextotherwiseindicates,referencesto“we,”“us,”“our,”“theCompany,”“Velocity”andsimilarreferencesrefertoVelocityFinancial,Inc.anditsconsolidatedsubsidiaries. SPECIALNOTEREGARDINGFORWARD-LOOKINGSTATE