Velocity Financial Inc 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March 31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from ______ to _____Commission File Number: 001-39183 Velocity Financial, Inc. (Exact Name of Registrant as Specified in its Charter) 46-0659719(I.R.S. EmployerIdentification No.) Delaware(State or other jurisdiction ofincorporation or organization)2945 Townsgate Road, Suite 110Westlake Village, California(Address of principal executive offices) Registrant’s telephone number, including area code:(818) 532-3700 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐Emerging growth company☐ Accelerated filer☒Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of April 30, 2026, the registrant had 39,255,281 shares of common stock outstanding. Table of Contents PART I.FINANCIAL INFORMATIONItem 1.Consolidated Financial Statements (Unaudited)2Consolidated Balance Sheets2Consolidated Statements of Income4Consolidated Statements of Comprehensive Income5Consolidated Statements of Changes in Stockholders’ Equity6Consolidated Statements of Cash Flows7Notes to Consolidated Financial Statements (Unaudited)9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations37Item 3.Quantitative and Qualitative Disclosures About Market Risk59Item 4.Controls and Procedures59 PART II.OTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits 60606060606062 VELOCITY FINANCIAL, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except share data) March 31, 2026December 31, 2025(Unaudited)ASSETSCash and cash equivalents$87,054$92,103Restricted cash24,996157,134Loans held for investment, at amortized cost (net of allowance for credit losses of$4,860and $4,521as of March 31, 2026 and December 31, 2025, respectively)1,951,0302,028,262Loans held for investment, at fair value5,154,5084,729,869Total loans, net7,105,5386,758,131Accrued interest receivables51,25949,678Receivables due from servicers142,354150,902Other receivables2,6901,897Real estate owned, net131,849118,289Property and equipment, net1,3241,415Deferred tax asset, net18,46222,709Mortgage servicing rights, at fair value12,64512,963Derivative assets46466Goodwill6,7756,775Other assets6,0339,451Total assets$7,591,443$7,381,513 VELOCITY FINANCIAL, INC.CONSOLIDATED BALANCE SHEETS (CONTINUED)(In thousands) The following table represents the assets and liabilities of consolidated variable interest entities: VELOCITY FINANCIAL, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands)(Unaudited) VELOCITY FINANCIAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) VELOCITY FINANCIAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)(In thousands) VELOCITY FINANCIAL, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Note 1 — Organization and Description of Business Velocity Financial, LLC (“VF” or “the Company”) was a Delaware limited liability company formed on July 9, 2012, for thepurpose of acquiring all membership units in Velocity Commercial Capital, LLC (“VCC”). On January 16, 2020, VelocityFinancial, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to VelocityFinancial, Inc. Upon completion of the conver