Velocity Financial, Inc. announced net income of $18.9 million for the first quarter of 2025, an increase of 9.5% from $17.3 million in 1Q24. Core net income grew by 11.0% to $20.3 million, up from $18.2 million in the prior year period, with diluted EPS at $0.51 and core diluted EPS at $0.55.
The company achieved record loan production of $640.4 million in unpaid principal balance (UPB), marking a 69.1% increase from 1Q24 and a 13.7% increase from 4Q24. This robust origination volume propelled the total loan portfolio to $5.4 billion in UPB as of March 31, 2025, a 27.3% increase year-over-year.
Velocity completed one securitization totaling $342.8 million of securities issued with a weighted average rate of 6.7% and collapsed VCC 2023-1R, releasing $52.6 million of marketable retained securities. The company also raised $28.8 million in net proceeds through its ATM program by issuing 1.6 million common shares at a weighted average price of $18.35.
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