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VEL Velocity Financial

Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages investor loans secured by 1-4 unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers.

Company profile

Ticker
VEL
Exchange
CEO
Christopher D. Farrar
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
Velocity Financial, LLC
SEC CIK

VEL stock data

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Calendar

16 Mar 21
18 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 20.29M 20.29M 20.29M 20.29M 20.29M 20.29M
Cash burn (monthly) 2.25M 604.92K (positive/no burn) (positive/no burn) 1.62M 299.42K
Cash used (since last report) 8.13M 2.19M n/a n/a 5.86M 1.08M
Cash remaining 12.16M 18.1M n/a n/a 14.44M 19.21M
Runway (months of cash) 5.4 29.9 n/a n/a 8.9 64.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jan 21 Roland Thomas Kelly Common Stock Grant Aquire A No No 7.04 30,000 211.2K 30,100
15 Jan 21 Szczepaniak Mark R Common Stock Grant Aquire A No No 7.04 60,000 422.4K 66,400
15 Jan 21 Cowell Joseph A Common Stock Grant Aquire A No No 7.04 30,000 211.2K 32,222
15 Jan 21 Christopher D. Farrar Common Stock Grant Aquire A No No 7.04 180,000 1.27M 185,000
15 Jan 21 Taylor Jeffrey T. Common Stock Grant Aquire A No No 7.04 60,000 422.4K 64,823

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

46.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 5 5
Opened positions 0 2 EXIT
Closed positions 0 25 EXIT
Increased positions 0 3 EXIT
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 58.96M 58.96M
Total shares 9.46M 9.46M
Total puts 0 0
Total calls 0 0
Total put/call ratio

Financial report summary

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Management Discussion
  • Interest Income.     Interest income increased by $9.8 million, or 6.2%, to $167.3 million during the year ended December 31, 2020, compared to $157.5 million during the year ended December 31, 2019. The increase is primarily attributable to an increase in average loans (volume), which increased $261.1 million, or 14.6%, from $1.8 billion for the year ended December 31, 2019 to $2.0 billion for the year ended December 31, 2020. The average
  • yield over those same periods decreased from 8.84% to 8.19% mainly due to the increase in nonperforming loans due to the COVID-19 pandemic.
  • Interest Expense — Portfolio Related.    Portfolio related interest expense consists of interest incurred on our warehouse facilities and securitizations, which increased by $3.9 million, or 4.7% to $87.8 million for the year ended December 31, 2020, from $83.9 million for the year ended December 31, 2019. The increase in portfolio related interest expense in 2020 was primarily attributable to the increased average balance, partially offset by a lower cost of funds, which decreased to 4.87% for the year ended December 31, 2020 from 5.23% for the year ended December 31, 2019, and was mainly attributable to improved securitization spreads.
Content analysis
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