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2Q25 Results Presentation August 7, 2025
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Confidential 2 Forward-looking statements Some of the statements contained in this presentation may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, positioning, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement. While forward-looking statements reflect our good faith projections, assumptions, and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes, except as required by applicable law.Factors that could cause our results to differ materially include, but are not limited to, (1) changes in federal government fiscal and monetary policies, (2) general economic and real estate market conditions, including the risk of recession, (3) regulatory and/or legislative changes, (4) our customers’ continued interest in loans and doing business with us, (5) market conditions and investor interest in our future securitizations, and (6) geopolitical conflicts. Additional information relating to these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements can be found in other cautionary statements we make in our current and periodic filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.velfinance.com.
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Confidential 3 2Q25 Highlights Production & Loan Portfolio Earnings Financing & Capital ▪ Net income of $26.0 million, up 75.9% from $14.8 million for 2Q24. Diluted EPS of $0.69, up $0.27 from $0.42 per share for 2Q24. ▪ Core net income(1) of $27.5 million, an increase of 72.6% from $15.9 million for 2Q24. Core diluted EPS(1) of $0.73, up from $0.45 per share for 2Q24. ▪ Portfolio net interest margin (NIM) for 2Q25 was 3.82%, an increase of 47 bps from 3.35% for 1Q25 and a 28 bps increase from 3.54% for 2Q24 ▪ Record loan production of $725.4 million in UPB, an increase of 13.3% and 71.8% from 1Q25 and 2Q24, respectively ▪ Velocity’s total loan portfolio was $5.9 billion in UPB as of June 30, 2025, an increase of 30.8% from $4.5 billion in UPB as of June 30, 2024 ▪ Nonperforming loans (NPL) as a % of HFI(2) loans were 10.3%, down from 10.8% as of March 31, 2025, and 10.5% as of June 30, 2024 ▪ 2Q25 NPA(3) resolutions realized gains of $3.6 million, or 103.5%, of UPB resolved ▪ The Company completed four securitizations totaling $985.5 million of securities issued ▪ Collapsed and refinanced two securitizations totaling $68.0 million in debt outstanding, which released $53.5 million of capital to deploy for future growth ▪ Liquidity of $139.2 million, consisting of $79.6 million in unrestricted cash and $59.7 million in available borrowings from unpledged loans ▪ Total available warehouse line capacity of $476.9 million (1) “Core net income” and “Core diluted EPS” are non-GAAP financial measures which exclude non-recurring, non-operating, and/or unusual activities from GAAP net income (2) Held for Investment (HFI) includes the unpaid principal balance of loans carried on an amortized cost basis and loans carried at fair value (FVO). (3) Nonperforming Assets
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Confidential 4 $407,305 $474,942 $526,71013.11% 15.34% 16.41% 12/31/2023 12/31/2024 LTM 06/30/2025 $1.54 $2.03 $2.36 12/31/2023 12/31/2024 LTM 06/30/2025 Unique Strategy Generates Meaningful Outperformance ▪ Our proprietary operating platform and expertise delivers strong results and durable long-term growth for our shareholders ▪ Track record of execution and ability to successfully deploy retained capital has enabled our ability to grow both core earnings and shareholders’ equity with minimal reliance on the equity capital markets ▪ Significant unrecognized value opportunity for investors resulting from Velocity’s market positioning and organic earnings growth potential (1) CAGR = Compounded Annual Growth Rate adjusted for the six-month period in 2025. (2) Stockholders’ equity includes noncontrolling interest in subsidiary as of 12/31/2023, 12/31/2024 and 06/30/2025. Core Diluted Earnings Per Share CAGR = 33.0% Core Return on Average Stockholders’ Equity RoAE CAGR = 16.2% (1) (1) Stockholders’ Equity CAGR = 18.7% (1) (2)
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Confidential 5 $14.87 $ 15.62 $17.60 $ 0.73 $ 0.06 $ 1.99 Diluted book value at 3/31/25 Non-Core Earnings Core Earnings Non-Earnings Activity Diluted book value at 6/30/25 Fair Value Adjustment Adjusted Book Value at 6/30/25 Book Value and Adjusted Book Value Per Share(2) ▪ Core net income totaled $27.5 million in 2Q25, compared to $20.3 million for 1Q25 – 2Q25 core pre-tax ROE of 24.3% ▪ Diluted book value per share as of June 30, 2025, was $15.62(4), a 5.1% increase from $14.87(3) as of March 31, 2025 ▪ Adjusted diluted book value per share as of June 30, 2025, was $17.60(5) and reflects the net incremental estimated pretax fair value of loans carried at amortized cost and related securitized debt over diluted book value Core Net Income, Diluted Book Value and Adjusted Book Value Per Share Core Net Income(1) Equity award & ESPP costs $1,473 (1) Core net income” is a non-GAAP financial measure which excludes non-recurring and/or unusual activities from GAAP net income. Non-core adjustments include incentive compensation expenses and costs related to the Company’s employee stock purchase plan (ESPP) (2) Diluted book value per share is the ratio of total GAAP equity divided by diluted shares at period end. Total equity includes non-controlling interest of $3.03 million as of March 31, 2025, and $3.16 million as of June 30, 2025. (3) Based on 38,088,649 diluted shares as of March 31, 2025 (4) Based on 38,474,652 diluted shares as of June 30, 2025 (5) Fair value adjustment is derived using the pretax net incremental estimated fair value of the Company’s loans and securitiza tions carried at amortized cost divided by the diluted share count as of June 30, 2025. For additional information, please see Note 19 – Fair Value Measurements in the Company’s 10-Q for the period ended June 30, 2025 (3) (4) Core Net Income $27,470 GAAP Net Income $25,997 $(0.04) ($ in thousands) (5)
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Confidential 6 Loan Production ▪ Loan production in 2Q25 totaled $725.4 million in UPB, a 13.3% increase from $640.4 million for 1Q25 and a 71.8% increase from $422.2 million for 2Q24 – Y/Y volume growth driven by a 93.1% increase in Traditional Commercial loans and 53.4% Y/Y increase in Investor 1-4 rental loans ▪ The WAC(1) on 2Q25 HFI loan production was 10.5%, unchanged from 1Q25 and down from 11.0% in 2Q24 Loan Production Volume ($ of UPB in millions) 2Q25 Production Reaches New Record Units Average loan balance (1) Weighted Average Coupon on HFI production. (2) Loan to Value WAC(1) LTV(2) HFI Production Metrics HFI Production $181.5 $175.2 $320.3 $324.8 $350.5 $185.7 $219.9 $199.9 $266.6 $284.9 $55.0 $62.7 $38.7 $44.1 $49.1 $18.9 $4.6 $4.9 $40.9 $422.2 $476.8 $563.5 $640.4 $725.4 2Q24 3Q24 4Q24 1Q25 2Q25 Traditional Commercial Investor 1-4 Rental Short-term Loan Products Government Insured Multifamily (CHHC) 422.2 457.8 558.9 635.5 684.5 11.0% 10.8% 10.8% 10.5% 10.5% 64.7% 63.0% 62.9% 62.6% 62.7% 1,109 1,180 1,285 1,513 1,630 380.7$ 388.0$ 434.9$ 420.1$ 419.9$
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Confidential 7 $2,424.6 $2,799.5 $2,951.7 $512.8 $605.7 $632.4$336.4 $397.8 $422.6 $397.5 $522.4 $569.1 $302.4 $367.3 $392.7 $297.7 $421.4 $459.0 $208.6 $330.9 $432.1 $4,479.9 $5,445.0 $5,859.7 2Q24 1Q25 2Q25 Investor 1-4 Rental Mixed Use Multifamily Retail Warehouse Office All Other Loan Portfolio by Property Type ▪ The total loan portfolio was $5.9 billion in UPB as of June 30, 2025, an increase of 7.5% from $5.4 billion as of March 31, 2025, and 30.8% from $4.5 billion as of June 30, 2024 – Loan prepayments totaled $223.4 million in UPB, an increase of 14.0% from $196.0 million for 1Q25, and an increase of 34.8% from $165.8 million for 2Q24 ▪ Portfolio WAC(1) was 9.67% as of June 30, 2025, an increase from 9.25% as of June 30, 2024 ▪ The UPB of fair value option (FVO) loans was $3.6 billion, or 62.3% of total loans, as of June 30, 2025, an increase from $1.9 billion in UPB, or 42.0% as of June 30, 2024 Loan Portfolio (UPB in millions) (1) Weighted Average Coupon on the total loan portfolio. (2) $ in thousands. Portfolio Set to Reach $6 Billion, Driven by Strong Loan Originations 67.38% 66.13% 65.80% 11,582 13,858 14,854 9.25% 9.59% 9.67% $386.8 $393.3 $394.5 41.98% 57.71% 62.28% Loan to Value Loan Count WAC Average Loan Balance FVO% (2)
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Confidential 8 Portfolio Net Interest Income & NIM(1) Portfolio Yield and Cost of Funds Portfolio Related ▪ Portfolio NIM(1) for 2Q25 was 3.82%, an increase of 47 bps from 3.35% for 1Q25 and 28 bps from 3.54% for 2Q24 ▪ Portfolio Yield: increased 54 bps from 1Q25 and 67 bps from 2Q24. Q/Q, change driven by increased NPA resolutions; Y/Y growth primarily resulted from the increase in weighted average loan coupons ▪ Cost of Funds: increased 1 bps from 1Q25 and increased 23 bps from 2Q24, Q/Q change driven by the successful issuance of the 2025 RTL and 2025 MC1 securitizations resulting in lower warehouse financing utilization; Y/Y primarily driven by higher warehouse financing utilization and securitized debt costs Net Interest Margin (1) Net Interest Margin related to the loan portfolio only; excludes corporate debt. Portfolio Related ($ in millions) Significant Increase in NIM $38.6 $43.7 $53.7 3.54% 3.35% 3.82% 2Q24 1Q25 2Q25 Net Interest Income ($ in '000) - portfolio related Net interest margin (portfolio) 8.98% 9.11% 9.65% 6.01% 6.23% 6.24% 2Q24 1Q25 2Q25 HFI Portfolio Yield W.A. Cost of funds
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Confidential 9 Nonperforming Loans(1) ▪ Total nonperforming loans (NPL) as a percentage of total HFI loans was 10.3% as of June 30, 2025, a decrease from 10.8% as of March 31, 2025, and 10.5% as of June 30, 2024 ▪ Gains on NPA resolutions for 2Q25 was 3.5% of UPB resolved, an increase from 2.4% for 1Q25 and an increase from 1.3% for 2Q24 $ UPB in millions HFI Portfolio Performance (1) For additional detail, please see page 17 in the Appendix of this presentation. NPLs as % of HFI Loans Reach Lowest Level in Five Qtrs.; 2Q25 Resolution Gains Increased $470.6 $503.9 $539.4 $587.8 $601.8 10.5% 10.6% 10.7% 10.8% 10.3% 1.3% 3.4% 7.0% 2.4% 3.5% 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Total nonaccrual loans % nonaccrual to total HFI loans % gain on NPL resolutions
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Confidential 10 Non-Performing Asset Resolution Activity Resolution Activity ▪ NPA resolutions totaled $104.0 million in UPB, realizing 103.5% of UPB resolved, compared to $80.7 million in UPB and realization of 101.3% of UPB resolved for 2Q24 ▪ The UPB of loans resolved in 2Q25 represented 17.7% of nonperforming loan UPB as of March 31, 2025 ▪ The UPB of loan resolutions for 2Q25 was above the recent five- quarter resolution average of $81.8 million in UPB, and consistent with the average gains of 103.5% of UPB resolved NPA Volume and Gains Rise for 2Q25 RESOLUTION ACTIVITIES LONG-TERM NONPERFORMING ASSETS RESOLUTION ACTIVITY ($ in thousands) UPB $ Gain / (Loss) $ UPB $ Gain / (Loss) $ UPB $ Gain / (Loss) $ Paid in full 26,119$ 793$ 20,589$ 989$ 32,220$ 2,078$ Paid current 35,292 188 30,563 375 45,396 390 REO sold 7,859 (202) 4,541 337 11,167 548 Total resolutions 69,270$ 779$ 55,693$ 1,701$ 88,783$ 3,016$ Recovery rate on resolved nonperforming assets 101.1% 103.1% 103.4% SHORT-TERM AND FORBEARANCE NONPERFORMING ASSETS RESOLUTION ACTIVITY ($ in thousands) UPB $ Gain / (Loss) $ UPB $ Gain / (Loss) $ UPB $ Gain / (Loss) $ Paid in full 4,545$ 93$ 5,341$ 182$ 8,963$ 371$ Paid current 2,689 1 11,845 14 3,770 4 REO sold 4,176 165 3,558 (37) 2,440 243 Total resolutions 11,410$ 259$ 20,744$ 159$ 15,173$ 618$ Recovery rate on resolved nonperforming assets 102.3% 100.8% 104.1% Grand total resolutions 80,680$ 1,038$ 76,437$ 1,860$ 103,956$ 3,634$ Recovery rate on resolved nonperforming assets 101.3% 102.4% 103.5% SECOND QUARTER 2024 FIRST QUARTER 2025 SECOND QUARTER 2025 SECOND QUARTER 2024 FIRST QUARTER 2025 SECOND QUARTER 2025
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Confidential 11 ▪ The reserve balance was $4.9 million as of June 30, 2025, a decrease from $5.2 million as of June 30, 2024 – The decrease was driven by the continued run-off of loans subject to the CECL reserve – The CECL reserve rate was 0.22% (CECL Reserve as % of Amortized Cost HFI loans), was relatively consistent with the recent five-quarter avg. rate of 0.20% given our conservative model assumptions ▪ Charge-offs for 2Q25 totaled $1,733 thousand, an increase from $245 thousand for 2Q24. The increase versus the prior period was primarily driven by a $1.4 million loss on one loan. ▪ For 2Q25, total gain on REO was $3.8 million, up from a $2.3 million gain for 2Q24, driven by gain on foreclosed loans transferred to REO CECL Reserve, Charge-Offs and REO CECL Reserve Decreased Slightly; Transfer Gains Drive Improved REO Results Loan Loss Reserve & Gain (Loss) on REO (1) Amortized cost (2) Reflects the monthly average of nonperforming loans held for investment, excluding FVO loans, during the period (3) Annualized (4) Total gain on REO excludes charge-offs. ($ in thousands) 6/30/2025 6/30/2024 Allowance for credit losses: Beginning balance 5,017 5,267 Provision for credit losses 1,598 218 Charge-offs (1,733) (245) Ending balance 4,882 5,240 Total UPB subject to CECL 2,210,304 2,599,016 Nonperforming loans UPB subject to CECL 283,227 324,018 Nonperforming loans UPB subject to CECL / Total UPB subject to CECL 12.8% 12.5% Allowance for credit losses / Total UPB subject to CECL 0.22% 0.20% Charge-offs / Total UPB subject to CECL(3) 0.31% 0.04% Gain on REO: Gain on transfer to REO 5,141 2,914 REO valuations, net (2,150) (540) Gain (loss) on sale of REO 790 (37) Total gain on REO (4) 3,781 2,337 Quarter Ended
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Confidential 12 $3,738.9 $3,854.4 $4,226.5 $4,395.5 $5,092.5 $237.4 $434.0 $348.1 $570.0 $331.1 $283.9 $284.4 $284.8 $285.3 $285.8 $4,260.2 $4,572.8 $4,859.4 $5,250.8 $5,709.3 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Securitizations Warehouse Lines Corporate Debt Durable Funding and Liquidity Strategy Four Securitization in 2Q25(1); Securitizations Reflect Strong Investor Support Outstanding Debt Balances(2) ($ in Millions) (1) Through June 30, 2025. (2) Debt balances are net of issuance costs and discounts as reported in the consolidated balance sheet. (3) Of securities issued (4) Represents the remaining balance of securitization outstanding net of issuance costs, discounts and fair value marks as of period end. (5) As of June 30, 2025, four of six warehouse lines had non-mark-to-market features and staggered maturities. Non-Recourse Debt Recourse Debt (4) ▪ Completed four securitizations in 2Q25: – Issued the VCC 2025-2 & 2025-3 securitizations totaling $760.0 million(3) with a weighted average rate of 6.6% – Completed the 2025 RTL1 totaling $111.4 million(3), our second transaction comprised of Velocity’s short-term loans – Refinanced an existing mixed collateral securitization with the completion of the 2025 MC1 totaling $114.1 million(3), further optimizing leverage ▪ Recourse debt to equity of 1.0X, down from 1.5X as of March 31, 2025, driven by securitization activity ▪ Available Non-MTM warehouse line capacity of $476.9 million as of June 30, 2025 (5) (5) Debt / Equity 9.0X 9.4X 9.3X 9.3X 9.5X Recourse Debt / Equity 1.1X 1.5X 1.2X 1.5X 1.0X Securitzations Issued 2 1 2 1 4 Max. Warehouse Line Capacity $885 $785 $785 $810 $810
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Confidential 13 ▪ U.S. economic outlook remains mixed; recent developments provide optimism for improvement ▪ NPA resolutions trends (UPB volume & gains) expected to continue ▪ Large addressable market for continued organic growth ▪ Broker engagement on investor loans expected to remain strong ▪ Investor loan market to continue growing Outlook for Velocity’s Key Business Drivers MARKET CREDIT CAPITAL ▪ Next long-term loan securitization targeted for September 2025 ▪ Securitization market to remain supportive with growing investor demand Investor Loan Market Outlook Remains Positive ▪ Targeting stable NIM and strong interest income growth while maintaining discipline ▪ Production outlook remains positive ▪ Opportunistic regarding product & revenue diversification EARNINGS
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Appendix
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Confidential 15 Velocity Financial, Inc. Balance Sheet 6/30/2025 12/31/2024 Unaudited Audited (In thousands) Assets Cash and cash equivalents $ 79,559 $ 49,901 Restricted cash 17,630 20,929 Loans held for sale, at fair value - - Loans held for investment, at fair value 3,826,505 2,766,951 Loans held for investment, at amortized cost 2,226,720 2,420,116 Total loans, net 6,053,225 5,187,067 Accrued interest receivables 42,108 35,235 Receivables due from servicers 142,231 123,494 Other receivables 2,006 1,359 Real estate owned, net 93,387 68,000 Property and equipment, net 1,539 1,650 Deferred tax asset 12,488 13,612 Mortgage Servicing Rights, at fair value 12,940 13,712 Goodwill 6,775 6,775 Other assets 11,992 5,674 Total Assets $ 6,475,880 $ 5,527,408 Liabilities and members' equity Accounts payable and accrued expenses $ 164,935 $ 147,814 Secured financing, net 285,756 284,833 Securitized debt, at amortized cost 1,859,750 2,019,056 Securitized debt, at fair value 3,232,769 2,207,408 Warehouse & repurchase facilities 331,057 348,082 Derivative liability 560 - Total Liabilities 5,874,827 5,007,193 Stockholders' Equity Stockholders' equity 597,895 516,944 Noncontrolling interest in subsidiary 3,158 3,271 Total equity 601,053 520,215 Total Liabilities and members' equity $ 6,475,880 $ 5,527,408 Diluted book value per share 15.62$ 14.26$ Diluted shares outstanding 38,475 36,469 Quarter Ended
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Confidential 16 Velocity Financial, Inc. Income Statement (Quarters) ($ in thousands) 6/30/2025 3/31/2025 6/30/2024 Unaudited Unaudited Unaudited Revenues Interest income $ 135,567 $ 118,740 $ 97,760 Interest expense - portfolio related 81,838 75,088 59,188 Net interest income - portfolio related 53,729 43,652 38,572 Interest expense - corporate debt 6,143 6,143 6,155 Net interest income 47,586 37,510 32,417 Provision for (reversal of) credit losses 1,598 1,872 218 Net interest income after provision for loan losses 45,988 35,638 32,199 Other operating income Gain on disposition of loans 6,286 2,834 3,168 Unrealized gain (loss) on fair value loans 29,906 34,836 17,123 Unrealized gain (loss) on fair value securitized debt (7,584) (13,682) (4,643) Unrealized gain/(loss) on mortgage servicing rights 309 (1,081) (373) Origination fee income 8,936 8,679 5,072 Interest income on cash balance 1,505 1,339 1,731 Other income 489 521 483 Total other operating income 39,847 33,446 22,561 Net revenue 85,834 69,084 54,760 Operating expenses Compensation and employee benefits 22,605 21,684 16,562 Origination expenses 1,193 838 749 Securitizations expenses 11,521 4,043 6,232 Rent and occupancy 298 275 617 Loan servicing 8,205 8,008 5,160 Professional fees 1,992 1,783 1,718 Real estate owned, net 3,298 3,029 1,355 Other operating expenses 2,801 2,530 2,494 Total operating expenses 51,913 42,190 34,887 Income before income taxes 33,922 26,894 19,873 Income tax expense 7,752 8,246 5,162 Net income 26,170 18,649 14,711 Net income (loss) attributable to noncontrolling interest 173 (239) (67) Net income attributable to Velocity Financial, Inc. 25,997 18,887 14,778 Less undistributed earnings attributable to participating securities 286 233 182 Net earnings attributable to common shareholders $ 25,711 $ 18,654 $ 14,596 Basic earnings (loss) per share 0.69$ 0.55$ 0.45$ Diluted earnings (loss) per common share 0.69$ 0.51$ 0.42$ Basic weighted average common shares outstanding 37,194 33,687 32,585 Diluted weighted average common shares outstanding 37,790 36,811 35,600 Quarter Ended
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Confidential 17 HFI Portfolio Delinquency Trends ($ in thousands) $ % $ % $ % $ % $ % Performing/Accruing: Current 3,669,659$ 81.9% 3,921,488$ 82.8% 4,169,830$ 82.5% 4,504,854$ 82.7% 4,878,317$ 83.3% 30-59 days past due 247,100 5.5% 197,890 4.2% 241,300 4.7% 239,547 4.4% 263,390 4.4% 60-89 days past due 92,494 2.1% 111,002 2.4% 105,369 2.1% 112,803 2.1% 116,189 2.0% 90+ days past due - 0.0% - 0.0% - 0.0% - 0.0% - 0.0% Total performing loans HFI 4,009,253 89.5% 4,230,380 89.5% 4,516,499 89.3% 4,857,204 89.2% 5,257,896 89.7% Nonperforming/Nonaccrual: <90 days past due 19,347 0.5% 20,055 0.4% 23,697 0.5% 33,488 0.6% 29,136 0.5% 90+ days past due 37,161 0.8% 46,584 1.0% 51,144 1.0% 46,545 0.9% 50,269 0.9% Bankruptcy 47,011 1.0% 54,087 1.1% 60,042 1.2% 76,606 1.4% 79,327 1.4% In foreclosure 367,129 8.2% 383,213 8.1% 404,555 8.0% 431,172 7.9% 443,025 7.5% Total nonperforming loans HFI 470,648 10.5% 503,939 10.6% 539,438 10.7% 587,811 10.8% 601,757 10.3% Total loans held for investment 4,479,901$ 100% 4,734,319$ 100% 5,055,937$ 100% 5,445,015$ 100% 5,859,653$ 100% December 31, 2024September 30, 2024June 30, 2024 June 30, 2025March 31, 2025
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Confidential 18 $5,449.9 $5,859.7$725.4 Loan Porfolio at 3/31/25 Principal Payments Loan Sales Foreclosures Loan Production Loan Porfolio at 6/30/25 $(248.8) Loan Portfolio Rollforward Total Loan Portfolio UPB Rollforward (UPB in millions) . $(45.8) $(21.1)
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Confidential 19 HFI Loan Portfolio Portfolio by Property Type (100% = $5.86 billion UPB)(1) (1) As of June 30, 2025 Portfolio by State Investor 1-4 Rental 50.4% Mixed Use 10.8% Retail 9.7% Multifamily 7.2% Warehouse 6.7% Office 7.8%Other 7.4% California 20.9% New York 14.3% Florida 12.6% New Jersey 7.7% Texas 5.8% Other 38.7%
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Confidential 20 Adjusted Financial Metric Reconciliation: Adjusted Financial Metric Reconciliation to GAAP Net Income Quarters: Core Net Income ($ in thousands) 6/30/2025 3/31/2025 6/30/2024 Net Income 25,997$ 18,887$ 14,778$ Equity award & ESPP costs 1,473 1,366 1,140 Core Net Income 27,470$ 20,253$ 15,918$ Diluted weighted average common shares outstanding 37,790 36,811 35,600 Core diluted earnings per share 0.73$ 0.55$ 0.45$ Quarter Ended