Earnings release
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Velocity Financial, Inc. Reports Third Quarter 2026 Results Nov 04 2026 Third Quarter Highlights Financial Results Pretax income of $38.3 million, an increase of 8.2% from $35.4 million for 3Q25. Net income of $26.4 million, an increase of 4.1% from $25.4 million for 3Q25. Diluted EPS of $0.67, an increase of $0.02 from $0.65 per share for 3Q25 Core net income of $30.0 million, an increase of 11.5% from $26.9 million for 3Q25. Core diluted EPS of $0.76, an increase from $0.69 per share for 3Q25 Diluted book value per common share of $19.23, an increase of $2.92 or 17.9% from $16.31 as of September 30, 2025 Portfolio net interest margin (NIM) of 3.78%, an increase of 13 bps from 3.65% for 3Q25 Lower average cost of securitized debt Consistently strong NIM levels have resulted from rate discipline on new loan production, with weighted average coupon of 10.12% on held for investment (HFI) loans produced in 3Q26 Portfolio Loan production of $911.3 million increased from $739.0 million in 3Q25 Total unit production increased 12.0% compared to 3Q25, with a higher average loan balance of $457 thousand compared to $415 thousand in 3Q25 Nonperforming loans (NPL) as a percentage of HFI loans was 10.1%, an increase from 9.8% as of September 30, 2025 NPL resolutions totaled $90.0 million in UPB Net gains of 103.0% or $2.7 million Total NPL recoveries of 108.2% or $7.4 million of UPB resolved including accrued interest received Liquidity and Capitalization Completed two securitizations totaling $516.0 million of securities issued Liquidity of $193.4 million, consisting of $86.8 million in unrestricted cash and $106.6 million in available borrowings from unpledged loans Total available warehouse line capacity of $425.4 million Core net income and core diluted EPS are non-GAAP financial measures. Non-GAAP core adjustments include stock-based compensation expenses, costs related to the Company’s employee stock purchase plan and due diligence and advisory fees. See “Non-GAAP Financial Measures” and “Non-GAAP Financial Measure Reconciliations to GAAP Measures” at the end of this press release for more information regarding the use of non-GAAP measures. WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE: VEL) (“Velocity” or the “Company”), a leader in business purpose loans, reported net income of $26.4 million and core net income of $30.0 million for 3Q26, compared to $25.4 million and $26.9 million, respectively, for 3Q25. Earnings and core earnings per diluted share were $0.67 and $0.76 for 3Q26, compared to $0.65 and $0.69, respectively, for 3Q25. “Velocity continued to deliver impressive earnings in the third quarter of 2026,” said Chris Farrar, President and CEO. “Our third quarter results were driven by our consistent portfolio NIM and strong production volume. Financing demand remained strong during the quarter as evidenced by our expanding pipeline of new applications. We remain confident in Velocity’s long-term growth prospects and our ability to sustain profitable market share growth.” Operating Results 1 1 (/)
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Key Performance Indicators 2 Three Months Ended September 30, 2026 2025 Variance ($ in thousands, except per share amounts) Income before income tax $ 38,280 $ 35,375 $ 2,905 Net income $ 26,418 $ 25,373 $ 1,045 Diluted earnings per share $ 0.67 $ 0.65 $ 0.02 Core income before income tax $ 42,552 $ 37,490 $ 5,062 Core net income $ 30,043 $ 26,937 $ 3,106 Core diluted earnings per share $ 0.76 $ 0.69 $ 0.07
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Net interest margin — portfolio related 3.78 % (1) 3.65 % (1) 0.13 % Net interest margin — total company 2.97 % (1) 3.25 % (1) (0.28 )% Operating expense ratio 29.2 % (2) 27.8 % 1.4 % Average common equity $ 748,670 $ 623,239 $ 125,431 Pre-tax return on average equity 20.5 % (1) 22.7 % (1) (2.2 )% Core pre- tax return on average equity 22.8 % (1) 24.1 % (1) (1.3 )% Annualized(1) Excluding $2.4 million of merger-acquisition-related costs, the operating expense ratio would be 28.1%(2) Condensed Results of Operations Three Months Ended September 30,
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2026 2025 $ Variance % Variance ($ in thousands) Net interest income $ 53,510 $ 49,076 $ 4,434 9.0 Provision for credit losses 531 381 150 39.4 Net interest income after provision 52,979 48,695 4,284 8.8 Other operating income 49,170 37,077 12,093 32.6 Net revenue 102,149 85,772 16,377 19.1 Operating expenses 63,869 (1) 50,397 13,472 26.7 Income before income taxes 38,280 35,375 2,905 8.2 Income tax expense 11,061 9,963 1,098 11.0 Net income 27,219 25,412 1,807 7.1 Net income attributable to noncontrolling interest 801 39 762 1,953.8
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Net income attributable to Velocity Financial, Inc. $ 26,418 $ 25,373 $ 1,045 4.1 Includes $2.4 million of merger-acquisition-related costs(1) 2 Core income before income tax, core net income, core diluted EPS and core pre-tax return on average equity are non-GAAP measures. Please see “Non-GAAP Financial Measures” and “Non-GAAP Financial Measure Reconciliations to GAAP Measures” at the end of this press release. September 30, 2026 2025 $ Variance ($ in thousands) Total Loans Outstanding (UPB): Net interest income after provision for credit losses was $53.0 million, an increase of 8.8% from $48.7 million for 3Q25 Driven by strong portfolio growth and recoveries of interest income from NPLs by our asset management team Other operating income was $49.2 million, an increase from $37.1 million for 3Q25 Driven primarily by higher levels of originations and origination fee income Net revenue was $102.1 million, an increase of 19.1% from $85.8 million for 3Q25 Resulting from continued strong production-driven portfolio net interest income growth and fair value gains Operating expenses totaled $63.9 million, an increase of 26.7% from 3Q25 Compensation expense totaled $29.2 million, compared to $23.3 million for 3Q25, as headcount increased to support future planned growth Loan servicing expense totaled $9.1 million, compared to $7.7 million for 3Q25, driven by portfolio growth Real estate owned, net increased to $10.6 million from $7.9 million for 3Q25, primarily due to the increase in REOs combined with lower of cost or market valuation adjustments Securitization expense decreased to $5.6 million mainly due to lower cost per transaction for two securitizations completed during the quarter, compared to $6.4 million for two securitizations completed during 3Q25 Other operating expenses totaled $9.4 million, compared to $5.0 million for 3Q25, driven primarily by higher merger- acquisition-related costs Loan Portfolio
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Investor 1-4 $ 3,335,031 $ 3,089,325 $ 245,706 Retail 866,181 640,005 226,176 35.3 Mixed use 801,237 670,470 130,767 Office 735,574 504,282 231,292 45.9 Multifamily 549,783 461,237 88,546 Warehouse 545,670 421,276 124,394 29.5 Other(1) 624,241 488,774 135,467 27.7 Total loans $ 7,457,717 $ 6,275,369 $ 1,182,348 18.8 All other properties individually comprised less than 5.0% of the total unpaid principal balance(1) Three Months Ended September 30, 2026 2025 Variance Key Loan Portfolio Metrics :(1) Loan count 19,481 15,978 3,503 Loan-to-value 64.5 % 65.5 % (1.0 )% Coupon 9.75 % 9.74 % 0.01 %
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Total portfolio yield 9.41 % 9.54 % (0.13 )% Portfolio cost of debt 6.04 % 6.27 % (0.23 )% Weighted averages, except for loan count(1) Loan Production Volumes Three Months Ended September 30, 2026 2025 $ Variance % Variance ($ in thousands) Originations Including Advances: Traditional commercial $ 422,508 $ 374,558 $ 47,950 12.8 Investor 1-4 318,302 302,327 15,975 5.3 Total loan portfolio was $7.5 billion in UPB as of September 30, 2026, an increase of 18.8% from $6.3 billion as of September 30, 2025 Driven by healthy growth across all types of collateral securing our loans Loan prepayments totaled $261.9 million in UPB, an increase of 4.7% from $250.2 million for 2Q26, and 11.5% from $235.0 million for 3Q25 UPB of HFI FVO loans was $5.7 billion, or 76.5% of total HFI loans, as of September 30, 2026, an increase from $4.2 billion, or 66.3% of total HFI loans, as of September 30, 2025 Weighted average portfolio loan-to-value ratio was 64.5% as of September 30, 2026, down from 65.5% as of September 30, 2025, and consistent with the five-quarter trailing average of 64.5% Weighted average total portfolio yield for 3Q26 was 9.41%, a decrease of 13 bps from 3Q25, primarily driven by higher cash receipts from nonperforming loans in 3Q25 Portfolio-related debt cost was 6.04% for 3Q26, a decrease of 23 bps from 3Q25, driven by lower interest rates for securitized debt
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Government insured multifamily 154,905 25,940 128,965 497.2 Short-term 15,539 36,131 (20,592 ) (57.0 Total $ 911,254 $ 738,956 $ 172,298 23.3 Total HFI Portfolio Credit Performance Three Months Ended September 30, 2026 2025 Variance ($ in thousands) Key Nonperforming Loans Metrics: Nonperforming loans UPB $ 756,534 $ 614,226 $ 142,308 Total UPB $ 7,428,039 $ 6,273,298 $ 1,154,741 Nonperforming loans UPB / Total UPB 10.1 % 9.8 % 0.3 % Loan production totaled $911.3 million, including construction loan advances of $7.0 million, an increase from $739.0 million for 3Q25 3Q26 production volume was primarily driven by healthy demand for our government insured multifamily and traditional commercial products Weighted average coupon on 3Q26 HFI loan production was 10.12%, a decrease of 36 bps from 10.48% for 3Q25 due to the different product mix compared to 3Q25 Government-insured multifamily loans are originated by our capital-light subsidiary Century Health & Housing Capital and the related GNMA securities are sold to investors for cash gains shortly after closing
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CECL Portfolio Credit Performance Three Months Ended September 30, 2026 2025 Variance ($ in thousands) Allowance for Credit Losses: Beginning balance $ 5,102 $ 4,882 $ 220 Provision for credit losses 531 381 150 Charge-offs (326 ) (677 ) 351 Ending balance $ 5,307 $ 4,586 $ 721 Total UPB subject to CECL $ 1,744,942 $ 2,111,569 $ (366,627 Nonperforming loans UPB subject to CECL $ 174,647 $ 259,683 $ (85,036 NPLs totaled $756.5 million in UPB as of September 30, 2026, or 10.1% of total HFI loans, compared to $614.2 million and 9.8% as of September 30, 2025
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Nonperforming loans UPB subject to CECL / Total UPB subject to CECL 10.0 % 12.3 % (2.3 Allowance for credit losses / Total UPB subject to CECL 0.30 % 0.22 % 0.08 Charge-offs / Total UPB subject to CECL 0.07 % (1) 0.13 % (1) (0.06 Annualized(1) Real Estate Owned Three Months Ended September 30, 2026 2025 $ Variance % Variance ($ in thousands) Gain on new REO: Charge-offs for 3Q26 totaled $0.3 million, compared to $0.7 million for 3Q25 The trailing five-quarter charge-offs average was $1.0 million Credit loss reserve totaled $5.3 million as of September 30, 2026, an increase of 15.7% from $4.6 million as of September 30, 2025 Weighted average life increased resulting from a slower prepayment rate CECL reserve rate of 0.30% (CECL reserve as % of HFI loans at amortized cost) was higher than the recent five-quarter average rate of 0.26%
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Gain on transfer to REO — amortized cost loans $ 1,140 $ 2,583 $ (1,443 ) (55.9 )% Valuation gain on transfer to REO — fair value loans 3,653 5,199 (1,546 ) (29.7 )% Total gain on new REO $ 4,793 $ 7,782 $ (2,989 ) (38.4 )% Three Months Ended September 30, 2026 2025 $ Variance % Variance ($ in thousands) Gain (loss) on existing REO: REO valuation loss, net $ (8,693 ) $ (6,307 ) $ (2,386 ) 37.8 % (Loss) gain on sale of REO (72 ) 152 (224 ) (147.4 )% Total loss on existing REO $ (8,765 ) $ (6,155 ) $ (2,610 ) 42.4 %
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Nonperforming Loans (NPLs) Resolution Three Months Ended September 30, 2026 Total Nonperforming Loans UPB Default Interest Prepayment Penalty Net Gain ($ in thousands) Resolved — loans paid off $ 33,969 $ 1,290 $ 777 $ 2,067 Resolved — loans paid current 56,079 623 — 623 Total resolutions $ 90,048 $ 1,913 $ 777 $ 2,690 Recovery rate 103.0 Three Months Ended September 30, 2025 Total Nonperforming Loans UPB Default Interest Prepayment Penalty Net Gain ($ in thousands) Resolved — loans paid off $ 43,596 $ 1,540 $ 637 $ 2,177 Total gain on new REO decreased to $4.8 million from $7.8 million for 3Q25 Total loss on existing REO was $8.8 million, compared to $6.2 million for 3Q25
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Resolved — loans paid current 51,146 460 13 473 Total resolutions $ 94,742 $ 2,000 $ 650 $ 2,650 Recovery rate 102.8 NPL resolutions totaled $90.0 million in UPB, compared to $94.7 million for 3Q25, and was above the recent five-quarter average of $84.7 million Total NPL recovery rate was 108.2% or $7.4 million of UPB resolved compared to 108.9% or $8.4 million for 3Q25. Total NPL recovery rate was consistent with the recent five-quarter average of 108.2% in UPB resolved Velocity’s executive management team will host a conference call and webcast on November 4, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to review Velocity’s 3Q26 financial results. Webcast Information The conference call will be webcast live in listen-only mode and can be accessed through the Events and Presentations section of the Velocity Financial Investor Relations website: https://www.velfinance.com/events-and-presentations (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.velfinance.com%2Fevents-and- presentations&esheet=54634891&newsitemid=20261104722732&lan=en- US&anchor=https%3A%2F%2Fwww.velfinance.com%2Fevents-and- presentations&index=1&md5=32b6dccb64789765576b0f2b56e01c0f) . To listen to the webcast, please visit Velocity’s website at least 15 minutes before the call to register, download, and install any needed software. An audio replay of the call will also be available on Velocity’s website following the completion of the conference call. Conference Call Information To participate by phone, please dial in 15 minutes prior to the start time to allow for wait time to access the conference call. The live conference call will be accessible by dialing 1-646-307-1963 in the U.S. and Canada and for international callers. Callers should use the conference ID/Passcode 5566224 to join the call. A replay of the call will be available through midnight on November 30, 2026, and can be accessed by dialing 1-800-770-2030 in the U.S and Canada. The passcode for the replay is 5566224. The replay will also be available on the Investor Relations section of the Company's website under "Events and Presentations.” About Velocity Financial, Inc. Based in Westlake Village, California, Velocity is a vertically integrated real estate finance company that primarily originates and manages business purpose loans secured by 1-4 unit residential rental and small commercial properties. Velocity originates loans nationwide across an extensive network of independent mortgage brokers built and refined over 22 years. Non-GAAP Financial Measures To supplement our financial statements presented in accordance with United States generally accepted accounting principles (GAAP), the Company uses non-GAAP core net income, core income before income tax, core pre-tax return on average equity and core diluted EPS, which are non-GAAP financial measures. Non-GAAP core net income and non-GAAP core diluted EPS are non-GAAP financial measures that represent our net income (loss)
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and net income (loss) per diluted share, adjusted to eliminate the effect of certain costs, costs incurred from activities that are not normal recurring operating expenses, and costs associated with acquisitions. To calculate non-GAAP core diluted EPS, we use the weighted average number of shares of common stock outstanding that is used to calculate net income per diluted share under GAAP. Non-GAAP core income before income tax is core net income before deducting income taxes. Non-GAAP core pre-tax return on average equity is core income before income tax divided by our average shareholders’ equity. We have included non-GAAP core net income, non-GAAP core income before income tax, non-GAAP core pre-tax return on average equity and non-GAAP core diluted EPS because they are key measures used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that non-GAAP core net income, non-GAAP core income before income tax, non-GAAP core pre-tax return on average equity and non-GAAP core diluted EPS provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain items, some of which we expect to be nonrecurring. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. For more information on Core Net Income, please refer to the section of this press release below titled “Non-GAAP Financial Measure Reconciliations to GAAP Measures” at the end of this press release. Forward-Looking Statements Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to anticipated results, expectations, projections, prospects, plans and strategies, 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,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “goal,” ”position,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. 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 (https://cts.businesswire.com/ct/CT? id=smartlink&url=http%3A%2F%2Fwww.velfinance.com&esheet=54634891&newsitemid=20261104722732&lan=en- US&anchor=www.velfinance.com&index=2&md5=63ba4f5521bfcc9125b5284d6ee6e458) .
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Velocity Financial, Inc. Condensed Consolidated Balance Sheets (In thousands, except per share amounts) September 30, 2026 December 31, 2025 (Unaudited) (Audited) ASSETS Cash, cash equivalents, and restricted cash $ 109,284 $ 249,237 Total loans, net 7,690,376 6,758,131 Accrued interest and receivables 196,601 202,477 Real estate owned, net 154,574 118,289 Other assets 98,737 53,379 Total assets $ 8,249,572 $ 7,381,513 LIABILITIES Secured financing and unsecured senior notes, net $ 560,497 $ 286,679 Securitized debt 6,197,637 5,942,326
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Warehouse and repurchase facilities, net 548,157 308,506 Other liabilities 185,555 168,314 Total liabilities 7,491,846 6,705,825 EQUITY Stockholders' equity 753,298 672,535 Noncontrolling interest in subsidiary 4,428 3,153 Total equity 757,726 675,688 Total liabilities and equity $ 8,249,572 $ 7,381,513 Diluted book value per share $ 19.23 $ 17.19 Diluted shares at period end 39,404 39,297 Velocity Financial, Inc. Condensed Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited)
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Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 Interest income $ 169,461 $ 160,986 $ 144,119 Interest expense — portfolio related 101,481 97,627 88,899 Net interest income — portfolio related 67,980 63,359 55,220 Interest expense — corporate debt 14,470 14,469 6,144 Net interest income 53,510 48,890 49,076 Provision for credit losses 531 980 381 Net interest income after provision for credit losses 52,979 47,910 48,695 Other operating income Unrealized gain (loss) on fair value loans (64,761 ) 24,483 30,982 Unrealized gain (loss) on fair value securitized debt 87,376 2,297 (9,988 ) Origination fee income 10,395 12,154 9,723 Other income 16,160 8,144 6,360
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Total other operating income 49,170 47,078 37,077 Operating expenses Compensation and employee benefits 29,164 25,514 23,300 Loan servicing 9,100 15,685 7,748 Real estate owned, net 10,590 6,723 7,931 Securitization expenses 5,595 4,669 6,433 Other operating expenses 9,420 7,162 4,985 Total operating expenses 63,869 59,753 50,397 Income before income taxes 38,280 35,235 35,375 Income tax expense 11,061 9,501 9,963 Net income 27,219 25,734 25,412 Net income attributable to noncontrolling interest 801 571 39 Net income attributable to Velocity Financial, Inc. $ 26,418 $ 25,163 $ 25,373 Earnings per common share: Basic $ 0.68 $ 0.65 (1) $ 0.67 (1)
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Diluted $ 0.67 $ 0.64 $ 0.65 Weighted average common shares outstanding: Basic 38,805 38,730 38,073 Diluted 39,388 39,304 38,800 Basic earnings per share for the three months ended June 30, 2026 and September 30, 2025 were revised to conform to the current period presentation. The revisions had no effect on net income or diluted earnings per share. (1) Velocity Financial, Inc. Net Interest Margin - Portfolio Related and Total Company ($ in thousands) Three Months Ended September 30, 2026 Interest Average Average Income / Yield / Average Balance Expense Rate (1) Balance Loan Portfolio:
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Loans held for sale $ 23,240 $ 161 Loans held for investment 7,176,478 6,044,116 Total loans $ 7,199,718 $ 169,461 9.41 % $ 6,044,277 Debt: Warehouse facilities $ 307,649 $ 5,742 7.47 % $ 404,509 Securitized debt 6,416,495 95,739 5.97 % 5,269,788 Total debt — portfolio related 6,724,144 101,481 6.04 % 5,674,297 Corporate — Secured debt 75,000 2,004 10.69 % 290,000 Corporate — Unsecured debt 500,000 12,466 9.97 % — Total debt $ 7,299,144 $ 115,951 6.35 % $ 5,964,297
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Net interest spread — portfolio related (2) 3.38 % Net interest margin — portfolio related 3.78 % Net interest spread — total company (3) 3.06 % Net interest margin — total company 2.97 % (1) Annualized (2) Net interest spread — portfolio related is the difference between the rate earned on our loan portfolio and the interest rates paid on our portfolio- related debt (3) Net interest spread — total company is the difference between the rate earned on our loan portfolio and the interest rates paid on our total debt
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Velocity Financial, Inc. Non-GAAP Financial Measure Reconciliations to GAAP Measures (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, 2026 2025 Income before income tax $ 38,280 $ 35,375 Equity award & ESPP expenses 2,685 2,154 Potential M&A due diligence 2,388 — Net income attributable to noncontrolling interest (801 ) (39 ) Core income before income tax $ 42,552 $ 37,490 Average common equity $ 748,670 $ 623,239 Pre-tax return on average equity 20.5 % 22.7 % Tax effect of equity award & ESPP expenses 1.4 % 1.4 % Tax effect of potential M&A due diligence 1.3 % 0.0 %
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Tax effect of net income attributable to noncontrolling interest (0.4 )% (0.0 )% Core pre-tax return on average equity 22.8 % 24.1 % Three Months Ended September 30, 2026 2025 Net income $ 26,418 $ 25,373 Equity award & ESPP expenses 1,919 1,564 Potential M&A due diligence 1,706 — Core net income $ 30,043 $ 26,937 Diluted weighted average common shares outstanding 39,388 38,800 Core diluted earnings per share $ 0.76 $ 0.69 View source version on businesswire.com: https://www.businesswire.com/news/home/20261104722732/en/ (https://www.businesswire.com/news/home/20261104722732/en/) Investors and Media: Chris Oltmann (818) 532-3708 Source: Velocity Financial, Inc.