Velocity Financial(US:VEL)2025-03-06 23:37Financial Performance - Net income for 4Q24 was $206 million, an increase of 186% compared to $174 million in 4Q23[7] - Core net income for 4Q24 increased by 346% to $218 million from $162 million in 4Q23[7] - Full year diluted EPS increased by $039 to $191, up from $152 in 2023[7] - GAAP book value per share as of December 31, 2024, was $1570, a 53% increase from September 30, 2024[13] - Adjusted book value per share as of December 31, 2024, was $1873[13] Loan Production and Portfolio - Loan production in 4Q24 reached $5635 million in UPB, an 182% increase from 3Q24 and a 600% increase from 4Q23[7, 15] - The total loan portfolio reached $51 billion in UPB as of December 31, 2024, a 241% increase from $41 billion in UPB as of December 31, 2023[7, 18] - The WAC of the portfolio was 953% as of December 31, 2024, an increase from 888% as of December 31, 2023[18] Asset Quality and Resolution - Nonperforming Loans (NPL) were 107% of HFI loans as of December 31, 2024[7, 25] - 4Q24 NPL resolutions realized gains of $56 million, or 1070%, of UPB resolved[7] - NPL resolution totaled $794 million in UPB, realizing 1070% of UPB resolved compared to $701 million in UPB and realization of 1022% of UPB resolved for 4Q23[30] Financing and Liquidity - Completed securitizations totaling $2929 million and $2939 million, respectively, of securities issued in 4Q24[7] - Liquidity of $959 million and total available warehouse line capacity of $4350 million as of December 31, 2024[8] - Two securitization completed during 4Q24, totaling $5868 million of securities issued with a weighted average rate of 60%[39]