$VEL
Velocity Financial, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022022004 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $66.02M $63.82M
YoY Change 27.66% 35.12%
Cost Of Revenue $3.243M $3.314M
YoY Change 30.82% 64.55%
Gross Profit $62.78M $60.50M
YoY Change 27.51% 33.81%
Gross Profit Margin 95.09% 94.81%
Selling, General & Admin $13.32M $7.897M
YoY Change 94.01% 33.37%
% of Gross Profit 21.22% 13.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $191.0K $204.0K
YoY Change -19.07% -27.14%
% of Gross Profit 0.3% 0.34%
Operating Expenses $644.0K $8.078M
YoY Change -93.09% -2.59%
Operating Profit $62.14M $52.43M
YoY Change 55.65% 41.99%
Interest Expense -$44.99M -$38.57M
YoY Change 59.96% 55.48%
% of Operating Profit -72.41% -73.57%
Other Income/Expense, Net -$551.0K $195.0K
YoY Change 32.45% -116.44%
Pretax Income $11.69M $14.05M
YoY Change 2.77% 28.57%
Income Tax $3.465M $3.759M
% Of Pretax Income 29.64% 26.76%
Net Earnings $8.462M $9.983M
YoY Change 1.3% 24.45%
Net Earnings / Revenue 12.82% 15.64%
Basic Earnings Per Share $0.31
Diluted Earnings Per Share $0.25 $0.29
COMMON SHARES
Basic Shares Outstanding 32.42M 32.42M
Diluted Shares Outstanding 34.20M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.25M $26.37M
YoY Change 25.81% -25.71%
Cash & Equivalents $45.25M $26.37M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $1.843M
Receivables $20.46M $18.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $65.71M $44.71M
YoY Change 33.77% -5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $3.356M $3.495M
YoY Change -12.38% 4.39%
Goodwill $6.775M $6.775M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.84M $18.87M
YoY Change -22.67% -29.09%
Total Long-Term Assets $3.683B $3.603B
YoY Change 33.29% 49.51%
TOTAL ASSETS
Total Short-Term Assets $65.71M $44.71M
Total Long-Term Assets $3.683B $3.603B
Total Assets $3.749B $3.647B
YoY Change 33.3% 48.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.53M $75.15M
YoY Change -0.73% -5.3%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.53M $75.15M
YoY Change -0.73% -5.3%
LONG-TERM LIABILITIES
Long-Term Debt $3.277B $3.201B
YoY Change 37.93% 56.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.277B $3.201B
YoY Change 37.93% 56.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.53M $75.15M
Total Long-Term Liabilities $3.277B $3.201B
Total Liabilities $3.368B $3.277B
YoY Change 36.49% 54.2%
SHAREHOLDERS EQUITY
Retained Earnings $76.63M $68.17M
YoY Change 72.51%
Common Stock $326.0K $325.0K
YoY Change 0.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $458.0K $458.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $376.8M $366.8M
YoY Change
Total Liabilities & Shareholders Equity $3.749B $3.647B
YoY Change 33.3% 48.44%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $8.462M $9.983M
YoY Change 1.3% 24.45%
Depreciation, Depletion And Amortization $191.0K $204.0K
YoY Change -19.07% -27.14%
Cash From Operating Activities $40.02M -$4.444M
YoY Change 121.73% -123.79%
INVESTING ACTIVITIES
Capital Expenditures $53.00K -$56.00K
YoY Change -136.05% 9.8%
Acquisitions
YoY Change
Other Investing Activities -$89.12M -$311.1M
YoY Change -73.79% 76.18%
Cash From Investing Activities -$89.17M -$311.2M
YoY Change -73.79% 76.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.31M 301.1M
YoY Change -78.34% 79.86%
NET CHANGE
Cash From Operating Activities 40.02M -4.444M
Cash From Investing Activities -89.17M -311.2M
Cash From Financing Activities 70.31M 301.1M
Net Change In Cash 21.15M -14.56M
YoY Change 738.99% -254.57%
FREE CASH FLOW
Cash From Operating Activities $40.02M -$4.444M
Capital Expenditures $53.00K -$56.00K
Free Cash Flow $39.97M -$4.388M
YoY Change 119.65% -123.43%

Facts In Submission

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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31910000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20088000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34199000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34212000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34153000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33858000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
219589000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
231000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
vel Increase Decrease In Valuation Of Mortage Servicing Rights
IncreaseDecreaseInValuationOfMortageServicingRights
2716000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
3396000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
223470000
CY2021Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
291000
vel Increase Decrease In Valuation Of Held For Sale Loans
IncreaseDecreaseInValuationOfHeldForSaleLoans
15000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2799000
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
137000
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
307000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
256000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
8022000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
242190000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
9453000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
233468000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
344490000
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
458000
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
418000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
251000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
3231000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
347932000
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
555000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
10771000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
359512000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
932000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
10290000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
370734000
us-gaap Profit Loss
ProfitLoss
24292000
us-gaap Profit Loss
ProfitLoss
20871000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
605000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
883000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
979000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
885000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1589000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-668000
us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
16119000
us-gaap Payments To Purchase Loans Held For Sale
PaymentsToPurchaseLoansHeldForSale
755000
vel Repayments On Loans Held For Sale
RepaymentsOnLoansHeldForSale
16000
vel Net Accretion Of Discount On Purchased Loans And Deferred Loan Origination Costs
NetAccretionOfDiscountOnPurchasedLoansAndDeferredLoanOriginationCosts
5694000
vel Net Accretion Of Discount On Purchased Loans And Deferred Loan Origination Costs
NetAccretionOfDiscountOnPurchasedLoansAndDeferredLoanOriginationCosts
4696000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-232000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
170000
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
4572000
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
4745000
vel Real Estate Acquired Through Foreclosure In Excess Of Recorded Investment
RealEstateAcquiredThroughForeclosureInExcessOfRecordedInvestment
2144000
vel Real Estate Acquired Through Foreclosure In Excess Of Recorded Investment
RealEstateAcquiredThroughForeclosureInExcessOfRecordedInvestment
791000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
22527000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
14088000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-3000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-18000
vel Change In Valuation Of Real Estate Owned
ChangeInValuationOfRealEstateOwned
276000
vel Change In Valuation Of Real Estate Owned
ChangeInValuationOfRealEstateOwned
1619000
vel Increase Decrease In Valuation Of Fair Value Loans
IncreaseDecreaseInValuationOfFairValueLoans
469000
vel Increase Decrease In Valuation Of Fair Value Loans
IncreaseDecreaseInValuationOfFairValueLoans
18000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
240000
us-gaap Share Based Compensation
ShareBasedCompensation
2410000
us-gaap Share Based Compensation
ShareBasedCompensation
1595000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
12266000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-10373000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
4953000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1043000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
12595000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
512000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-15386000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
13893000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8656000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39574000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
16997000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
9412000
vel Origination Of Loans Held For Investment
OriginationOfLoansHeldForInvestment
1475694000
vel Origination Of Loans Held For Investment
OriginationOfLoansHeldForInvestment
840798000
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
224060000
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
99117000
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
434945000
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
427224000
us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
18568000
us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
7459000
vel Purchase Of Real Estate Owned
PurchaseOfRealEstateOwned
2250000
vel Payments For Capitalized Real Estate Owned Improvements
PaymentsForCapitalizedRealEstateOwnedImprovements
78000
vel Proceeds Repayments From Advances For Construction
ProceedsRepaymentsFromAdvancesForConstruction
1253000
vel Proceeds Repayments From Advances For Construction
ProceedsRepaymentsFromAdvancesForConstruction
-1597000
vel Increase Decrease In Impounds And Deposits
IncreaseDecreaseInImpoundsAndDeposits
-2677000
vel Increase Decrease In Impounds And Deposits
IncreaseDecreaseInImpoundsAndDeposits
1894000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
273000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
104000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-819065000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-316295000
vel Proceeds From Warehouse Repurchase Facilities
ProceedsFromWarehouseRepurchaseFacilities
1344528000
vel Proceeds From Warehouse Repurchase Facilities
ProceedsFromWarehouseRepurchaseFacilities
717605000
vel Repayment Of Warehouse Repurchase Facilities
RepaymentOfWarehouseRepurchaseFacilities
1305914000
vel Repayment Of Warehouse Repurchase Facilities
RepaymentOfWarehouseRepurchaseFacilities
534062000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
215000000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
175000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
170844000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
81063000
vel Proceeds Of Securitizations Net
ProceedsOfSecuritizationsNet
1181997000
vel Proceeds Of Securitizations Net
ProceedsOfSecuritizationsNet
456184000
vel Repayment Of Securitizations
RepaymentOfSecuritizations
437499000
vel Repayment Of Securitizations
RepaymentOfSecuritizations
412916000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
23100000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
18981000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
458000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
137000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
393000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
803710000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
301511000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6699000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
24790000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
47604000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20293000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40905000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45083000
us-gaap Interest Paid Net
InterestPaidNet
84938000
us-gaap Interest Paid Net
InterestPaidNet
63706000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
22961000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7224000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
206319000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
80498000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
7283000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
10107000
vel Transfer Of Accrued Interest To Loans Held For Investment
TransferOfAccruedInterestToLoansHeldForInvestment
933000
vel Transfer Of Accrued Interest To Loans Held For Investment
TransferOfAccruedInterestToLoansHeldForInvestment
1776000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
22632000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
223000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
74887000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
10178000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-07-09
CY2022Q3 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
250000
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">(a)</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.</span></p>
CY2022Q3 vel Financing Receivable Nonaccrual With Allowance For Loan Loss
FinancingReceivableNonaccrualWithAllowanceForLoanLoss
11221000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26372000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35497000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
14533000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9586000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40905000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45083000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
874000
CY2022Q3 us-gaap Financing Receivable Nonaccrual Percent Past Due1
FinancingReceivableNonaccrualPercentPastDue1
0.078
CY2022Q3 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
3194636000
CY2022Q3 vel Securitizations Issued
SecuritizationsIssued
2913766000
CY2021Q4 vel Securitizations Issued
SecuritizationsIssued
2172766000
CY2022Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
256257000
CY2022Q3 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
245036000
CY2021Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
276418000
CY2021Q4 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
263026000
CY2021Q4 vel Financing Receivable Nonaccrual With Allowance For Loan Loss
FinancingReceivableNonaccrualWithAllowanceForLoanLoss
13392000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1406000
CY2021Q4 us-gaap Financing Receivable Nonaccrual Percent Past Due1
FinancingReceivableNonaccrualPercentPastDue1
0.105
CY2021Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
165000
CY2022Q3 vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
3450893000
CY2022Q3 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
1155000
CY2021Q3 vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
2299725000
CY2021Q3 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
929000
vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
3450893000
us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
3177000
vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
2299725000
us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
3778000
CY2022Q3 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
8000000.0
CY2021Q3 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
7600000
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
24000000.0
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
24300000
us-gaap Financing Receivable Nonaccrual Interest Income
FinancingReceivableNonaccrualInterestIncome
0
CY2022Q3 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
252300000
CY2021Q3 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
292200000
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
265000000.0
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
332400000
vel Stress Scenario Descriptions
StressScenarioDescriptions
For the September 30, 2022 estimate, the Company considered a severe stress scenario with a six-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the severe stress scenario was appropriate given the uncertainty due to the increased risk of a recession, continued rising inflation, and the supply chain disruption from the Russia/Ukraine war and lingering impacts from COVID-19.
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4905000
CY2022Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
580000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
155000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5330000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
874000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
4456000
CY2022Q3 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
256257000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1589000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
521000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3963000
CY2021Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
228000
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
163000
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4028000
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1776000
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
2252000
CY2021Q3 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
291808000
CY2021Q3 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
2007917000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5330000
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
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CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
4456000
CY2022Q3 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
256257000
CY2022Q3 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
3194636000
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
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CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
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CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
2252000
CY2021Q3 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
291808000
CY2021Q3 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
2007917000
CY2022Q3 vel Loan Principal Payments Due From Servicers Current
LoanPrincipalPaymentsDueFromServicersCurrent
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CY2022Q3 vel Other Loan Servicing Receivables Current
OtherLoanServicingReceivablesCurrent
13986000
CY2022Q3 vel Loan Servicing Receivables Current
LoanServicingReceivablesCurrent
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CY2022Q3 vel Corporate And Escrow Advances Receivable Current
CorporateAndEscrowAdvancesReceivableCurrent
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CY2022Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
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LoanPrincipalPaymentsDueFromServicersCurrent
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OtherLoanServicingReceivablesCurrent
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LoanServicingReceivablesCurrent
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CY2021Q4 vel Corporate And Escrow Advances Receivable Current
CorporateAndEscrowAdvancesReceivableCurrent
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CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
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CY2022Q3 vel Servicing Asset At Unpaid Principal Balance Amount
ServicingAssetAtUnpaidPrincipalBalanceAmount
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CY2021Q4 vel Servicing Asset At Unpaid Principal Balance Amount
ServicingAssetAtUnpaidPrincipalBalanceAmount
520600000
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.081
CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.080
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Prepayment Speed
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValuePrepaymentSpeed
0.053
CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Prepayment Speed
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValuePrepaymentSpeed
0.032
vel Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Interest Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueInterestRate
9.9
vel Securitizations Average Interest Rate
SecuritizationsAverageInterestRate
0.0359
CY2021 vel Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Interest Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueInterestRate
8.3
vel Securitizations Debt Issue Cost Amortization Interest Rate
SecuritizationsDebtIssueCostAmortizationInterestRate
0.0071
vel Securitizations Average Interest Rate
SecuritizationsAverageInterestRate
0.0397
vel Securitizations Debt Issue Cost Amortization Interest Rate
SecuritizationsDebtIssueCostAmortizationInterestRate
0.0071
CY2021Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
7152000
CY2021 vel Servicing Asset At Fair Value Acquired
ServicingAssetAtFairValueAcquired
7152000
vel Servicing Rights Fair Value Adjustments
ServicingRightsFairValueAdjustments
2716000
CY2022Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
9868000
CY2021Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
7152000
CY2021Q4 us-gaap Goodwill
Goodwill
6775000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
6775000
CY2022Q3 us-gaap Goodwill
Goodwill
6775000
CY2021Q4 us-gaap Goodwill
Goodwill
6775000
vel Number Of Active Securitizations
NumberOfActiveSecuritizations
24
us-gaap Proceeds From Issuance Of Trust Preferred Securities
ProceedsFromIssuanceOfTrustPreferredSecurities
5200000000
CY2022Q3 vel Securitizations Net
SecuritizationsNet
2651895000
CY2021Q3 vel Securitizations Net
SecuritizationsNet
1623674000
CY2022Q3 vel Securitizations Average Outstanding Balance
SecuritizationsAverageOutstandingBalance
2331672000
CY2021Q3 vel Securitizations Average Outstanding Balance
SecuritizationsAverageOutstandingBalance
1574999000
vel Securitizations Effective Interest Rate
SecuritizationsEffectiveInterestRate
0.0430
vel Securitizations Effective Interest Rate
SecuritizationsEffectiveInterestRate
0.0468
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4600000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4200000
CY2021Q3 vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0119
vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0466
vel Lines Of Credit Fund Maximum Percentage Of Principle Balance Of Mortgage Loans
LinesOfCreditFundMaximumPercentageOfPrincipleBalanceOfMortgageLoans
1
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
341412000
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
810000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
302800000
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
653000000
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DebtInstrumentAverageRate
0.0590
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DebtIssuanceCostAmortizationPercentage
0.0080
CY2021Q3 vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0400
vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0062
vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0435
vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0121
CY2022Q3 us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
34561000
CY2021Q3 us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
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us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
86869000
us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
61720000
CY2022Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4011000
CY2021Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4488000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
25333000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
16147000
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
38572000
CY2021Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
24809000
us-gaap Interest Expense Debt
InterestExpenseDebt
112202000
us-gaap Interest Expense Debt
InterestExpenseDebt
77867000
CY2022Q3 vel Repurchase Liability
RepurchaseLiability
158000
CY2021Q4 vel Repurchase Liability
RepurchaseLiability
141000
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
480000
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
125250
CY2022Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
900000
CY2021Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
500000
CY2022Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
33647
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
23387000
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
12987000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9983000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8022000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23749000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20871000
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
152000
CY2021Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3030000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
362000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7884000
CY2022Q3 vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
9831000
CY2021Q3 vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
4992000
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.61
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31922000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20090000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31910000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20088000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9983000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8022000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23749000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20871000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31922000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20090000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31910000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20088000
CY2022Q3 vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
2061000
CY2021Q3 vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
2157000
vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
2058000
vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
1909000
CY2022Q3 vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
6000
CY2021Q3 vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
5000
vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
5000
vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
2000
CY2022Q3 vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
210000
CY2021Q3 vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
272000
vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
180000
vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
171000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34199000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34212000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34153000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33858000
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
CY2022Q3 vel Percentage Of Common Stock Held By Warrant Holder And Affiliates
PercentageOfCommonStockHeldByWarrantHolderAndAffiliates
0.49
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
50898000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
125477000
CY2022Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
10300000
CY2021Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
12000000.0
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
900000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1400000

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