Velocity Financial (VEL)


Market Price (8/12/2026): $18.22 | Market Cap: $705.7 MilSector: Financials | Industry: Commercial & Residential Mortgage Finance

Velocity Financial (VEL)


Market Price (8/12/2026): $18.22
Market Cap: $705.7 Mil
Sector: Financials
Industry: Commercial & Residential Mortgage Finance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Online Banking & Lending, and Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -32%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.93

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 987%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x

Key risks
VEL key risks include [1] potential deterioration in the credit quality of its loan portfolio, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Online Banking & Lending, and Private Credit.
4 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -32%
5 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.93
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 987%
7 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x
8 Key risks
VEL key risks include [1] potential deterioration in the credit quality of its loan portfolio, Show more.

VEL in ETFs

Weight = VEL's share of each fund

AVUV0.02%
IWN0.02%
DFAS0.01%
VTWO0.01%
SCHA0.00%
DFAC0.00%
IWV0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/5/2026

Velocity Financial (VEL) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Fiscal Q1 2026 Earnings Miss: Velocity Financial reported diluted earnings per share (EPS) of $0.57 for fiscal Q1 2026, which fell below the anticipated analyst estimate of $0.60 by 5%. This earnings miss, announced on May 6, 2026, likely contributed to negative investor sentiment at the beginning of the specified period, despite revenue surpassing expectations.

2. Decline in Net Interest Margin (NIM) for fiscal Q2 2026: The company's portfolio net interest margin (NIM) decreased to 3.66% in fiscal Q2 2026 (ending June 30, 2026), marking a 16 basis point reduction from 3.82% in fiscal Q2 2025. Concerns regarding a declining NIM and potential pressure on profitability due to broader interest rate movements were highlighted by analysts and likely impacted investor confidence throughout the period.

Show more
Updated on 8/5/2026

Velocity Financial (VEL) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Fiscal Q1 2026 Earnings Miss: Velocity Financial reported diluted earnings per share (EPS) of $0.57 for fiscal Q1 2026, which fell below the anticipated analyst estimate of $0.60 by 5%. This earnings miss, announced on May 6, 2026, likely contributed to negative investor sentiment at the beginning of the specified period, despite revenue surpassing expectations.

2. Decline in Net Interest Margin (NIM) for fiscal Q2 2026: The company's portfolio net interest margin (NIM) decreased to 3.66% in fiscal Q2 2026 (ending June 30, 2026), marking a 16 basis point reduction from 3.82% in fiscal Q2 2025. Concerns regarding a declining NIM and potential pressure on profitability due to broader interest rate movements were highlighted by analysts and likely impacted investor confidence throughout the period.

3. Reduced Loan Production in fiscal Q2 2026: Velocity Financial experienced a year-over-year decrease in loan production for fiscal Q2 2026, with originations totaling $672.6 million, a 7.3% decline from $725.4 million in fiscal Q2 2025. This slowdown in new loan volume indicates a deceleration in a key aspect of the company's core business growth.

4. Increased Operating Expenses and Lower GAAP Net Income in fiscal Q2 2026: Operating expenses for Velocity Financial rose by 15.1% to $59.8 million in fiscal Q2 2026 compared to fiscal Q2 2025. Simultaneously, GAAP net income for fiscal Q2 2026 decreased by 3.2% to $25.2 million, with diluted EPS falling to $0.64 from $0.69 in fiscal Q2 2025, largely attributed to a higher effective tax rate. The combination of increasing costs and reduced GAAP profitability likely weighed on the stock's performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -5.4% change in VEL stock from 4/30/2026 to 8/11/2026 was primarily driven by a -7.0% change in the company's P/E Multiple.
(LTM values as of)43020268112026Change
Stock Price ($)19.2918.24-5.4%
Change Contribution By: 
Total Revenues ($ Mil)3123275.1%
Net Income Margin (%)33.7%32.9%-2.5%
P/E Multiple7.16.6-7.0%
Shares Outstanding (Mil)3839-0.9%
Cumulative Contribution-5.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/11/2026
ReturnCorrelation
VEL-5.4% 
Market (SPY)7.2%7.9%
Sector (XLF)10.9%32.8%

Fundamental Drivers

The -10.1% change in VEL stock from 1/31/2026 to 8/11/2026 was primarily driven by a -22.9% change in the company's P/E Multiple.
(LTM values as of)13120268112026Change
Stock Price ($)20.2918.24-10.1%
Change Contribution By: 
Total Revenues ($ Mil)28132716.5%
Net Income Margin (%)32.3%32.9%1.8%
P/E Multiple8.56.6-22.9%
Shares Outstanding (Mil)3839-1.7%
Cumulative Contribution-10.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/11/2026
ReturnCorrelation
VEL-10.1% 
Market (SPY)11.7%20.3%
Sector (XLF)8.7%36.0%

Fundamental Drivers

The 9.9% change in VEL stock from 7/31/2025 to 8/11/2026 was primarily driven by a 46.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258112026Change
Stock Price ($)16.6018.249.9%
Change Contribution By: 
Total Revenues ($ Mil)22432746.1%
Net Income Margin (%)31.3%32.9%5.2%
P/E Multiple8.06.6-17.8%
Shares Outstanding (Mil)3439-13.0%
Cumulative Contribution9.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/11/2026
ReturnCorrelation
VEL9.9% 
Market (SPY)22.9%16.3%
Sector (XLF)11.7%27.5%

Fundamental Drivers

The 47.3% change in VEL stock from 7/31/2023 to 8/11/2026 was primarily driven by a 196.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238112026Change
Stock Price ($)12.3818.2447.3%
Change Contribution By: 
Total Revenues ($ Mil)110327196.7%
Net Income Margin (%)36.0%32.9%-8.6%
P/E Multiple10.06.6-34.4%
Shares Outstanding (Mil)3239-17.1%
Cumulative Contribution47.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/11/2026
ReturnCorrelation
VEL47.3% 
Market (SPY)74.3%20.3%
Sector (XLF)70.9%23.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VEL Return120%-30%78%14%6%-12%194%
Peers Return32%-37%50%-4%-19%-7%-10%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
VEL Win Rate75%33%67%50%50%38% 
Peers Win Rate64%42%55%50%43%38% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
VEL Max Drawdown-19%-38%-26%-13%-20%-18% 
Peers Max Drawdown-14%-50%-29%-24%-36%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: RC, AOMR, MFA, ABR, RWT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)

How Low Can It Go

EventVELS&P 500
2025 US Tariff Shock
  % Loss-11.6%-18.8%
  % Gain to Breakeven13.1%23.1%
  Time to Breakeven32 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.5%-9.5%
  % Gain to Breakeven15.6%10.5%
  Time to Breakeven51 days24 days
2023 SVB Regional Banking Crisis
  % Loss-21.7%-6.7%
  % Gain to Breakeven27.7%7.1%
  Time to Breakeven84 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.8%-24.5%
  % Gain to Breakeven48.7%32.4%
  Time to Breakeven446 days427 days
2020 COVID-19 Crash
  % Loss-82.9%-33.7%
  % Gain to Breakeven484.2%50.9%
  Time to Breakeven1222 days140 days

Compare to RC, AOMR, MFA, ABR, RWT

In The Past

Velocity Financial's stock fell -11.6% during the 2025 US Tariff Shock. Such a loss loss requires a 13.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventVELS&P 500
2023 SVB Regional Banking Crisis
  % Loss-21.7%-6.7%
  % Gain to Breakeven27.7%7.1%
  Time to Breakeven84 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.8%-24.5%
  % Gain to Breakeven48.7%32.4%
  Time to Breakeven446 days427 days
2020 COVID-19 Crash
  % Loss-82.9%-33.7%
  % Gain to Breakeven484.2%50.9%
  Time to Breakeven1222 days140 days

Compare to RC, AOMR, MFA, ABR, RWT

In The Past

Velocity Financial's stock fell -11.6% during the 2025 US Tariff Shock. Such a loss loss requires a 13.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Velocity Financial (VEL)

Velocity Financial, Inc. (VEL) is a real estate finance company that specializes in providing funding solutions for property investors across the United States. The company's business model revolves around originating and actively managing a portfolio of loans designed for investment purposes.

Its main products are investor loans, which are specifically secured by certain types of income-generating properties. These primarily include 1-4 unit residential rental properties and various small commercial properties. This focus allows Velocity Financial to cater to real estate investors who acquire or refinance these asset classes for rental income or business operations.

Velocity Financial reaches its primary customers—real estate investors seeking financing for rental or small commercial properties—through an extensive network of independent mortgage brokers. This distribution strategy enables the company to efficiently connect with its target market and facilitate the origination of its specialized loan products.

AI Analysis | Feedback

Here are a couple of analogies to describe Velocity Financial:

  • Think of it as Rocket Mortgage for landlords, providing loans for investment properties rather than owner-occupied homes.

  • It's similar to a specialized SBA lender, but exclusively providing loans for real estate investors to buy or refinance rental homes and small commercial properties.

AI Analysis | Feedback

```html
  • Origination of Investor Loans: Velocity Financial provides new loans to investors for the purchase or refinance of 1-4 unit residential rental properties and small commercial properties.
  • Management of Investor Loans: Velocity Financial services and administers existing loans it has originated, ensuring collection and portfolio oversight.
```

AI Analysis | Feedback

Velocity Financial, Inc. (VEL) primarily serves individuals and small business entities rather than large corporate customers. Its major customers can be categorized as:

  • Investors in 1–4 Unit Residential Rental Properties: These customers are typically individuals or small entities who seek financing to acquire, refinance, or rehabilitate residential properties (single-family homes, duplexes, triplexes, or fourplexes) with the intention of renting them out for income.
  • Investors in Small Commercial Properties: This category includes individuals or small business entities who require loans for the acquisition, refinancing, or improvement of small-scale commercial properties such as small office buildings, retail units, light industrial spaces, or mixed-use properties. These properties are typically held for investment purposes or for the operation of a small business.

AI Analysis | Feedback

  • Midland States Bank (MSBI)
  • JPMorgan Chase & Co. (JPM)

AI Analysis | Feedback

Christopher D. Farrar Chief Executive Officer

Christopher D. Farrar has served as Chief Executive Officer for Velocity Financial, Inc. since co-founding the company in 2004, and has also served on its Board of Directors since January 2020. He brings extensive experience in finance, lending, capital raising, and business operations. Prior to co-founding Velocity, Mr. Farrar served as Senior Vice President of Production at Weyerhaeuser Mortgage Company and as Chief Credit Officer for Worth Funding, a mortgage banking firm. Velocity Financial received significant early investment from the private equity firm Snow Phipps Group.

Mark R. Szczepaniak Chief Financial Officer

Mark R. Szczepaniak has served as Chief Financial Officer of Velocity Financial, Inc. since May 2017. He has over 35 years of experience in the real estate and financial services industries, holding various senior positions with both publicly and privately held finance companies. Before joining Velocity, Mr. Szczepaniak was the Managing Director of Finance, SOX, & Tax at PennyMac Financial Services Inc. from 2013 to 2017. He also served as Chief Financial Officer of Prospect Mortgage from 2009 to 2012, and held roles as Chief Financial Officer and Vice President of Finance of the Federal Home Loan Bank of Seattle (2004-2007) and Senior Vice President and Corporate Controller at the Federal Home Loan Bank of Chicago (1996-2004).

Jeffrey T. Taylor Executive Vice President, Capital Markets

Jeffrey T. Taylor has served as Executive Vice President, Capital Markets for Velocity Financial, Inc. since 2004, having co-founded the company in June 2004. He possesses over 30 years of experience in the secondary mortgage market. His prior roles include working for opportunity funds that purchased Resolution Trust Corporation and FDIC loan portfolios, Vice President of Operations for 2dmkt.com, and Vice President with BayView Financial Trading Group L.P., where he managed commercial lending markets. Mr. Taylor also served as a Transaction Manager at Countrywide Securities Corporation.

Roland T. Kelly Chief Legal Officer

Roland T. Kelly has served as Chief Legal Officer for Velocity Financial, Inc. since March 2021, and as General Counsel and Corporate Secretary since July 2020. He has more than 25 years of experience in corporate, regulatory, governance, and capital markets. Previously, Mr. Kelly was a Managing Director and Associate General Counsel for Jefferies Financial Group Inc., and worked for the law firm of Morgan, Lewis & Bockius, as well as a regulator with the U.S. Securities and Exchange Commission.

Joseph A. Cowell Chief Operating Officer, Velocity Commercial Capital LLC

Joseph A. Cowell has served as Chief Operating Officer of Velocity Commercial Capital LLC, an operating subsidiary of Velocity Financial, Inc., since April 1, 2016. He has over 20 years of experience in real estate finance and mortgage lending operations. Mr. Cowell has held various roles at Velocity Commercial Capital since joining in 2004, including Chief Credit Officer, Senior Vice President of Whole Loan Acquisitions, and Vice President of Production and Operations from 2012 to 2016. Before Velocity, he worked at BayView Financial Trading Group as a capital markets analyst and an account executive for its subsidiary, Interbay Funding.

AI Analysis | Feedback

Here are the key risks to Velocity Financial (symbol: VEL):

  1. High Debt Levels and Financial Strength: Velocity Financial demonstrates poor financial strength primarily due to high debt levels, with a notably high debt-to-equity ratio, which suggests a significant reliance on debt financing. This elevated leverage increases the company's financial risk profile.
  2. Interest Rate Volatility and Sensitivity: As a real estate finance company, Velocity Financial's business is highly sensitive to fluctuations in interest rates. Changes in interest rates can significantly impact its net interest margin, borrowing costs for its debt issuances, and the overall demand for its mortgage products, potentially leading to reduced profitability and slower loan origination growth.
  3. Credit Quality and Nonperforming Loans: The credit quality of Velocity Financial's loan portfolio, particularly the percentage of nonperforming loans (NPLs), poses a significant risk. While there have been improvements in this area, the nonperforming loan ratio has been substantial, for example, 10.3% of the portfolio in Q2 2025 and 10.8% as of March 31, 2025. A deterioration in credit quality or an increase in nonperforming loans could negatively impact the company's financial performance, earnings, and book value.

AI Analysis | Feedback

The emergence of technology-driven direct lending platforms and financial technology (FinTech) companies poses a clear threat. These platforms leverage advanced algorithms, artificial intelligence, and streamlined online processes to offer investor loans for residential rental and small commercial properties directly to borrowers. This model can bypass traditional independent mortgage broker networks, which Velocity Financial relies upon for its loan originations. By offering faster application approvals, potentially lower operating costs, and a more convenient digital experience, these emerging competitors can erode Velocity Financial's market share and challenge its established distribution channel and operational model.

AI Analysis | Feedback

Velocity Financial, Inc. primarily originates and manages investor loans secured by 1-4 unit residential rental and small commercial properties in the United States. The addressable markets for these services are substantial within the U.S.

Addressable Markets:

  • Investor Loans Secured by 1-4 Unit Residential Rental Properties: The single-family rental (SFR) market, which includes 1-4 unit properties, encompasses approximately 14.1 million households in the U.S. as of 2022. In 2018, the total valuation of the SFR market, including two- to four-unit properties, was estimated to be well over $4 trillion in the U.S. The broader U.S. Real Estate Loan Market, which includes residential lending, was valued at $3.5 trillion in 2024, with residential properties accounting for over 61% of the total share.
  • Investor Loans Secured by Small Commercial Properties: The total commercial real estate (CRE) debt outstanding in the U.S. was $5.9 trillion as of the fourth quarter of 2023. In 2024, total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion. The overall U.S. commercial real estate market size was valued at approximately $742.3 billion in 2025 and is projected to reach $995.6 billion by 2034.

AI Analysis | Feedback

Velocity Financial (NYSE: VEL) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

  1. Expansion in the Business Purpose Loan Market: Velocity Financial aims to capture a larger share of the fragmented business purpose loan market through ongoing strategic initiatives and by continuously enhancing its loan production platform. This strategy has already contributed to the company's sustained earnings momentum.
  2. Growth in Loan Originations and Portfolio Expansion: The company has demonstrated strong performance in increasing loan originations, achieving a record of $2.7 billion with a 49% increase driven by higher productivity from its account executives. Velocity Financial's loan portfolio expanded by 28% year-over-year, reaching $6.5 billion in unpaid principal balance (UPB), which is expected to support future interest income. The company has an ambitious long-term objective to grow its loan portfolio to $10 billion by 2030, primarily through robust loan originations.
  3. Maintenance of Stable Net Interest Margins (NIM) and Healthy Loan Coupons: Management anticipates net interest margins to remain stable, near 3.5% to 3.6%, which, coupled with strong portfolio growth and disciplined rate setting on new originations, will contribute to sustained revenue. The company has also seen its weighted average coupon on loans climb to 9.7%, with new held-for-investment loans in Q4 reaching just over 10%, indicating healthy yields on its lending activities.
  4. Strategic Capital Markets Execution and Diversified Funding: Velocity Financial's sophisticated funding framework, including its ability to execute securitizations effectively, is a crucial driver. The company significantly grew its outstanding securitization balances and plans further long-term loan securitizations. Additionally, the issuance of its first rated unsecured debt offering has enhanced liquidity and diversified its funding sources, reducing reliance on short-term warehouse lines.
  5. Effective Non-Performing Loan (NPL) Resolutions and Strategic Sales: The company's proactive approach to managing and resolving non-performing loans, including strategic NPL sales, contributes to revenue. In 2025, NPL resolutions generated $30 million in total recovered revenue. A significant NPL sale transaction in Q4 not only generated earnings but also freed up approximately $50 million in working capital and will drive future earnings from retained servicing fees.

AI Analysis | Feedback

Share Issuance

  • In 2021, Velocity Financial, Inc. converted its outstanding Series A Convertible Preferred Stock into 11,688,310 shares of common stock.

Outbound Investments

  • In December 2021, Velocity Financial acquired an 80% ownership interest in Century Health & Housing Capital, LLC for $12.8 million in cash.
  • As of January 2026, Velocity Financial indicated that up to $75 million of the net proceeds from its $500 million senior notes offering could be used toward a potential business acquisition under consideration.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VELRCAOMRMFAABRRWTMedian
NameVelocity.Ready Ca.Angel Oa.MFA Fina.Arbor Re.Redwood . 
Mkt Price18.241.798.989.185.354.687.17
Mkt Cap0.70.30.21.01.00.60.6
Rev LTM327-4036270472212241
Op Inc LTM-------
FCF LTM211,089-451252312-14,284136
FCF 3Y Avg27460-280173373-8,750100
CFO LTM231,089-451252312-14,284138
CFO 3Y Avg29460-280173373-8,750101

Growth & Margins

VELRCAOMRMFAABRRWTMedian
NameVelocity.Ready Ca.Angel Oa.MFA Fina.Arbor Re.Redwood . 
Rev Chg LTM29.4%-164.8%-36.9%6.1%-17.0%98.5%-5.4%
Rev Chg 3Y Avg40.1%-92.1%49.7%35.7%-11.4%83.2%37.9%
Rev Chg Q1.1%-150.0%19.4%20.4%-10.1%181.2%10.2%
QoQ Delta Rev Chg LTM0.3%-30.9%3.2%5.2%-2.7%82.9%1.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM7.0%--1,240.4%93.3%66.0%-6,751.7%7.0%
CFO/Rev 3Y Avg12.8%--640.8%68.2%64.7%-5,312.5%12.8%
FCF/Rev LTM6.3%--1,240.4%93.3%66.0%-6,751.7%6.3%
FCF/Rev 3Y Avg11.7%--640.8%68.2%64.7%-5,312.5%11.7%

Valuation

VELRCAOMRMFAABRRWTMedian
NameVelocity.Ready Ca.Angel Oa.MFA Fina.Arbor Re.Redwood . 
Mkt Cap0.70.30.21.01.00.60.6
P/S2.2-5.93.52.22.82.8
P/Op Inc-------
P/EBIT-------
P/E6.6-0.511.56.417.7102.69.0
P/CFO31.00.3-0.53.83.3-0.01.8
Total Yield15.2%-170.3%23.2%31.5%31.7%17.4%20.3%
Dividend Yield0.0%17.9%14.5%15.9%26.1%16.4%16.2%
FCF Yield 3Y Avg4.2%138.2%-129.0%16.9%21.3%-1,291.4%10.5%
D/E10.010.411.36.85.646.410.2
Net D/E9.99.911.06.65.345.69.9

Returns

VELRCAOMRMFAABRRWTMedian
NameVelocity.Ready Ca.Angel Oa.MFA Fina.Arbor Re.Redwood . 
1M Rtn5.6%8.5%-0.4%-3.4%5.9%-8.2%2.6%
3M Rtn4.8%0.0%8.8%-0.4%-5.8%-8.6%-0.2%
6M Rtn-9.5%-2.6%8.1%2.6%-27.4%-10.7%-6.0%
12M Rtn1.9%-50.3%14.1%15.6%-48.7%-7.2%-2.6%
3Y Rtn33.9%-78.0%36.9%31.1%-53.4%-16.5%7.3%
1M Excs Rtn3.2%8.3%-3.3%-5.3%6.1%-10.5%-0.0%
3M Excs Rtn2.0%-2.5%5.6%-5.3%-21.5%-13.2%-3.9%
6M Excs Rtn-21.0%-16.6%-2.2%-7.8%-37.9%-19.4%-18.0%
12M Excs Rtn-17.2%-74.8%-7.3%-6.2%-69.7%-27.8%-22.5%
3Y Excs Rtn-32.3%-151.1%-27.3%-43.5%-126.3%-88.0%-65.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment3122121569177
Total3122121569177


Price Behavior

Price Behavior
Market Price$18.24 
Market Cap ($ Bil)0.7 
First Trading Date01/17/2020 
Distance from 52W High-12.1% 
   50 Days200 Days
DMA Price$17.65$18.53
DMA Trendindeterminatedown
Distance from DMA3.3%-1.6%
 3M1YR
Volatility21.1%24.8%
Downside Capture6.2527.60
Upside Capture25.4923.31
Correlation (SPY)4.3%14.3%
VEL Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.13-0.070.100.340.320.46
Up Beta-1.29-0.68-0.090.270.590.54
Down Beta0.11-0.07-0.090.070.120.21
Up Capture17%12%-2%21%22%24%
Bmk +ve Days11223567138427
Stock +ve Days9203062126374
Down Capture97%11%50%72%39%76%
Bmk -ve Days11212859114326
Stock -ve Days13233263124363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VEL
VEL3.8%24.8%0.10-
Sector ETF (XLF)12.9%14.6%0.6126.0%
Equity (SPY)22.1%12.8%1.2814.3%
Gold (GLD)28.2%28.4%0.862.3%
Commodities (DBC)37.4%20.1%1.47-27.6%
Real Estate (VNQ)12.5%13.8%0.6130.9%
Bitcoin (BTCUSD)-45.3%42.9%-1.28-0.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VEL
VEL9.6%40.2%0.33-
Sector ETF (XLF)11.2%18.4%0.4731.9%
Equity (SPY)13.3%17.2%0.6028.6%
Gold (GLD)18.8%18.6%0.821.9%
Commodities (DBC)9.3%19.6%0.36-0.2%
Real Estate (VNQ)1.9%18.9%-0.0033.2%
Bitcoin (BTCUSD)10.9%52.8%0.398.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VEL
VEL3.1%70.0%0.37-
Sector ETF (XLF)13.7%22.1%0.5738.1%
Equity (SPY)15.3%17.9%0.7332.8%
Gold (GLD)12.0%16.2%0.61-1.7%
Commodities (DBC)7.9%18.0%0.359.1%
Real Estate (VNQ)4.5%20.7%0.1841.7%
Bitcoin (BTCUSD)59.4%66.1%0.9910.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity1.6 Mil
Short Interest: % Change Since 71520267.1%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest14.9 days
Basic Shares Quantity38.7 Mil
Short % of Basic Shares4.2%

Earnings Returns History

Updated 8/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20263.1%  
5/6/2026-6.5%-11.3%-10.8%
3/13/2026-1.0%-0.9%12.1%
1/26/20265.3%4.6%-4.0%
11/7/20250.9%-1.9%1.4%
8/8/20257.7%16.3%17.0%
5/2/2025-4.1%-6.7%-5.9%
3/10/2025-2.5%-5.8%-15.8%
...
SUMMARY STATS   
# Positive161416
# Negative111210
Median Positive4.6%6.6%6.5%
Median Negative-3.0%-2.5%-3.4%
Max Positive11.7%19.5%33.9%
Max Negative-12.0%-12.0%-15.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20263.1%  
5/6/2026-6.5%-11.3%-10.8%
3/13/2026-1.0%-0.9%12.1%
1/26/20265.3%4.6%-4.0%
11/7/20250.9%-1.9%1.4%
8/8/20257.7%16.3%17.0%
5/2/2025-4.1%-6.7%-5.9%
3/10/2025-2.5%-5.8%-15.8%
11/8/20241.3%0.7%3.5%
8/2/2024-1.1%-1.6%2.5%
5/3/20241.6%6.0%6.9%
3/8/20244.0%7.2%6.6%
11/3/202311.7%19.5%23.0%
8/4/20237.8%15.4%1.2%
5/5/20235.1%3.4%10.8%
3/10/2023-5.3%-1.0%1.0%
11/3/2022-1.1%16.9%6.5%
8/4/20220.3%1.8%-0.3%
5/6/2022-4.5%-3.1%-2.8%
3/10/2022-3.0%-3.3%-7.9%
1/21/20220.5%-0.9%-2.4%
11/4/2021-1.5%-1.0%-2.0%
8/5/20218.7%8.9%3.1%
5/7/2021-12.0%-12.0%-1.2%
3/16/20213.6%1.3%5.3%
11/12/20209.0%14.5%14.3%
8/12/20209.9%4.1%33.9%
SUMMARY STATS   
# Positive161416
# Negative111210
Median Positive4.6%6.6%6.5%
Median Negative-3.0%-2.5%-3.4%
Max Positive11.7%19.5%33.9%
Max Negative-12.0%-12.0%-15.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/01/202510-Q
12/31/202403/12/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202303/15/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/13/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/01/202510-Q
12/31/202403/12/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202303/15/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/13/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/15/202210-K
09/30/202111/04/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/17/202110-K
09/30/202011/12/202010-Q
06/30/202008/13/202010-Q
03/31/202005/14/202010-Q
12/31/201904/07/202010-K
09/30/201901/17/2020424B4

Insider Activity

Updated 8/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell810202618.162,00036,3201,169,504Form
2Kelly, Roland ThomasChief Legal Officer and GCDirectSell806202618.001,60028,8001,724,292Form
3Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell806202618.004007,2001,195,200Form
4Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell728202618.004007,2001,224,000Form
5Tam, FionaChief Accounting OfficerDirectSell709202619.00681,292918,859Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell810202618.162,00036,3201,169,504Form
2Kelly, Roland ThomasChief Legal Officer and GCDirectSell806202618.001,60028,8001,724,292Form
3Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell806202618.004007,2001,195,200Form
4Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell728202618.004007,2001,224,000Form
5Tam, FionaChief Accounting OfficerDirectSell709202619.00681,292918,859Form
6Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell709202619.002,16541,1353,359,580Form
7Kelly, Roland ThomasChief Legal Officer and GCDirectSell706202618.571,60029,7101,824,392Form
8Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell626202618.071,57328,4201,235,831Form
9Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell502202619.301,57330,3591,350,479Form
10Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell417202620.002,13042,6003,579,700Form
11Kelly, Roland ThomasChief Legal Officer and GCDirectSell331202618.2281414,8281,803,245Form
12Kelly, Roland ThomasChief Legal Officer and GCDirectSell331202618.0314,026252,9431,799,927Form
13Kelly, Roland ThomasChief Legal Officer and GCDirectSell318202618.065,16093,2142,058,184Form
14Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell302202618.321,57328,8171,339,540Form
15Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell202202620.331,77236,0253,682,068Form
16Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell202202620.531,57332,2921,533,330Form
17Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell126202620.001,77035,4003,682,740Form
18Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell115202619.511,57330,687974,040Form
19Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell102202620.133,04961,3883,194,670Form
20Taylor, Jeffrey TExecutive VP, Capital MarketsDirectSell1216202520.037,571151,6463,239,255Form
21Kelly, Roland ThomasChief Legal Officer and GCDirectSell1202202519.386,655128,9651,956,667Form
22Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell1201202519.341,57230,409908,539Form
23Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell1103202518.501,57229,088898,151Form
24Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell1001202518.051,57228,367904,258Form
25Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell902202518.851,57229,632974,225Form
26Szczepaniak, Mark RChief Financial OfficerHeld through family trustSell812202518.001,57228,296958,590Form

Investor Activity (13F)

Updated Aug 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Beach Point Capital Management LP$118.6 Mil46.9%8ADD +9.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Beach Point Capital Management LP$118.6 Mil46.9%8ADD +9.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Beach Point Capital Management LP$118.6 Mil46.9%8ADD +9.4%13F
Core Cache Last Updated: 8/11/2026