Velocity Financial Inc. (VEL) Misses Q2 EPS by 4c, Revenues Miss
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Velocity Financial, Inc. Announces Second Quarter 2020 Results
August 12, 2020 4:10 PM EDTSecond Quarter Highlights:
Net Income of $2.1 million and Core EPS of $0.17(1) The preferred stock deemed dividend reduced common stockholders equity and correspondingly increased preferred stock under mezzanine equity, resulting in a non-cash loss per common share of $(2.33) during the quarter Eliminated all mark-to-market risk for assets previously financed with legacy warehouse lines Completed VCC 2020-2 securitization totaling $128 million in June Completed the VCC 2020-MC1 securitization totaling $276 million in July Book value per common share as of June 30, 2020 was $10.26 compared to $12.47 as of March 31, 2020 Preparations to restart... More