Velocity Financial, Inc.

and welcome to the velocity financial Inc third quarter 2025 conference call all participants will be in listen-only mode should you need assistance please signal conference specialists by pressing the star key followed by zero after today's presentation there will be an opportunity to ask questions to ask a question you may press star then one on a touch tone phone to withdraw your question please press star then two please note this event is being recorded I would now like to turn the conference over to Chris Oltman, Treasurer. Please go ahead.

Thanks, Chloe. Hello, everyone, and thank you for joining us today for the discussion of Velocity's third quarter 2025 results. Joining me today are Chris Farrar, Velocity's President and Chief Executive Officer, and Mark Cepaniak, Velocity's Chief Financial Officer. Earlier this afternoon, we released our third quarter results. You can find the press release and accompanying presentation that we will refer to during this call on our investor relations website at www.vellfinance.com. I'd like to remind everyone that today's call may include forward-looking statements, which are uncertain and outside of the company's control, and actual results may differ materially. For discussion of some of the risks and other factors that could affect results, please see the risk factors and other cautionary statements made in our communications with shareholders, including the risk factors disclosed in our filings with the Securities and Exchange Commission. Please also note that the content of this conference call contains time-sensitive information that is accurate only as of today, and we do not undertake any duty to update forward-looking statements. We may also refer to certain non-GAAP measures on this call. For reconciliations of these non-GAAP measures, you should refer to the earnings materials on our investor relations websites. Finally, today's call is being recorded and will be available on the company's website later today. And with that, I will now turn the call over to Chris Farrar.

Thanks, Chris. And we appreciate everyone joining the call today. Our third quarter results were fantastic as we achieved another record quarter in terms of pre-tax earnings, which were up 66.5%, production volumes of $739 million, and new applications, which exceeded $1.4 billion for the quarter. Looking forward, the markets remain strong, and this momentum has continued into the fourth quarter as we gain market share and expand our reach. From a credit perspective, we remain disciplined as evidenced by the decline in the weighted average portfolio loan-to-value to 65.5%, and our coupons remain on target at 10.5%, generating attractive risk-adjusted spreads and stabilizing our attractive NIM and core pre-tax ROE of 24.1%. Our asset managers have done a great job of resolving NPAs consistently, above par for net positive gains. We have plenty of capital available for REOs that are priced properly and expect the real estate markets to continue to perform well within our niche. The most unique event In Q3 was the closing of our first ever single counterparty securitization of new production with a top-tier money manager. This strategic partnership allows us to reduce transaction costs, execute at similar levels to our regular widely marketed deals, and diversify our long-term funding options. We're proud to partner with this world-class firm and expect the transactions to continue as evidenced by a second transaction that closed in early October. Obviously, the fixed income markets are very supportive, and we intend to maximize our opportunities there. As usual, I give full credit to our outstanding team members that worked so hard to deliver these results, and we will continue to create shareholder value wherever possible. With that, I'll turn over to the presentation and begin discussing page three in terms of earnings obviously a great quarter net income up 60% year-over-year and core diluted EPS of 69 cents a share portfolio NIM was very stable at 360 basis points above our target of three and a half percent moving to production and the loan portfolio I mentioned record level of production of $739 million, 32% net increase in the portfolio year over year after netting out prepayments. In terms of non-performing loans, that portfolio was pretty stable, 9.8% down from 10.6% within our expected range. As I mentioned earlier, continued to see positive gains on resolved NPAs of $2.8 million, and our team did a fantastic job there. Turning to financing and capital, I mentioned that first-ever single county counterparty transaction. We were approached a quarter or two ago by a large party and with the interest of developing a consistent outlet for our product and very pleased with the way that transaction, both those transactions executed and we expect it to be an additional diversification of our funding sources going forward. terms of liquidity we have plenty of cash and available borrowings and you can see over six hundred million dollars of warehouse capacity at the end of the quarter so all in all shape they're turning to page four want to re-emphasize our strategy of compounding earnings by taking all of our earnings and investing them back into the platform and the portfolio As you can see, we've had outstanding results, and we think this is a great opportunity for investors to get exposure to our earnings and the compounding of capital. So very pleased with how we've transacted over the last couple of years and expect this to continue going forward. With that, I'll turn it over to Mark on page five.