---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-024836"
form_type: "8-K"
ticker: "VEL"
cik: "0001692376"
company_name: "Velocity Financial, Inc."
filed_at: "2024-02-06T23:59:59+00:00"
generated_at: "2026-06-06T08:16:23.519381+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Velocity Financial issues $75M 9.875% senior secured notes due 2029

## Summary
- Issued $75M principal of 9.875% Senior Secured Notes due Feb 15, 2029, through subsidiary Velocity Commercial Capital.
- Notes secured pari passu with existing $215M 7.125% notes due 2027; intercreditor agreement executed.
- Interest payable semi-annually starting May 15, 2024; proceeds for new investments and general corporate purposes.
- Piper Sandler acted as placement agent; CFO says capital accretive to earnings and supports $5B portfolio by 2025 goal.
- Notes sold in private placement exempt from registration; not registered under Securities Act.

## SEC filing metadata
- accession: 0001193125-24-024836
- form_type: 8-K
- ticker: VEL
- cik: 0001692376
- company_name: Velocity Financial, Inc.
- filed_at: 2024-02-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692376/000119312524024836/0001193125-24-024836-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692376/000119312524024836/d745667d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-024836
- JSON: https://secwatch.observer/filing/0001193125-24-024836.json
- Plain text: https://secwatch.observer/filing/0001193125-24-024836.txt

## Key facts
- Debt Financings
  Velocity Financial, Inc. incurred senior notes of $75,000,000 with U.S. Bank Trust Company, National Association at 9.875% maturing February 15, 2029.
  - Instrument: senior notes
  - Principal: $75,000,000
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 9.875%
  - Maturity: February 15, 2029
  - Event: incurrence
  source text: On February 5, 2024, we entered into note purchase agreements (collectively, the “2029 Note Purchase Agreement”) for the issuance of an aggregate $75,000,000 principal amount of 9.875% Senior Secured Notes due 2029 (the “2029 Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692376/000119312524024836/0001193125-24-024836-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.