Velocity raises $500M unsecured debt, portfolio grows 25% YoY; M&A diligence costs triple

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Issued $500M unsecured senior notes at 9.375% to retire $215M secured debt, adding $285M net leverage and raising quarterly corporate interest expense from $6M to $15M.

  MD&A: Corporate Debt verify on EDGAR →
• high

  Loan portfolio grew 25% to $6.8B with net interest margin expanding from 3.35% to 3.56%; 1-4 unit residential share declined from 51% to 47% as multi-family and commercial originations increased.

  MD&A: Portfolio Composition verify on EDGAR →
• high

  Professional fees tripled to $5.8M from $1.8M due to legal costs for 'potential merger and acquisition due diligence,' signaling active M&A exploration.

  MD&A: Professional Fees verify on EDGAR →