Tobi III Spe I Llc - May 1, 2025 Form 4 Insider Report for Velocity Financial, Inc. (VEL)

Role: Director, 10%+ Owner
Signature: /s/ Alyssa Creighton, Senior Vice President, Pacific Investment Management Company LLC
Stock symbol: VEL
Transactions as of: May 1, 2025
Transactions value $: $0
Form type: 4
Date filed: 5/2/2025, 04:05 PM
Previous filing: Mar 10, 2025
SEC: View on sec.gov

Reporting Owners (3)

Name	Relationship	Address	Signature	Signature date	CIK
TOBI III SPE I LLC	Director, 10%+ Owner	C/O PACIFIC INVESTMENT MGMT CO LLC, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH	/s/ Alyssa Creighton, Senior Vice President, Pacific Investment Management Company LLC	2025-05-02	0001792715
PACIFIC INVESTMENT MANAGEMENT CO LLC	Director, 10%+ Owner	650 NEWPORT CENTER DRIVE, NEWPORT BEACH	/s/ Alyssa Creighton, Senior Vice President, on behalf of TOBI III SPE I LLC; By: LVS III Holding LP, its sole member; By: PIMCO GP XVII, LLC, its general partner; By: Pacific Investment Management Company LLC, its managing member	2025-05-02	0001163368
LVS III Holding LP	Director, 10%+ Owner	C/O PIMCO, 650 NEWPORT BEACH DRIVE, NEWPORT BEACH	/s/ Alyssa Creighton, Senior Vice President, on behalf of LVS III Holding LP; By: PIMCO GP XVII, LLC, its general partner; By: Pacific Investment Management Company LLC, its managing member	2025-05-02	0001792718

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VEL	Common Stock	Options Exercise		+1.67M	+15.27%		12.6M	May 1, 2025	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VEL	Warrant (right to buy)	Options Exercise		-1.67M	-100%		0	May 1, 2025	Common Stock	1.67M		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Warrants to purchase 1,115,972 shares of Common Stock were exercised at an exercise price of $2.96 per share of Common Stock. Warrants to purchase 557,986 shares were exercised at an exercise price of $4.94 per share. The Warrants became exercisable on August 13, 2020 and had an expiration date of May 7, 2025.
F2	TOBI III SPE I LLC, a Delaware limited liability company ("TOBI"), is the direct holder of the Issuer's securities. TOBI was formed solely for the purpose of investing in the Issuer. LVS III Holding LP, a Delaware limited partnership ("LVS"), is the sole member of TOBI and operates as a pooled investment fund and invests (among other things) in operating companies. PIMCO GP XVII, LLC, a Delaware limited liability company ("PIMCO GP"), is the sole general partner of LVS. Pacific Investment Management Company LLC is the sole managing member of PIMCO GP, retains a pecuniary interest therein, and has the power to make voting and investment decisions regarding the securities of the Issuer held by TOBI. Each Reporting Person disclaims beneficial ownership in the reported securities, except to the extent of its pecuniary interest therein. The signatory below executes this Form 4 on behalf of each Reporting Person as a Managing Director of PIMCO.

Content

Warrants to purchase 1,115,972 shares of Common Stock were exercised at an exercise price of $2.96 per share of Common Stock. Warrants to purchase 557,986 shares were exercised at an exercise price of $4.94 per share. The Warrants became exercisable on August 13, 2020 and had an expiration date of May 7, 2025.

TOBI III SPE I LLC, a Delaware limited liability company ("TOBI"), is the direct holder of the Issuer's securities. TOBI was formed solely for the purpose of investing in the Issuer. LVS III Holding LP, a Delaware limited partnership ("LVS"), is the sole member of TOBI and operates as a pooled investment fund and invests (among other things) in operating companies. PIMCO GP XVII, LLC, a Delaware limited liability company ("PIMCO GP"), is the sole general partner of LVS. Pacific Investment Management Company LLC is the sole managing member of PIMCO GP, retains a pecuniary interest therein, and has the power to make voting and investment decisions regarding the securities of the Issuer held by TOBI. Each Reporting Person disclaims beneficial ownership in the reported securities, except to the extent of its pecuniary interest therein. The signatory below executes this Form 4 on behalf of each Reporting Person as a Managing Director of PIMCO.