TOBI III SPE I LLC - 01 May 2025 Form 4 Insider Report for Velocity Financial, Inc. (VEL)

Reporting relationship: Director, 10%+ Owner
Issuer ticker: VEL
Reported as of: 01 May 2025
Net transaction value: $0
SEC form: 4
Accepted by SEC: 02 May 2025, 16:05:04 UTC
Prior SEC filing: 10 Mar 2025
Source filing: View source filing
Reporting owner signature: /s/ Alyssa Creighton, Senior Vice President, Pacific Investment Management Company LLC

Key filing fact

TOBI III SPE I LLC filed Form 4 for Velocity Financial, Inc. (VEL) on 02 May 2025.

Key facts

This page summarizes TOBI III SPE I LLC's Form 4 filing for Velocity Financial, Inc. (VEL).
2 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 02 May 2025, 16:05.

Change

Previous filing in this sequence was filed on 10 Mar 2025.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (3)

CIK 0001792715 Primary reporting owner

TOBI III SPE I LLC

Relationship: Director, 10%+ Owner
Address: C/O PACIFIC INVESTMENT MGMT CO LLC, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH
Signature: /s/ Alyssa Creighton, Senior Vice President, Pacific Investment Management Company LLC
Signature date: 02 May 2025

CIK 0001163368

PACIFIC INVESTMENT MANAGEMENT CO LLC

Relationship: Director, 10%+ Owner
Address: 650 NEWPORT CENTER DRIVE, NEWPORT BEACH
Signature: /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
Signature date: 02 May 2025

CIK 0001792718

LVS III Holding LP

Relationship: Director, 10%+ Owner
Address: C/O PIMCO, 650 NEWPORT BEACH DRIVE, NEWPORT BEACH
Signature: /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
Signature date: 02 May 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

VEL transaction

Common Stock

Options Exercise

Transaction value
Shares: +1,673,958
Change %: +15%
Price
Shares after: 12,637,764
Date: 01 May 2025
Ownership: Direct
Footnotes: F1, F2

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

VEL transaction Derivative

Warrant (right to buy)

Options Exercise

Transaction value
Shares: -1,673,958
Change %: -100%
Price
Shares after: 0
Date: 01 May 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 1,673,958
Exercise price
Footnotes: F1, F2

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 2 footnotes

Footnote 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.

Footnote 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.