Velocity Financial, Inc. (NYSE: VEL; "Velocity" or the "Company") today announced a definitive agreement to acquire the operating platform of Toorak Capital LLC ("Toorak"), a business-purpose lending and asset management platform which is majority owned by funds advised by affiliates of KKR, a leading global investment firm. Toorak has also entered into separate agreements with a third-party investment firm for the purchase of Toorak’s existing portfolio of business-purpose loans ("BPL") totaling approximately $3 billion in unpaid principal balance across whole loans and loans held in Toorak Mortgage Trust and TRK Trust securitizations.

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