Recent events

Velocity Financial to acquire Toorak Capital's business-purpose lending platform

Velocity Financial Inc. announced it will acquire Toorak Capital LLC's business-purpose lending and asset management platform in an all-cash deal, while Toorak agreed to sell roughly $3 billion in unpaid principal balance of whole loans and securitized loans to a third-party investment firm, in transactions totaling about $3.2 billion. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions and required regulatory approvals.