Velocity Financial, Inc. announced that on April 4, 2023, Katherine Verner informed the company of her decision to resign as a director effective April 6, 2023. Her decision to resign is not based upon any disagreements between the company and Ms. Verner. Ms. Verner was a TOBI III SPE I LLC (TOBI) director designee as such right is held by TOBI pursuant to the Stockholders Agreement dated as of January 16, 2020 and the Securities Purchase Agreement dated April 5, 2020.

TOBI is an affiliate of the funds, general and limited partners and members that beneficially own approximately 37% of its common stock. On April 7, 2023, the Board of Directors elected Mr. Omar Maasarani as a new independent member of its Board. Mr. Maasarani, 37, is a portfolio manager at Pacific Investment Management Company LLC (PIMCO) focused on originating, executing, and managing private equity and structured equity investments as part of the firm's alternatives investing complex.

Prior to joining PIMCO in 2018, Mr. Maasarani spent nearly a decade with Morgan Stanley, most recently as a vice president with the firm's private equity investing team. At Morgan Stanley, he executed and managed over a dozen investments across the technology, business services, and consumer sectors. Earlier in his career, Mr. Maasarani worked in the financial services investment banking advisory group at Morgan Stanley and in asset management at Goldman Sachs.

He has 16 years of investment and financial services experience and holds a bachelor's degree from Rutgers University. Mr. Maasarani also replaces Ms. Verner as the Board's director nominee to be voted upon at its May 19, 2023 Annual Meeting of Shareholders.