UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 1-SA SEMIANNUAL REPORT PURSUANT TO REGULATION A UNDER THE SECURITIES ACT OF 1933 This Form 1-SA is to provide a Semiannual Report for the period ended June 30, 2025. Exact name of issuer as specified in the issuer's charter: VELOCE CAP FUND 1 LP Jurisdiction of incorporation/organization: New Jersey I.R.S. Employer Identification Number: 87-2323046 Address of Principal Executive Offices: 58 MAIN ST., 2ND FLOOR, HACKENSACK, NEW JERSEY 07601 Phone: 201-786-6300 Title of each class of securities issued pursuant to Regulation A: Debt Securities PART I FINANCIAL STATEMENTS The following unaudited interim financial statements of Veloce Cap Fund 1, LP are included for the six-month period ended June 30, 2025. VELOCE CAP FUND 1, LP TABLE OF CONTENTS PERIOD ENDED JUNE 30, 2025 Financial Statements: Page Balance Sheet F-3 Statement of Income F-4 Statement of Changes in Members' Equity F-5 Statement of Cash Flows F-6 VELOCE CAP FUND 1, LP BALANCE SHEET AS OF JUNE 30, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents 158,185 Accounts receivable 96,669 Organization costs, net 10,000 Trust deed notes receivable 4,980,000 TOTAL ASSETS 5,244,854 LIABILITIES AND MEMBERS' EQUITY CURRENT LIABILITIES Incentive fees payable 109,337 Management fees payable 87,727 Admin fees payable 2,300 Audit/tax fees payable 17,500 Due to GP 1,832 Organization costs payable 25,000 TOTAL CURRENT LIABILITIES 243,696 MEMBERS' EQUITY - PER ACCOMPANYING STATEMENT 5,001,158 TOTAL LIABILITIES AND MEMBERS' EQUITY 5,244,854 The accompanying statements are unaudited interim financial statements. VELOCE CAP FUND 1, LP STATEMENT OF INCOME JANUARY 1, 2025 TO JUNE 30, 2025 REVENUE Interest Income 517,529 TOTAL REVENUE 517,529 OPERATING EXPENSES Operating expenses 73,278 TOTAL OPERATING EXPENSES 73,278 NET INCOME 444,251 VELOCE CAP FUND 1, LP STATEMENT OF CHANGES IN MEMBERS' EQUITY JANUARY 1, 2025 TO JUNE 30, 2025 MEMBERS' EQUITY DECEMBER 31, 2024 - AS REPORTED 3,605,011 Net income 444,251 Partner contributions 1,065,000 Partner redemptions (113,104) JUNE 30, 2025 5,001,158 VELOCE CAP FUND 1, LP STATEMENT OF CASH FLOWS JANUARY 1, 2025 TO JUNE 30, 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income 444,251 Amortization of organization costs 2,500 Increase in accounts receivable (17,420) Increase in management fee payable 43,818 Increase in incentive fee payable 0 Increase in other payables 2,800 NET CASH PROVIDED BY OPERATIONS 475,949 CASH FLOWS FROM INVESTING ACTIVITIES Trust deed notes received 500,000 Trust deed notes receivable - funded (1,800,000) NET CASH USED IN INVESTING (1,300,000) CASH FLOWS FROM FINANCING ACTIVITIES Capital contributions 1,065,000 Capital redemptions (111,271) NET CASH PROVIDED BY FINANCING 953,729 NET INCREASE IN CASH AND CASH EQUIVALENTS 129,678 CASH AND CASH EQUIVALENTS - DECEMBER 31, 2024 28,507 CASH AND CASH EQUIVALENTS - JUNE 30, 2025 158,185 PART II MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Veloce Cap Fund 1, LP is a New Jersey limited partnership that uses offering proceeds to make, purchase, originate, fund, acquire and/or sell loans secured by interests in real or personal property. The interim financial statements included in this report are unaudited and cover the six-month period ended June 30, 2025. Results of Operations For the six months ended June 30, 2025, the Fund generated interest income of $517,529, compared with $264,717 for the period ended June 30, 2024. Operating expenses were $73,278, compared with $40,594 for the prior-year period. Net income was $444,251, compared with $224,123 for the prior-year period. Financial Condition As of June 30, 2025, total assets were $5,244,854, consisting primarily of trust deed notes receivable of $4,980,000, cash and cash equivalents of $158,185, and accounts receivable of $96,669. Total current liabilities were $243,696, and members' equity was $5,001,158. Liquidity and Capital Resources Net cash provided by operating activities was $475,949 for the period. Net cash used in investing activities was $1,300,000, primarily reflecting trust deed notes receivable funded during the period. Net cash provided by financing activities was $953,729, reflecting partner contributions of $1,065,000 and capital redemptions of $111,271. Cash and cash equivalents increased from $28,507 at December 31, 2024 to $158,185 at June 30, 2025. Material Changes Management is not aware of any material changes requiring disclosure in this Form 1-SA other than the operating results and financial condition reflected in the interim financial statements included herein. The issuer should review this section before filing and update it for any material events occurring after June 30, 2025. SIGNATURES Pursuant to the requirements of Regulation A, the issuer has duly caused this semiannual report to be signed on its behalf by the undersigned, thereunto duly authorized. VELOCE CAP FUND 1 LP By: Veloce Consulting, Inc., its General Partner By: ________________________________ Name: ______________________________ Title: _______________________________ Date: _______________________________