Delivered highest quarterly loan origination volume since 2022.
Grew market share 19% while investing in digital infrastructure to scale for growth.
Full-year 2025 highlights:
-- Revenue increased 12% to $1.19 billion and adjusted revenue increased
10% to $1.21 billion compared to the prior quarter on higher pull-though
weighted lock volume and margin.
-- Pull-through weighted gain on sale margin increased 19 basis points to
336 basis points.
-- Expenses increased 1% to $1.31 billion, reflecting discipline in
driving operating efficiencies.
-- Net loss of $108 million was down 47%, compared with net loss of $202
million in the prior year, primarily a result of higher revenue.
-- Adjusted net loss of $66 million was down 31%, compared with the prior
year adjusted net loss of $95 million.
-- Adjusted EBITDA increased by 46% to $122 million compared to $84
million in the prior year.
Fourth quarter 2025 highlights:
-- Loan origination volume increased 23% to $8.04 billion, representing
the highest level since 2022 and a 19% increase in market share to 1.4% 1
compared to the prior quarter.
-- Revenue decreased 4% to $310 million and adjusted revenue decreased 3%
to $316 million compared to the prior quarter, reflecting lower
pull-though weighted gain on sale margin.
-- Pull-through weighted gain on sale margin decreased 15 basis points to
324 basis points.
-- Expenses increased 3% to $342 million primarily on personnel costs,
partially offset by a decrease in some volume-related expenses.
-- Net loss of $33 million was up compared with net loss of $9 million in
the prior quarter, primarily a result of lower revenue.
-- Adjusted net loss of $21 million was up compared with adjusted net loss
of $3 million in the prior quarter.
-- Adjusted EBITDA decreased to $29 million compared to $49 million in the
prior quarter.
-- Cash balance decreased to $337 million from $459 million in the prior
quarter, primarily reflecting investment in our loan inventory and full
repayment of outstanding 2025 unsecured notes.
IRVINE, Calif.--(BUSINESS WIRE)--March 10, 2026--
loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, "loanDepot" or the "Company"), today announced results for the year-end and fourth quarter ended December 31, 2025.
"In the fourth quarter we originated the most volume since 2022, gained share in an expanding market and achieved a 71% recapture rate from our in-house servicing platform," said Founder and Chief Executive Officer Anthony Hsieh. "These results reflect progress in our return to the core competencies that enabled the scaling to become the 2(nd) largest retail lender nationally during our first decade. Behind the scenes, we remained focused on reducing unit costs through operating leverage and automation, while investing in our marketing engine to drive more opportunities to the top of the funnel.
________________
(1) Based on data published by Mortgage Bankers Association on February 17,
2026.
Hsieh continued, "While the third-party origination and MSR markets have consolidated around scale and operating efficiency, the consumer facing marketplace remains highly fragmented and inefficient. We believe our assets and strategy provide us unique competitive advantages to capitalize on this fragmentation. First, our distribution model brings new customers into our ecosystem across a diversity of channels, transactions and geographies. Second, vertical integration means we control the consumer experience from end-to-end, from application to closing to servicing, and back again through our industry leading recapture capabilities. As digital migration continues to gain momentum, the companies capable of deploying AI applications directly to consumers will redefine the productivity and efficiency standards for our industry. These are our opportunities and what we are working towards every day."
Added Chief Financial Officer, David Hayes, "The fourth quarter reflected the emerging benefits of our investment in technology and operating efficiency during a period of higher volumes. As loan volume and market share expanded, we were able to reduce certain volume-related costs such as marketing and direct origination expense. Our investments in operating efficiencies also translated to positive financial results for the full year. We increased adjusted revenue by 10% year-over-year while limiting expense growth to less than 1%, contributing to a 31% reduction in adjusted net loss. As a result of this progress, we entered 2026 as a fundamentally stronger company than we were in 2025."
Fourth Quarter Highlights:
Financial Summary
Three Months Ended Year Ended
---------------------------------------------- --------------------------------
($ in thousands
except per share
data) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
-------------- -------------- -------------- --------------- ---------------
Rate lock volume $9,998,709 $9,463,052 $7,648,829 $35,660,447 $32,541,852
Pull-through
weighted lock
volume(1) 7,277,203 6,970,592 5,592,527 26,014,540 22,854,729
Loan origination
volume 8,041,115 6,533,974 7,188,186 26,483,546 24,496,500
Gain on sale
margin(2) 2.94% 3.61% 2.60% 3.30% 2.96%
Pull-through
weighted gain
on sale
margin(3) 3.24% 3.39% 3.34% 3.36% 3.17%
Financial
Results
Total revenue $ 310,260 $ 323,324 $ 257,464 $ 1,189,741 $ 1,060,235
Total expense 342,065 333,613 341,588 1,310,272 1,303,084
Net loss (32,827) (8,734) (67,466) (107,530) (202,151)
Diluted loss per
share $ (0.10) $ (0.02) $ (0.17) $ (0.30) $ (0.53)
Non-GAAP
Financial
Measures(4)
Adjusted total
revenue $ 316,274 $ 325,157 $ 266,594 $ 1,211,786 $ 1,104,910
Adjusted net
loss (21,474) (2,845) (47,017) (65,641) (94,823)
Adjusted EBITDA
(LBITDA) 29,316 48,787 (15,071) 122,031 83,749
(1) Pull-through weighted rate lock volume is the principal balance of
loans subject to interest rate lock commitments, net of a pull-through
factor for the loan funding probability.
(2) Gain on sale margin represents the total of (i) gain on origination and
sale of loans, net, and (ii) origination income, net, divided by loan
origination volume during period.
(3) Pull-through weighted gain on sale margin represents the total of (i)
gain on origination and sale of loans, net, and (ii) origination
income, net, divided by the pull-through weighted rate lock volume.
(4) See "Non-GAAP Financial Measures" for a discussion of Non-GAAP
Financial Measures and a reconciliation of these metrics to their
closest GAAP measure.
Operational Highlights
-- Non-volume2 related expenses increased $5.5 million from the third
quarter of 2025, primarily reflecting higher salary-related and general
and administrative costs.
-- Pull-through weighted lock volume of $7.3 billion for the fourth
quarter of 2025, an increase of $0.3 billion or 4% from the third quarter
of 2025.
-- Loan origination volume for the fourth quarter of 2025 was $8.0 billion,
an increase of $1.5 billion or 23% from the third quarter of 2025.
-- Purchase volume totaled 49% of total loans originated during the fourth
quarter, down from 60% during the third quarter of 2025.
-- Our preliminary organic refinance consumer direct recapture rate3
increased to 71% for the fourth quarter from the third quarter 2025's
recapture rate of 65%.
Outlook for the first quarter of 2026
-- Origination volume of between $6.75 billion and $7.75 billion.
-- Pull-through weighted rate lock volume of between $7.75 billion and
$8.75 billion.
-- Pull-through weighted gain on sale margin of between 270 basis points
and 300 basis points.
________________
(2) Volume related expenses include commissions, marketing and advertising
expense, and direct origination expense. All remaining expenses are
considered non-volume related.
(3) We define organic refinance consumer direct recapture rate as the total
unpaid principal balance ("UPB") of loans in our servicing portfolio
that are paid in full for purposes of refinancing the loan on the same
property, with the Company acting as lender on both the existing and
new loan, divided by the UPB of all loans in our servicing portfolio
that paid in full for the purpose of refinancing the loan on the same
property. The recapture rate is finalized following the publication
date of this release when external data becomes available. Data is as
of February 23, 2026.
Servicing
Three Months Ended Year Ended
------------------------------- ------------------------
Servicing Revenue Data:
($ in thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
--------- --------- --------- ---------- ------------
Due to
collection/realization
of cash flows $(52,715) $(44,154) $(43,227) $(175,877) $(163,010)
Due to changes in
valuation inputs or
assumptions (1,844) (12,007) 68,228 (37,395) 59,538
Realized gains (losses)
on sale of servicing
rights 145 45 (56) 296 (3,036)
Net (losses) gains from
derivatives hedging
servicing rights (4,315) 10,129 (77,302) 15,054 (101,177)
------- ------- ------- -------- --------
Changes in fair
value of servicing
rights, net of
hedging gains and
losses (6,014) (1,833) (9,130) (22,045) (44,675)
Other realized losses on
sales of servicing
rights (1) (127) (211) (162) (611) (7,453)
------- ------- ------- -------- --------
Changes in fair value of
servicing rights, net $(58,856) $(46,198) $(52,519) $(198,533) $(215,138)
======= ======= ======= ======== ========
Servicing fee income $112,932 $111,783 $108,426 $ 437,202 $ 481,699
======= ======= ======= ======== ========
(1) Includes the provision for sold MSRs and broker fees.
Three Months Ended Year Ended
------------------------------------- --------------------------
Servicing Rights, at Fair
Value: ($ in thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
----------- ----------- ----------- ----------- -------------
Balance at beginning of
period $1,618,259 $1,616,854 $1,526,013 $1,615,510 $1,985,718
Additions 82,650 69,163 75,547 271,439 252,076
Sales proceeds (8,789) (11,642) (10,995) (36,267) (514,772)
Changes in fair value:
Due to changes in
valuation inputs or
assumptions (1,844) (12,007) 68,228 (37,395) 59,538
Due to
collection/realization
of cash flows (52,715) (44,154) (43,227) (175,877) (163,010)
Realized gains (losses)
on sales of servicing
rights 145 45 (56) 296 (4,040)
--------- --------- --------- --------- ---------
Total changes in fair
value (54,414) (56,116) 24,945 (212,976) (107,512)
--------- --------- --------- --------- ---------
Balance at end of period
(1) $1,637,706 $1,618,259 $1,615,510 $1,637,706 $1,615,510
========= ========= ========= ========= =========
(1) Balances are net of $20.5 million, $19.7 million, and $18.2 million of
servicing rights liability as of December 31, 2025, September 30, 2025,
and December 31, 2024, respectively.
% Change
-------------------
Servicing
Portfolio Data: ($ Dec-25 Dec-25
in thousands) Dec 31, Sep 30, Dec 31, vs vs
(Unaudited) 2025 2025 2024 Sep-25 Dec-24
------------------ ---------------- ---------------- ---------------- -------- ---------
Servicing
portfolio (unpaid
principal
balance) $119,096,243 $118,228,146 $115,971,984 0.7% 2.7%
Total servicing
portfolio
(units) 448,261 440,358 417,875 1.8 7.3
60+ days
delinquent ($) $ 1,909,082 $ 1,715,453 $ 1,826,105 11.3 4.5
60+ days
delinquent (%) 1.6% 1.5% 1.6%
Servicing rights,
net to UPB 1.4% 1.4% 1.4%
Balance Sheet Highlights
% Change
--------------------
Dec-25 Dec-25
($ in thousands) Dec 31, Sep 30, Dec 31, vs vs
(Unaudited) 2025 2025 2024 Sep-25 Dec-24
------------------ ---------- ---------- ---------- --------- ---------
Cash and cash
equivalents $ 337,232 $ 459,161 $ 421,576 (26.6)% (20.0)%
Loans held for
sale, at fair
value 3,165,542 2,606,361 2,603,735 21.5 21.6
Loans held for
investment, at
fair value 109,821 111,341 116,627 (1.4) (5.8)
Servicing rights,
at fair value 1,658,223 1,637,930 1,633,661 1.2 1.5
Total assets 6,857,936 6,244,985 6,344,028 9.8 8.1
Warehouse and
other lines of
credit 2,902,539 2,382,706 2,377,127 21.8 22.1
Total liabilities 6,471,926 5,811,675 5,837,417 11.4 10.9
Total equity 386,010 433,310 506,611 (10.9) (23.8)
An increase in loans held for sale at December 31, 2025, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $4.2 billion at December 31, 2025, and $4.2 billion at September 30, 2025. Available borrowing capacity was $1.3 billion at December 31, 2025.
Consolidated Statements of Operations
($ in thousands except per share data)
(Unaudited) Three Months Ended Year Ended
------------------------------------------- ------------------------------
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
2025 2025 2024 2025 2024
------------- ------------- ------------- ------------- ---------------
REVENUES:
Interest income $ 42,847 $ 39,937 $ 41,835 $ 158,800 $ 146,485
Interest expense (40,588) (36,878) (40,491) (148,525) (147,328)
----------- ----------- ----------- ----------- -----------
Net interest
income
(expense) 2,259 3,059 1,344 10,275 (843)
Gain on
origination and
sale of loans,
net 199,896 201,304 161,071 742,386 642,078
Origination
income, net 36,180 34,750 25,515 131,719 82,290
Servicing fee
income 112,932 111,783 108,426 437,202 481,699
Change in fair
value of
servicing rights,
net (58,856) (46,198) (52,519) (198,533) (215,138)
Other income 17,849 18,626 13,627 66,692 70,149
----------- ----------- ----------- ----------- -----------
Total net
revenues 310,260 323,324 257,464 1,189,741 1,060,235
EXPENSES:
Personnel expense 176,091 161,150 163,800 641,518 600,483
Marketing and
advertising
expense 32,860 37,700 36,860 146,688 132,671
Direct origination
expense 19,165 21,965 21,392 83,540 84,234
General and
administrative
expense 47,873 45,352 50,344 177,084 204,231
Occupancy expense 4,161 4,287 4,321 16,876 19,434
Depreciation and
amortization 5,447 6,729 8,779 26,221 36,108
Servicing expense 12,810 12,138 12,218 43,132 37,373
Other interest
expense 43,658 44,292 43,874 175,213 188,550
----------- ----------- ----------- ----------- -----------
Total expenses 342,065 333,613 341,588 1,310,272 1,303,084
----------- ----------- ----------- ----------- -----------
Loss before income
taxes (31,805) (10,289) (84,124) (120,531) (242,849)
Income tax expense
(benefit) 1,022 (1,555) (16,658) (13,001) (40,698)
----------- ----------- ----------- ----------- -----------
Net loss (32,827) (8,734) (67,466) (107,530) (202,151)
Net loss
attributable
to
noncontrolling
interests (10,347) (3,852) (34,232) (44,884) (103,820)
----------- ----------- ----------- ----------- -----------
Net loss
attributable
to loanDepot,
Inc. $ (22,480) $ (4,882) $ (33,234) $ (62,646) $ (98,331)
=========== =========== =========== =========== ===========
Basic loss per
share $ (0.10) $ (0.02) $ (0.17) $ (0.30) $ (0.53)
Diluted loss
per share $ (0.10) $ (0.02) $ (0.17) $ (0.30) $ (0.53)
Weighted average
shares
outstanding
Basic 223,756,158 211,442,981 193,413,971 211,021,121 185,641,675
Diluted 223,756,158 211,442,981 193,413,971 211,021,121 185,641,675
Consolidated Balance Sheets
Dec 31, Sep 30, Dec 31,
($ in thousands) 2025 2025 2024
---------- ---------- ----------
(Unaudited)
ASSETS
Cash and cash equivalents $ 337,232 $ 459,161 $ 421,576
Restricted cash 63,790 66,711 105,645
Loans held for sale, at fair
value 3,165,542 2,606,361 2,603,735
Loans held for investment, at
fair value 109,821 111,341 116,627
Derivative assets, at fair
value 42,365 54,582 44,389
Servicing rights, at fair
value 1,658,223 1,637,930 1,633,661
Trading securities, at fair
value 85,640 85,980 87,466
Property and equipment, net 61,929 58,037 61,079
Operating lease right-of-use
asset 23,877 24,678 20,432
Loans eligible for repurchase 1,074,386 916,911 995,398
Investments in joint ventures 18,251 18,270 18,113
Other assets 216,880 205,023 235,907
--------- --------- ---------
Total assets $6,857,936 $6,244,985 $6,344,028
========= ========= =========
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines
of credit $2,902,539 $2,382,706 $2,377,127
Accounts payable and
accrued expenses 349,350 373,627 379,439
Derivative liabilities, at
fair value 10,718 12,085 25,060
Liability for loans
eligible for repurchase 1,074,386 916,911 995,398
Operating lease liability 34,630 35,476 33,190
Debt obligations, net 2,100,303 2,090,870 2,027,203
--------- --------- ---------
Total liabilities 6,471,926 5,811,675 5,837,417
EQUITY:
Total equity 386,010 433,310 506,611
--------- --------- ---------
Total liabilities
and equity $6,857,936 $6,244,985 $6,344,028
========= ========= =========
Loan Origination and Sales Data
Three Months Ended Year Ended
------------------ ---------------------------------- ------------------------
($ in thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
------------------ ---------- ---------- ---------- ----------- -----------
Loan origination
volume by type:
Conventional
conforming $3,785,304 $2,841,170 $3,331,526 $11,713,238 $12,322,808
FHA/VA/USDA 2,927,994 2,498,743 2,938,168 10,164,922 9,428,124
Jumbo 643,953 444,946 368,518 1,831,021 1,015,305
Other 683,864 749,115 549,974 2,774,365 1,730,263
--------- --------- --------- ---------- ----------
Total $8,041,115 $6,533,974 $7,188,186 $26,483,546 $24,496,500
========= ========= ========= ========== ==========
Loan origination volume by
purpose:
Purchase $3,923,759 $3,949,864 $4,139,542 $15,201,308 $16,197,535
Refinance - cash
out 2,640,640 2,136,089 2,424,749 8,602,047 7,085,329
Refinance -
rate/term 1,476,716 448,021 623,895 2,680,191 1,213,636
--------- --------- --------- ---------- ----------
Total $8,041,115 $6,533,974 $7,188,186 $26,483,546 $24,496,500
========= ========= ========= ========== ==========
Loans sold:
Servicing
retained $5,247,355 $4,168,356 $4,421,935 $17,166,067 $15,238,250
Servicing
released 2,284,810 2,488,073 2,937,984 9,132,804 8,771,900
--------- --------- --------- ---------- ----------
Total $7,532,165 $6,656,429 $7,359,919 $26,298,871 $24,010,150
========= ========= ========= ========== ==========
Fourth Quarter Earnings Call
Management will host a conference call and live webcast today at 5:00 p.m. ET to discuss the Company's financial and operational highlights followed by a question-and-answer session.
The conference call can be accessed by registering online at https://events.q4inc.com/attendee/126718039 at which time registrants will receive dial-in information as well as a conference ID. At the time of the call, participants will dial in using the participant number and conference ID provided upon registration.
Equity analysts should register at https://events.q4inc.com/analyst/126718039?pwd=G03366vi to ask questions during the Q&A session of the call.
A live audio webcast of the conference call will also be available via the Company's website, investors.loandepot.com, under Events & Presentation tab. A replay of the webcast will be made available on the Investor Relations website following the conclusion of the event.
For more information about loanDepot, please visit the company's Investor Relations website: investors.loandepot.com.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA). We exclude from these non-GAAP financial measures the change in fair value of MSRs, gains (losses) from the sale of MSRs, and related hedging gains and losses that represent realized and unrealized adjustments resulting from changes in valuation, mostly due to changes in market interest rates, and are not indicative of the Company's operating performance or results of operation. We have excluded expenses directly related to the cybersecurity incident in January 2024 that resulted from unauthorized access to our systems (the "Cybersecurity Incident"), net of insurance recoveries during fiscal 2024, such as costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, and professional fees, including legal expenses, litigation settlement costs, and commission guarantees. We also exclude stock-based compensation expense, which is a non-cash expense, gains or losses on extinguishment of debt and disposal of fixed assets, and impairment charges to operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA (LBITDA) includes interest expense on funding facilities, which are recorded as a component of "net interest income (expense)," as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA (LBITDA). Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to U.S. federal, state, and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class C common stock to Class A common stock. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Some of these limitations are:
-- They do not reflect every cash expenditure, future requirements for
capital expenditures or contractual commitments;
-- Adjusted EBITDA (LBITDA) does not reflect the significant interest
expense or the cash requirements necessary to service interest or
principal payment on our debt;
-- Although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced or require
improvements in the future, and Adjusted Total Revenue, Adjusted Net Loss,
and Adjusted EBITDA (LBITDA) do not reflect any cash requirement for such
replacements or improvements; and
-- They are not adjusted for all non-cash income or expense items that are
reflected in our statements of cash flows.
Because of these limitations, Adjusted Total Revenue, Adjusted Net Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA) are not intended as alternatives to total revenue, net income (loss), net income (loss) attributable to the Company, or Diluted Earnings (Loss) Per Share or as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Total Revenue, Adjusted Net Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA (LBITDA) along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. See below for a reconciliation of these non-GAAP measures to their most comparable U.S. GAAP measures.
Three Months Ended Year Ended
------------------ ---------------------------- ----------------------
Reconciliation of
Total Revenue to
Adjusted Total
Revenue ($ in
thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
------------------ -------- -------- -------- ---------- ----------
Total net revenue $310,260 $323,324 $257,464 $1,189,741 $1,060,235
Valuation
changes in
servicing
rights, net of
hedging gains
and losses(1) 6,014 1,833 9,130 22,045 44,675
------- ------- ------- --------- ---------
Adjusted total
revenue $316,274 $325,157 $266,594 $1,211,786 $1,104,910
======= ======= ======= ========= =========
(1) Represents the change in the fair value of servicing rights due to
changes in valuation inputs or assumptions, net of gains or losses from
derivatives hedging servicing rights.
Three Months Ended Year Ended
------------------ ------------------------------ ------------------------
Reconciliation of
Net Loss to
Adjusted Net Loss
($ in thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
------------------ --------- -------- --------- ---------- ------------
Net loss
attributable to
loanDepot, Inc. $(22,480) $(4,882) $(33,234) $ (62,646) $ (98,331)
Net loss from the
pro forma
conversion of
Class C common
stock to Class A
common stock (1) (10,347) (3,852) (34,232) (44,884) (103,820)
------- ------ ------- -------- --------
Net loss (32,827) (8,734) (67,466) (107,530) (202,151)
Adjustments to
the benefit for
income
taxes(2) 2,813 978 7,928 11,598 26,131
------- ------ ------- -------- --------
Tax-effected net
loss (30,014) (7,756) (59,538) (95,932) (176,020)
Valuation
changes in
servicing
rights, net of
hedging gains
and losses(3) 6,014 1,833 9,130 22,045 44,675
Stock-based
compensation
expense 5,163 3,599 5,966 12,223 24,919
Restructuring
charges(4) 624 2,147 93 5,049 7,199
Cybersecurity
incident(5) 215 473 1,868 1,776 24,628
Loss (gain) on
extinguishment
of debt -- -- -- -- 5,680
Loss (gain) on
disposal of
fixed assets -- 3 33 30 8
Other impairment
(recovery)(6) -- -- (690) 5 511
Tax effect of
adjustments(7) (3,476) (3,144) (3,879) (10,837) (26,423)
------- ------ ------- -------- --------
Adjusted net loss $(21,474) $(2,845) $(47,017) $ (65,641) $ (94,823)
======= ====== ======= ======== ========
(1) Reflects net loss to Class A common stock and Class D common stock from
the pro forma exchange of Class C common stock.
(2) loanDepot, Inc. is subject to federal, state and local income taxes.
Adjustments to the benefit for income taxes reflect the income tax
rates below, and the pro forma assumption that loanDepot, Inc. owns
100% of LD Holdings.
Three Months Ended Year Ended
---------------- ------------------------------- --------------------
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
2025 2025 2024 2025 2024
---------------- --------- --------- --------- --------- ---------
Statutory U.S.
federal income
tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State and local
income taxes
(net of federal
benefit) 6.19 4.39 2.16 4.84% 4.17%
----- ----- ----- ----- -----
Effective income
tax rate 27.19% 25.39% 23.16% 25.84% 25.17%
===== ===== ===== ===== =====
(3) Represents the change in the fair value of servicing rights due to
changes in valuation inputs or assumptions, net of gains or losses from
derivatives hedging servicing rights, and gains (losses) from the sale
of MSRs.
(4) Reflects employee severance expense and professional services
associated with restructuring efforts.
(5) Represents expenses directly related to the Cybersecurity Incident, net
of insurance recoveries during fiscal 2024, including costs to
investigate and remediate the Cybersecurity Incident, the costs of
customer notifications and identity protection, professional fees
including legal expenses, litigation settlement costs, and commission
guarantees.
(6) Represents lease impairment on corporate and retail locations.
(7) Amounts represent the income tax effect using the aforementioned
effective income tax rates, excluding certain discrete tax items.
Three Months Ended Year Ended
--------------- ------------------------------------- ------------------------
Reconciliation
of Diluted
Weighted
Average Shares
Outstanding to
Adjusted
Diluted
Weighted
Average Shares
Outstanding Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
--------------- ----------- ----------- ----------- ----------- -----------
Share Data:
Diluted weighted
average shares
of Class A
common stock
and Class D
common stock
outstanding 223,756,158 211,442,981 193,413,971 211,021,121 185,641,675
Assumed pro
forma
conversion of
weighted
average Class C
common stock to
Class A common
stock (1) 109,713,995 119,970,814 133,595,797 119,701,749 140,148,860
----------- ----------- ----------- ----------- -----------
Adjusted diluted
weighted
average shares
outstanding 333,470,153 331,413,795 327,009,768 330,722,870 325,790,535
=========== =========== =========== =========== ===========
(1) Reflects the assumed pro forma exchange and conversion of Class C
common stock.
Three Months Ended Year Ended
------------------ ------------------------------ ------------------------
Reconciliation of
Net Loss to
Adjusted EBITDA
(LBITDA) ($ in
thousands) Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
(Unaudited) 2025 2025 2024 2025 2024
------------------ --------- -------- --------- ---------- ------------
Net loss $(32,827) $(8,734) $(67,466) $(107,530) $(202,151)
Interest expense -
non-funding debt
(1) 43,658 44,292 43,874 175,213 188,550
Income tax expense
(benefit) 1,022 (1,555) (16,658) (13,001) (40,698)
Depreciation and
amortization 5,447 6,729 8,779 26,221 36,108
Valuation changes
in servicing
rights, net of
hedging gains and
losses(2) 6,014 1,833 9,130 22,045 44,675
Stock-based
compensation
expense 5,163 3,599 5,966 12,223 24,919
Restructuring
charges(3) 624 2,147 93 5,049 7,199
Cybersecurity
incident(4) 215 473 1,868 1,776 24,628
Loss (gain) on
disposal of fixed
assets -- 3 33 30 8
Other impairment
(5) -- -- (690) 5 511
------- ------ ------- -------- --------
Adjusted EBITDA
(LBITDA) $ 29,316 $48,787 $(15,071) $ 122,031 $ 83,749
======= ====== ======= ======== ========
(1) Represents other interest expense, which includes gain or loss on
extinguishment of debt and amortization of debt issuance costs and debt
discount, in the Company's consolidated statements of operations.
(2) Represents the change in the fair value of servicing rights due to
changes in valuation inputs or assumptions, net of gains or losses from
derivatives hedging servicing rights, and gains (losses) from the sale
of MSRs.
(3) Reflects employee severance expense and professional services
associated with restructuring efforts.
(4) Represents expenses directly related to the Cybersecurity Incident, net
of insurance recoveries during fiscal 2024, including costs to
investigate and remediate the Cybersecurity Incident, the costs of
customer notifications and identity protection, professional fees
including legal expenses, litigation settlement costs, and commission
guarantees.
(5) Represents lease impairment on corporate and retail locations.
Forward-Looking Statements
This press release and related management commentary contain, and responses to investor questions may contain, forward-looking statements that can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words "believe," "anticipate," "expect," "intend," "plan," "predict," "estimate," "project," "will be," "will continue," "will likely result," or other similar words and phrases or future or conditional verbs such as "will," "may," "might," "should," "would," or "could" and the negatives of those terms. Examples of forward-looking statements include, but are not limited to, statements about competitive advantages; automation, technology and innovation initiatives and investments, including artificial intelligence; operational efficiencies; strategic opportunities, focuses, and progress; loan originations; market share; digital customer experience; investment plans; return to profitability; pull-through weighted lock volume; pull-through weighted gain on sale margin; and expense management.
These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including but not limited to, the following: our ability to achieve the expected benefits of our strategic plans and priorities and the success of other business initiatives; our ability to achieve profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; our ability to effectively utilize artificial intelligence and emerging technologies; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; our ability to favorably resolve regulatory matters related to the Cybersecurity Incident; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including changes in interest rates, changes in global trade policy and tariffs, geopolitical tensions and conflicts and impacts from government shutdowns; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; and other risks detailed in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, as well as any subsequent filings with the Securities and Exchange Commission. Therefore, current plans, anticipated actions, and financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.
About loanDepot
Since its launch in 2010, loanDepot (NYSE: LDI) has revolutionized the mortgage industry with digital innovations that make transacting easier, faster, and less stressful for customers and originators alike. The company, which is licensed in all 50 states, helps its customers achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. loanDepot is also committed to serving the communities in which its team lives and works through a variety of local and national philanthropic efforts.
LDI-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20260310893840/en/
CONTACT: Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
(END) Dow Jones Newswires
March 10, 2026 16:06 ET (20:06 GMT)
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