loanDepot (NYSE: LDI) lifts Q2 revenue to $337M and sharply cuts loss
Rhea-AI Filing Summary
loanDepot, Inc. reported Q2 2026 results with total revenue of $337 million, up 18% quarter over quarter, and a net loss of about $7 million, a sharp improvement from a $55 million loss in Q1. Loan origination volume rose 4% to $7.99 billion, with unit volume up 25%.
A strategic mix shift toward higher-margin home equity and government loans helped lift pull-through weighted gain-on-sale margin by 74 basis points to 345 basis points, while purchase loans increased to 57% of originations from 41% in Q1. Total expenses increased less than 1% to $344 million, reflecting tight cost control.
Adjusted net loss improved to $29 million and Adjusted EBITDA increased to $20 million. Management highlighted strong servicing fee income, 60+ day delinquencies of 1.7%, senior note repurchases at a discount, monetization of a portion of servicing rights after quarter end, and ongoing evaluation of options to address bond maturities.
Positive
- Quarterly net loss narrowed significantly from about $55 million to roughly $7 million, while revenue grew 18% to $337 million and Adjusted EBITDA improved to $20 million.
- A shift toward home equity and government loans increased pull-through weighted gain-on-sale margin by 74 bps to 345 bps and raised purchase originations to 57% of total volume.
Negative
- The company remains unprofitable, with Q2 2026 adjusted net loss of $29 million and year-to-date adjusted net loss of $62,839 thousand.
- Liquidity and capital remain under pressure: cash and cash equivalents were $229,128 thousand at June 30, 2026, down 43.9% year over year, while total equity fell 24.1% to $333,046 thousand.
Filing Explained
At June 30, 2026, loanDepot had $229,128 thousand in cash and $1.9 billion available borrowing capacity against $2,130,204 thousand of debt obligations.
This Form 8-K, which reports specified material events, furnishes loanDepot’s unaudited second-quarter results and balance sheet as of
At that date, cash was
Although management says maintaining strong liquidity remains a top priority, cash was down
For the third quarter of 2026, the company provides an operating range of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue: $337,321
Net loss: $(6,622)
Loan origination volume: $7,993,712
+5 more
8 metrics
Total revenue
$337,321
Q2 2026 total net revenue, in thousands of dollars
Net loss
$(6,622)
Q2 2026 net loss, in thousands of dollars
Loan origination volume
$7,993,712
Q2 2026 loan origination volume, in thousands of dollars
Adjusted EBITDA
$20,478
Q2 2026 Adjusted EBITDA, in thousands of dollars
Servicing portfolio UPB
$123,387,503
Unpaid principal balance of servicing portfolio at June 30, 2026, in thousands of dollars
Cash and cash equivalents
$229,128
Cash and cash equivalents at June 30, 2026, in thousands of dollars
Pull-through weighted gain on sale margin
3.45%
Q2 2026 pull-through weighted gain on sale margin
Purchase share of originations
57%
Q2 2026 purchase volume as a share of total originations
Key Terms
pull-through weighted gain on sale margin, mortgage servicing rights, Adjusted EBITDA, warehouse lines of credit, +1 more
5 terms
pull-through weighted gain on sale margin financial
"Pull-through weighted gain on sale margin increased 74 basis points to 345 basis points"
A pull-through weighted gain on sale margin measures the effective profit a company earns from selling a product when you account not just for the initial sale but also the follow-on purchases that sale generates, with each sale weighted by its expected downstream value. Think of it like the profit on a printer plus the predictable ongoing ink purchases, averaged so larger or more lucrative channels count more; investors use it to judge how durable and scalable current sales are for future cash flow and margins.
mortgage servicing rights financial
"Realized (losses) gains on sale of servicing rights"
Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.
Adjusted EBITDA financial
"Adjusted EBITDA was $20 million, compared to adjusted EBITDA of $14 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
warehouse lines of credit financial
"A decrease in loans held for sale resulted in a decrease in the balance on our warehouse lines of credit"
A warehouse line of credit is a short-term revolving loan that a lender or dealer uses to temporarily fund assets—such as mortgages, loans, or inventory—until those assets are sold, packaged, or otherwise converted to long-term funding. Think of it as a bridge loan or an overdraft that helps keep business flowing; investors watch these lines because their size, cost, and availability signal whether a company can maintain growth, manage cash needs, and withstand market disruptions.
Cybersecurity Incident technical
"expenses directly related to the Cybersecurity Incident, net of insurance recoveries"
A cybersecurity incident is an event where someone's computer systems or data are attacked or broken into without permission. It matters because it can lead to stolen information, financial loss, or disruptions in services, similar to a break-in at a store that damages property or steals valuable items.
Earnings Snapshot
Total revenue: $337 million · Guidance included
quarter ended June 30, 2026
Total revenue
$337 million
up 18% from Q1 2026
Net loss
approximately $7 million
improved from a $55 million net loss in Q1 2026
Loan origination volume
$7.99 billion
up 4% from Q1 2026, with unit volume up 25%
Adjusted EBITDA
$20 million
increased from $14 million in Q1 2026
Guidance
For Q3 2026, the company expects origination volume of $6.25–$8.25 billion, pull-through weighted rate lock volume of $5.25–$7.25 billion, and pull-through weighted gain-on-sale margin of 360–390 basis points.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were loanDepot (LDI)'s key financial results for Q2 2026?
loanDepot reported Q2 2026 revenue of $337 million, up 18% quarter over quarter, and a net loss of about $7 million, sharply better than the prior quarter’s $55 million loss. Loan originations reached $7.99 billion, and Adjusted EBITDA was $20 million.
How did loanDepot (LDI) improve profitability versus Q1 2026?
Profitability improved as net loss shrank to about $7 million from $55 million, while revenue increased 18% and total expenses grew less than 1%. The mix shift toward higher-margin home equity and government loans lifted gain-on-sale margins and boosted Adjusted EBITDA to $20 million.
What is loanDepot (LDI)'s strategic focus on home equity lending?
loanDepot is expanding into home equity via its 5X5 HomeLoan product, targeting a market supported by roughly $35 trillion of U.S. homeowner equity. Management expects home equity lending to be more stable, less rate sensitive, with typically higher margins and lower production costs.
What guidance did loanDepot (LDI) give for Q3 2026?
For Q3 2026, loanDepot expects origination volume between $6.25 billion and $8.25 billion and pull-through weighted rate lock volume between $5.25 billion and $7.25 billion. It also projects pull-through weighted gain-on-sale margin of 360–390 basis points, reflecting the continued product mix shift.
How strong are loanDepot (LDI)'s servicing and credit metrics?
The servicing portfolio’s 60+ day delinquency rate was 1.7% at June 30, 2026, slightly better than 1.8% in Q1. Servicing fee income was $111,964 thousand for the quarter, and the servicing portfolio unpaid principal balance increased compared with both Q1 2026 and Q2 2025.
Which non-GAAP measures does loanDepot (LDI) emphasize and why?
loanDepot highlights Adjusted Total Revenue, Adjusted Net Loss, Adjusted Diluted Shares, and Adjusted EBITDA. These exclude MSR valuation swings, Cybersecurity Incident costs, stock-based compensation, restructuring charges, certain impairments, and non-funding debt interest to better reflect underlying operating performance.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (or date of earliest event reported): August 4, 2026
_____________________
(Exact Name of Registrant as Specified in its Charter)
_____________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 337-6888
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On August 4, 2026, loanDepot, Inc. (the "Company") issued a press release announcing its results for the quarter ended June 30, 2026 (the “Earnings Press Release”). The full press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On August 4, 2026, the Company posted on the Investor Relations section of its website at investors.loandepot.com a presentation (the “loanDepot Presentation”) on certain financial results and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the quarter ended June 30, 2026, at 5:00 p.m. Eastern time on August 4, 2026.
A copy of the loanDepot Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The loanDepot Presentation includes references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures are available in the loanDepot Presentation. The loanDepot Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the loanDepot Presentation from its website at any time.
The information furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, or the Exchange Act, as amended, except as specifically identified therein as being incorporated by reference.
Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | ||||
| 99.1 | loanDepot, Inc. press release dated August 4, 2026 | ||||
| 99.2 | loanDepot, Inc. Q2 2026 Investor Presentation | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
loanDepot, Inc. | ||||||||
By: | /s/ David Hayes | |||||||
Name: David Hayes | ||||||||
Title: Chief Financial Officer | ||||||||
Date: August 4, 2026
loanDepot announces second quarter 2026 financial results
Strategic expansion into home equity drove unit volume growth of 25%, and revenue growth of 18%, improved operating leverage and substantially narrowed the quarterly loss compared to prior quarter.
Second Quarter 2026 Highlights:
•Loan origination volume increased 4% to $7.99 billion and unit volume increased 25% from the first quarter of 2026, demonstrating meaningful progress in the Company’s strategic expansion into home equity lending through its 5X5 HomeLoan product.
•Revenue grew 18% to $337 million and adjusted revenue increased 3% to $308 million compared to the prior quarter, primarily due to higher origination income and servicing revenue.
•Pull-through weighted gain on sale margin increased 74 basis points to 345 basis points, supported by the Company’s deliberate mix shift toward higher-margin home equity and government loans.
•Operating leverage strengthened as revenue increased while expenses increased less than 1% to $344 million from the prior quarter, reflecting disciplined cost management and benefits of a more efficient product mix; return on marketing increased 70% and cost-per-funded loan decreased 12% from the second quarter of 20251.
•The Company has begun actioning approximately $12 million of annualized productivity initiatives progressing through the remainder of the year.
•Net loss was narrowed to $7 million, compared with a net loss of $55 million in the prior quarter.
•Adjusted net loss was $29 million, compared with adjusted net loss of $34 million in the prior quarter.
•Adjusted EBITDA was $20 million, compared to adjusted EBITDA of $14 million in the prior quarter.
•The Company repurchased $16 million of senior notes at an average purchase price of 90% of par during the quarter and repurchased an additional $27 million of notes at an average purchase price of 86% of par post quarter end through July 30, 2026.
IRVINE, Calif., August 04, 2026 - loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), today announced results for the second quarter ended June 30, 2026.
"We have moved decisively to reshape the business for profitable market share growth in any macro environment and are starting to see the signs of our progress: we are making more loans, faster and at a lower cost,” said loanDepot Founder and Chief Executive Officer Anthony Hsieh. “In the second quarter, revenue increased, operating leverage improved, and our net loss narrowed substantially even as interest rates rose meaningfully beginning in March. The pace of improvement accelerated as the quarter progressed, with June demonstrating the strongest results so far this year.
Hsieh continued, “A central driver of this momentum is the progress we made during the second quarter in executing our strategic expansion into home equity lending. This represents a significant expansion opportunity within a market supported by approximately $35 trillion of U.S. homeowner equity. Importantly, these are the same homeowners we have long served through traditional refinance products. In a higher-rate environment, however, home equity products can allow qualified borrowers to access liquidity while preserving an attractive first-mortgage rate and may offer a more compelling value proposition than higher-cost alternatives such as unsecured personal loans, credit cards, and certain small business financing products.
1 Internal management metrics: Return on marketing is lead expense to Direct channel revenue and Cost per funded loan is mortgage-related expenses to total origination volume.
1
“Home equity lending is more stable, less rate sensitive, and less seasonal than refinance and purchase mortgage lending. Loan balances are smaller, but gain on sale and revenue are both typically higher, and our cost to produce is significantly lower. We are now seeing the results of this pivot. The second quarter results demonstrate that this strategic shift is beginning to translate into measurable growth, stronger margins and improved operating leverage.
“During the year, we continued to expand our core mortgage franchise by adding builder partners in our joint venture channel and branch locations in our retail channel. That growth contributed to an increase in purchase market share during the quarter and reinforces the durability of our diversified origination platform.
“Our ability to pivot toward home equity while continuing to grow purchase market share reflects the agility of our team and the adaptability of loanDepot’s differentiated model. We believe our nationally recognized brand, valuable servicing portfolio, diversified origination channels, proven ability to develop loan officers organically, industry-leading recapture capabilities, and technology-enabled customer acquisition platform allow us to redirect capacity toward the products that offer the greatest customer and shareholder value in a given rate environment. Few originators have the resources, customer relationships or operating expertise to make that transition at scale. As refinance and purchase opportunities expand, we expect to deploy the same platform and execution discipline to capture them quickly. This is what it means to be built to compete across market cycles.”
Chief Financial Officer David Hayes said, "The second quarter represented another meaningful step forward in our financial performance and showed that we can increase funded volume while maintaining disciplined expense management and a clear focus on profitability. The benefits of our product mix shift were evident in higher revenue, stronger pull-through weighted gain on sale margin and an improved bottom line. Maintaining strong liquidity remains a top priority, and we took advantage of favorable market conditions to monetize approximately $10 billion of servicing rights after quarter end. We also continue to evaluate opportunities to optimize our capital structure. Addressing the Company’s bond maturities remains a high priority for management, and we are evaluating a range of options with the support of retained advisors."
Second Quarter Highlights:
Financial Summary
2
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| ($ in thousands except per share data) (Unaudited) | Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | ||||||||||||||||||||||||
| Rate lock volume | $ | 8,994,216 | $ | 11,445,494 | $ | 8,560,699 | $ | 20,439,710 | $ | 16,198,686 | |||||||||||||||||||
Pull-through weighted lock volume(1) | 6,632,371 | 8,274,191 | 6,348,060 | 14,906,562 | 11,766,745 | ||||||||||||||||||||||||
| Loan origination volume | 7,993,712 | 7,658,619 | 6,734,529 | 15,652,331 | 11,908,457 | ||||||||||||||||||||||||
Gain on sale margin(2) | 2.86 | % | 2.93 | % | 3.11 | % | 2.90 | % | 3.38 | % | |||||||||||||||||||
Pull-through weighted gain on sale margin(3) | 3.45 | % | 2.71 | % | 3.30 | % | 3.04 | % | 3.42 | % | |||||||||||||||||||
| Financial Results | |||||||||||||||||||||||||||||
| Total revenue | $ | 337,321 | $ | 286,387 | $ | 282,537 | $ | 623,708 | $ | 556,158 | |||||||||||||||||||
| Total expense | 343,938 | 341,500 | 314,871 | 685,438 | 634,596 | ||||||||||||||||||||||||
Net loss | (6,622) | (54,942) | (25,273) | (61,564) | (65,969) | ||||||||||||||||||||||||
Diluted loss per share | $ | (0.02) | $ | (0.16) | $ | (0.06) | $ | (0.18) | $ | (0.17) | |||||||||||||||||||
Non-GAAP Financial Measures(4) | |||||||||||||||||||||||||||||
| Adjusted total revenue | $ | 307,551 | $ | 299,250 | $ | 291,912 | $ | 606,801 | $ | 570,356 | |||||||||||||||||||
Adjusted net loss | (29,226) | (33,624) | (16,013) | (62,839) | (41,368) | ||||||||||||||||||||||||
Adjusted EBITDA | 20,478 | 14,305 | 25,631 | 34,783 | 43,928 | ||||||||||||||||||||||||
(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 decreased $6.4 million from the first quarter of 2026, primarily reflecting lower salary-related costs, servicing expense, and other interest expense.
•Pull-through weighted lock volume was $6.6 billion for the second quarter of 2026, a decrease of $1.6 billion or 20% from the first quarter, primarily reflecting the Company’s strategic mix shift toward higher-margin HELOC production, which does not carry an associated interest rate lock.
•Loan origination volume for the second quarter of 2026 was $8.0 billion, an increase of $335.1 million or 4% from the first quarter of 2026.
•Purchase volume totaled 57% of total loans originated during the second quarter, up from 41% during the first quarter of 2026.
2 Volume related expenses include commissions, marketing and advertising expense, and direct origination expense. All remaining expenses are considered non-volume related.
3
•Our preliminary organic refinance consumer direct recapture rate3 decreased to 68% for the second quarter from the first quarter 2026’s recapture rate of 73%.
Outlook for the third quarter of 2026
•Origination volume of between $6.25 billion and $8.25 billion.
•Pull-through weighted rate lock volume of between $5.25 billion and $7.25 billion.
•Pull-through weighted gain on sale margin of between 360 basis points and 390 basis points.
Servicing
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Servicing Revenue Data: ($ in thousands) (Unaudited) | Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | ||||||||||||||||||||||||
| Due to collection/realization of cash flows | $ | (49,538) | $ | (51,442) | $ | (42,832) | $ | (100,980) | $ | (79,008) | |||||||||||||||||||
| Due to changes in valuation inputs or assumptions | 36,677 | 448 | 145 | 37,125 | (23,543) | ||||||||||||||||||||||||
| Realized (losses) gains on sale of servicing rights | (588) | (888) | 44 | (1,477) | 106 | ||||||||||||||||||||||||
Net (loss) gain from derivatives hedging servicing rights | (6,319) | (12,423) | (9,564) | (18,741) | 9,239 | ||||||||||||||||||||||||
Changes in fair value of servicing rights, net of hedging gains and losses | 29,770 | (12,863) | (9,375) | 16,907 | (14,198) | ||||||||||||||||||||||||
Other realized gains (losses) on sales of servicing rights (1) | 210 | (54) | (169) | 156 | (273) | ||||||||||||||||||||||||
| Changes in fair value of servicing rights, net | $ | (19,558) | $ | (64,359) | $ | (52,376) | $ | (83,917) | $ | (93,479) | |||||||||||||||||||
| Servicing fee income | $ | 111,964 | $ | 108,749 | $ | 108,209 | $ | 220,713 | $ | 212,487 | |||||||||||||||||||
(1)Includes the provision for sold MSRs and broker fees.
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 July 20, 2026.
4
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Servicing Rights, at Fair Value: ($ in thousands) (Unaudited) | Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | ||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,669,648 | $ | 1,637,706 | $ | 1,603,031 | $ | 1,637,706 | $ | 1,615,510 | |||||||||||||||||||
| Additions | 98,335 | 87,150 | 66,940 | 185,485 | 119,626 | ||||||||||||||||||||||||
| Sales proceeds | (2,991) | (3,326) | (10,474) | (6,316) | (15,837) | ||||||||||||||||||||||||
| Changes in fair value: | |||||||||||||||||||||||||||||
| Due to changes in valuation inputs or assumptions | 36,677 | 448 | 145 | 37,125 | (23,543) | ||||||||||||||||||||||||
| Due to collection/realization of cash flows | (49,538) | (51,442) | (42,832) | (100,980) | (79,008) | ||||||||||||||||||||||||
| Realized (losses) gains on sales of servicing rights | (588) | (888) | 44 | (1,477) | 106 | ||||||||||||||||||||||||
| Total changes in fair value | (13,449) | (51,882) | (42,643) | (65,332) | (102,445) | ||||||||||||||||||||||||
Balance at end of period (1) | $ | 1,751,543 | $ | 1,669,648 | $ | 1,616,854 | $ | 1,751,543 | $ | 1,616,854 | |||||||||||||||||||
(1)Balances are net of $28.3 million, $21.6 million, and $19.1 million of servicing rights liability as of June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
| % Change | |||||||||||||||||||||||||||||
Servicing Portfolio Data: ($ in thousands) (Unaudited) | Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun-26 vs Mar-26 | Jun-26 vs Jun-25 | ||||||||||||||||||||||||
| Servicing portfolio (unpaid principal balance) | $ | 123,387,503 | $ | 120,674,154 | $ | 117,539,884 | 2.2 | % | 5.0 | % | |||||||||||||||||||
| Total servicing portfolio (units) | 465,089 | 455,634 | 432,764 | 2.1 | 7.5 | ||||||||||||||||||||||||
| 60+ days delinquent ($) | $ | 2,142,638 | $ | 2,113,465 | $ | 1,641,165 | 1.4 | 30.6 | |||||||||||||||||||||
| 60+ days delinquent (%) | 1.7 | % | 1.8 | % | 1.4 | % | |||||||||||||||||||||||
| Servicing rights, net to UPB | 1.4 | % | 1.4 | % | 1.4 | % | |||||||||||||||||||||||
5
Balance Sheet Highlights
| % Change | |||||||||||||||||||||||||||||
($ in thousands) (Unaudited) | Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun-26 vs Mar-26 | Jun-26 vs Jun-25 | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 229,128 | $ | 277,418 | $ | 408,623 | (17.4) | % | (43.9) | % | |||||||||||||||||||
| Loans held for sale, at fair value | 2,643,032 | 3,266,759 | 2,622,959 | (19.1) | 0.8 | ||||||||||||||||||||||||
| Loans held for investment, at fair value | 106,268 | 108,227 | 111,591 | (1.8) | (4.8) | ||||||||||||||||||||||||
| Servicing rights, at fair value | 1,779,817 | 1,691,235 | 1,635,991 | 5.2 | 8.8 | ||||||||||||||||||||||||
| Total assets | 6,696,560 | 7,246,519 | 6,208,726 | (7.6) | 7.9 | ||||||||||||||||||||||||
| Warehouse and other lines of credit | 2,443,802 | 3,024,131 | 2,411,416 | (19.2) | 1.3 | ||||||||||||||||||||||||
| Total liabilities | 6,363,514 | 6,909,223 | 5,769,676 | (7.9) | 10.3 | ||||||||||||||||||||||||
| Total equity | 333,046 | 337,296 | 439,050 | (1.3) | (24.1) | ||||||||||||||||||||||||
A decrease in loans held for sale at June 30, 2026, resulted in a corresponding decrease in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $4.4 billion at June 30, 2026 and March 31, 2026. Available borrowing capacity was $1.9 billion at June 30, 2026.
6
Consolidated Statements of Operations
| ($ in thousands except per share data) (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||||||||
| Interest income | $ | 39,692 | $ | 39,383 | $ | 40,946 | $ | 79,075 | $ | 76,017 | |||||||||||||||||||
| Interest expense | (37,433) | (36,679) | (39,297) | (74,112) | (71,059) | ||||||||||||||||||||||||
Net interest income | 2,259 | 2,704 | 1,649 | 4,963 | 4,958 | ||||||||||||||||||||||||
| Gain on origination and sale of loans, net | 176,740 | 192,006 | 174,810 | 368,746 | 341,186 | ||||||||||||||||||||||||
| Origination income, net | 52,224 | 32,622 | 34,931 | 84,846 | 60,789 | ||||||||||||||||||||||||
| Servicing fee income | 111,964 | 108,749 | 108,209 | 220,713 | 212,487 | ||||||||||||||||||||||||
| Change in fair value of servicing rights, net | (19,558) | (64,359) | (52,376) | (83,917) | (93,479) | ||||||||||||||||||||||||
| Other income | 13,692 | 14,665 | 15,314 | 28,357 | 30,217 | ||||||||||||||||||||||||
| Total net revenues | 337,321 | 286,387 | 282,537 | 623,708 | 556,158 | ||||||||||||||||||||||||
| EXPENSES: | |||||||||||||||||||||||||||||
| Personnel expense | 180,729 | 175,367 | 154,116 | 356,096 | 304,277 | ||||||||||||||||||||||||
| Marketing and advertising expense | 26,694 | 29,006 | 37,878 | 55,700 | 76,128 | ||||||||||||||||||||||||
| Direct origination expense | 27,840 | 25,088 | 20,456 | 52,928 | 42,411 | ||||||||||||||||||||||||
| General and administrative expense | 47,528 | 46,881 | 39,727 | 94,409 | 83,860 | ||||||||||||||||||||||||
| Occupancy expense | 4,595 | 4,275 | 4,133 | 8,870 | 8,429 | ||||||||||||||||||||||||
| Depreciation and amortization | 5,869 | 6,335 | 6,379 | 12,204 | 14,045 | ||||||||||||||||||||||||
| Servicing expense | 8,820 | 11,478 | 8,184 | 20,298 | 18,183 | ||||||||||||||||||||||||
| Other interest expense | 41,863 | 43,070 | 43,998 | 84,933 | 87,263 | ||||||||||||||||||||||||
| Total expenses | 343,938 | 341,500 | 314,871 | 685,438 | 634,596 | ||||||||||||||||||||||||
Loss before income taxes | (6,617) | (55,113) | (32,334) | (61,730) | (78,438) | ||||||||||||||||||||||||
Income tax expense (benefit) | 5 | (171) | (7,061) | (166) | (12,469) | ||||||||||||||||||||||||
Net loss | (6,622) | (54,942) | (25,273) | (61,564) | (65,969) | ||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (2,089) | (17,455) | (11,885) | (19,544) | (30,686) | ||||||||||||||||||||||||
Net loss attributable to loanDepot, Inc. | $ | (4,533) | $ | (37,487) | $ | (13,388) | $ | (42,020) | $ | (35,283) | |||||||||||||||||||
Basic loss per share | $ | (0.02) | $ | (0.16) | $ | (0.06) | $ | (0.18) | $ | (0.17) | |||||||||||||||||||
Diluted loss per share | $ | (0.02) | $ | (0.16) | $ | (0.06) | $ | (0.18) | $ | (0.17) | |||||||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||||||||
| Basic | 231,643,671 | 228,962,329 | 207,948,195 | 230,290,154 | 204,370,382 | ||||||||||||||||||||||||
| Diluted | 231,643,671 | 228,962,329 | 207,948,195 | 230,290,154 | 204,370,382 | ||||||||||||||||||||||||
7
Consolidated Balance Sheets
| ($ in thousands) | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | $ | 229,128 | $ | 277,418 | $ | 337,232 | |||||||||||
| Restricted cash | 70,717 | 79,770 | 63,790 | ||||||||||||||
| Loans held for sale, at fair value | 2,643,032 | 3,266,759 | 3,165,542 | ||||||||||||||
| Loans held for investment, at fair value | 106,268 | 108,227 | 109,821 | ||||||||||||||
| Derivative assets, at fair value | 59,225 | 70,076 | 42,365 | ||||||||||||||
| Servicing rights, at fair value | 1,779,817 | 1,691,235 | 1,658,223 | ||||||||||||||
| Trading securities, at fair value | 82,008 | 83,722 | 85,640 | ||||||||||||||
| Property and equipment, net | 65,485 | 63,514 | 61,929 | ||||||||||||||
| Operating lease right-of-use asset | 25,951 | 24,592 | 23,877 | ||||||||||||||
| Loans eligible for repurchase | 1,401,739 | 1,344,573 | 1,074,386 | ||||||||||||||
| Investments in joint ventures | 18,177 | 18,101 | 18,251 | ||||||||||||||
| Other assets | 215,013 | 218,532 | 216,880 | ||||||||||||||
| Total assets | $ | 6,696,560 | $ | 7,246,519 | $ | 6,857,936 | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Warehouse and other lines of credit | $ | 2,443,802 | $ | 3,024,131 | $ | 2,902,539 | |||||||||||
| Accounts payable and accrued expenses | 346,638 | 374,374 | 349,350 | ||||||||||||||
| Derivative liabilities, at fair value | 6,341 | 17,253 | 10,718 | ||||||||||||||
| Liability for loans eligible for repurchase | 1,401,739 | 1,344,573 | 1,074,386 | ||||||||||||||
| Operating lease liability | 34,790 | 34,325 | 34,630 | ||||||||||||||
| Debt obligations, net | 2,130,204 | 2,114,567 | 2,100,303 | ||||||||||||||
| Total liabilities | 6,363,514 | 6,909,223 | 6,471,926 | ||||||||||||||
| EQUITY: | |||||||||||||||||
| Total equity | 333,046 | 337,296 | 386,010 | ||||||||||||||
| Total liabilities and equity | $ | 6,696,560 | $ | 7,246,519 | $ | 6,857,936 | |||||||||||
8
Loan Origination and Sales Data
($ in thousands) (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
| Loan origination volume by type: | |||||||||||||||||||||||||||||
| Conventional conforming | $3,263,295 | $3,933,312 | $2,967,898 | $7,196,607 | $5,086,764 | ||||||||||||||||||||||||
| FHA/VA/USDA | 2,819,401 | 2,486,444 | 2,616,977 | 5,305,845 | 4,738,185 | ||||||||||||||||||||||||
| Jumbo | 794,773 | 668,245 | 422,732 | 1,463,018 | 742,122 | ||||||||||||||||||||||||
| Other | 1,116,243 | 570,618 | 726,922 | 1,686,861 | 1,341,386 | ||||||||||||||||||||||||
| Total | $7,993,712 | $7,658,619 | $6,734,529 | $15,652,331 | $11,908,457 | ||||||||||||||||||||||||
| Loan origination volume by purpose: | |||||||||||||||||||||||||||||
| Purchase | $4,560,891 | $3,159,251 | $4,263,771 | $7,720,142 | $7,327,685 | ||||||||||||||||||||||||
| Refinance - cash out | 2,650,296 | 2,628,228 | 1,978,142 | 5,278,524 | 3,825,318 | ||||||||||||||||||||||||
| Refinance - rate/term | 782,525 | 1,871,140 | 492,616 | 2,653,665 | 755,454 | ||||||||||||||||||||||||
| Total | $7,993,712 | $7,658,619 | $6,734,529 | $15,652,331 | $11,908,457 | ||||||||||||||||||||||||
| Loans sold: | |||||||||||||||||||||||||||||
| Servicing retained | $6,713,623 | $5,749,016 | $4,296,646 | $12,462,639 | $7,750,356 | ||||||||||||||||||||||||
| Servicing released | 2,001,477 | 1,924,638 | 2,645,958 | 3,926,115 | 4,359,921 | ||||||||||||||||||||||||
| Total | $8,715,100 | $7,673,654 | $6,942,604 | $16,388,754 | $12,110,277 | ||||||||||||||||||||||||
Second 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.
Register online at https://events.q4inc.com/attendee/948119963. A live audio webcast of the conference call will also be available via the Company's website, investors.loandepot.com, under the Events & Presentation tab. A replay of the webcast will be made available following the conclusion of the event.
For more information about loanDepot, please visit the Company’s Investor Relations website: investors.loandepot.com.
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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 Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA. 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, 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 includes interest expense on funding facilities, which are recorded as a component of “net interest income,” 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. 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 B and 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 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 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 are not intended as alternatives to total revenue, net loss, net loss attributable to the Company, 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 along
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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.
Reconciliation of Total Revenue to Adjusted Total Revenue ($ in thousands) (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
| Total net revenue | $ | 337,321 | $ | 286,387 | $ | 282,537 | $ | 623,708 | $ | 556,158 | |||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(1) | (29,770) | 12,863 | 9,375 | (16,907) | 14,198 | ||||||||||||||||||||||||
| Adjusted total revenue | $ | 307,551 | $ | 299,250 | $ | 291,912 | $ | 606,801 | $ | 570,356 | |||||||||||||||||||
(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, and gains (losses) from the sale of MSRs.
Reconciliation of Net Loss to Adjusted Net Loss ($ in thousands) (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
Net loss attributable to loanDepot, Inc. | $ | (4,533) | $ | (37,487) | $ | (13,388) | $ | (42,020) | $ | (35,283) | |||||||||||||||||||
Net loss from the pro forma conversion of Class B or Class C common stock to Class A common stock (1) | (2,089) | (17,455) | (11,885) | (19,544) | (30,686) | ||||||||||||||||||||||||
Net loss | (6,622) | (54,942) | (25,273) | (61,564) | (65,969) | ||||||||||||||||||||||||
Adjustments to the benefit for income taxes(2) | 5 | 54 | 2,937 | 53 | 7,791 | ||||||||||||||||||||||||
Tax-effected net loss | (6,617) | (54,888) | (22,336) | (61,511) | (58,178) | ||||||||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(3) | (29,770) | 12,863 | 9,375 | (16,907) | 14,198 | ||||||||||||||||||||||||
| Stock-based compensation expense | 5,281 | 6,393 | (2,256) | 11,674 | 3,460 | ||||||||||||||||||||||||
Restructuring charges(4) | 1,198 | 708 | 157 | 1,906 | 2,278 | ||||||||||||||||||||||||
Cybersecurity incident(5) | 1,058 | 121 | 301 | 1,179 | 1,089 | ||||||||||||||||||||||||
| Gain on extinguishment of debt | (1,170) | — | — | (1,170) | — | ||||||||||||||||||||||||
| Loss (gain) on disposal of fixed assets | 1,596 | (72) | 11 | 1,524 | 28 | ||||||||||||||||||||||||
Other impairment(6) | — | — | — | — | 5 | ||||||||||||||||||||||||
Tax effect of adjustments(7) | (802) | 1,251 | (1,265) | 466 | (4,248) | ||||||||||||||||||||||||
Adjusted net loss | $ | (29,226) | $ | (33,624) | $ | (16,013) | $ | (62,839) | $ | (41,368) | |||||||||||||||||||
(1)Reflects net loss to Class A common stock and Class D common stock from the pro forma exchange of Class B common stock and 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.
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| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
| 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) | 4.52 | 4.82 | 3.71 | 4.67 | % | 4.39 | % | ||||||||||||||||||||||
Effect of valuation allowance and other tax adjustments | (25.29) | % | (25.51) | % | — | % | (25.40) | % | — | % | |||||||||||||||||||
| Effective income tax rate | 0.23 | % | 0.31 | % | 24.71 | % | 0.27 | % | 25.39 | % | |||||||||||||||||||
(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, 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.
Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
| Share Data: | |||||||||||||||||||||||||||||
Diluted weighted average shares of Class A common stock and Class D common stock outstanding | 231,643,671 | 228,962,329 | 207,948,195 | 230,290,154 | 204,370,382 | ||||||||||||||||||||||||
Assumed pro forma conversion of weighted average Class B common stock and Class C common stock to Class A common stock (1) | 106,139,515 | 106,207,433 | 121,881,530 | 106,173,474 | 124,561,094 | ||||||||||||||||||||||||
| Adjusted diluted weighted average shares outstanding | 337,783,186 | 335,169,762 | 329,829,725 | 336,463,628 | 328,931,476 | ||||||||||||||||||||||||
(1)Reflects the assumed pro forma exchange and conversion of Class B and Class C common stock.
12
Reconciliation of Net Loss to Adjusted EBITDA ($ in thousands) (Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Jun 30, 2025 | Jun 30, 2026 | Jun 30, 2025 | |||||||||||||||||||||||||
Net loss | $ | (6,622) | $ | (54,942) | $ | (25,273) | $ | (61,564) | $ | (65,969) | |||||||||||||||||||
Interest expense - non-funding debt (1) | 41,863 | 43,070 | 43,998 | 84,933 | 87,263 | ||||||||||||||||||||||||
Income tax expense (benefit) | 5 | (171) | (7,061) | (166) | (12,469) | ||||||||||||||||||||||||
| Depreciation and amortization | 5,869 | 6,335 | 6,379 | 12,204 | 14,045 | ||||||||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(2) | (29,770) | 12,863 | 9,375 | (16,907) | 14,198 | ||||||||||||||||||||||||
| Stock-based compensation expense | 5,281 | 6,393 | (2,256) | 11,674 | 3,460 | ||||||||||||||||||||||||
Restructuring charges(3) | 1,198 | 708 | 157 | 1,906 | 2,278 | ||||||||||||||||||||||||
Cybersecurity incident(4) | 1,058 | 121 | 301 | 1,179 | 1,089 | ||||||||||||||||||||||||
| Loss (gain) on disposal of fixed assets | 1,596 | (72) | 11 | 1,524 | 28 | ||||||||||||||||||||||||
Other impairment (5) | — | — | — | — | 5 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 20,478 | $ | 14,305 | $ | 25,631 | $ | 34,783 | $ | 43,928 | |||||||||||||||||||
(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, settlement costs, and commission guarantees.
(5)Represents lease impairment on corporate and retail locations.
13
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,” “aim,” “anticipate,” “expect,” “goal,” “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, our strategic expansion into home equity lending and the expected benefits of that strategy; attractiveness and growth of our home equity products, competitive advantages and market differentiators; automation, technology and innovation initiatives and investments, including artificial intelligence and the benefits of our technology-enabled, multi-channel platform; strategic opportunities, strengths, plans, focuses, and progress; our momentum; our readiness to take advantage of improved market opportunities; market share; hedging strategy benefits; return to profitability; expenses and expense management; liquidity and financing strategies; settlement of a mortgage servicing rights transaction; productivity initiatives; loan officer growth and development; operating leverage; loan origination volumes; pull-through weighted lock volume; pull-through weighted gain on sale margin; and evaluation of capital structures and bond maturities.
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, including our partnership with Figure Technology Solutions; 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; our ability to address our senior notes; 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, 2025, 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.
Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
14
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
LDI-IR
15
2Q 2026 INVESTOR PRESENTATION August 4, 2026
We make the American Dream of home possible. Partnering with homeowners throughout the lifecycle of the homeownership journey. Serving the Buyer First Time Homebuyer Veteran / Active Duty Move Up / Downsize Relocation Supporting the Purchase Servicing the Mortgage Optimizing the Journey Title Services Escrow/ Closing Homeowners Insurance Building Trust Continuing Customer Relationship Facilitate Additional Lending Opportunities HELOC Closed-End Second Refinance 2 Solutions for Aging in Place
3 • Innovation • Technology / AI • Top-tier customer service • Data • Diversified channel strategy • Direct to consumer • In-market retail • Joint venture • Wholesale • Comprehensive product suite • Purchase • Refinance • Home equity • Reverse ORIGINATION SERVICING • Top of funnel • Brand – loanDepot Park • Scale • Marketing • Lead conversion LOANDEPOT’S FLYWHEEL (1) At or for the quarter ended June 30, 2026 • 465K clients(1) • Strong recapture rate at 68%(1) • $0 customer acquisition cost • Recurring revenue stream Controlling the customer experience from application to closing to servicing, and back again
A Nationwide Lender SCALED TO CAPTURE HUGE MARKET OPPORTUNITY Providing a Complete Homeowner Ecosystem 4 Title Insurance Escrow Services Homeowners Insurance First Mortgage Home Equity Solutions A Significant Market Opportunity Residential Real Estate $47T(1) Mortgage Debt Outstanding $15T(2) Mortgage Originations 2026 $2.2T(3) Highly Fragmented Market No Lender Above 10% Market Share(4) Sources: (1) Federal Reserve – Owner-Occupied Real Estate at Market Value (2) Federal Reserve – Mortgage Debt Outstanding; 1-4 family residences (3) Mortgage Bankers Association 7/22/2026 (4) Inside Mortgage Finance 12M2025
EXPERIENCED MANAGEMENT TEAM WITH UNIQUE SKILLSETS Jeff DerGurahian Chief Investment Officer and Head Economist 5 Joe Grassi Chief Legal and Risk Officer Melanie Graper Chief Human Resources Officer David Hayes Chief Financial Officer Dominick Marchetti Chief Digital Officer Adam Saab Executive Vice President, Servicing Nikul Patel Chief Growth Officer Anthony Hsieh Founder and Chief Executive Officer Mortgage - Loansdirect.com
6 SECOND QUARTER HIGHLIGHTS Financial Operational • Originations: $8.0 billion in funded volume, unit volume increased 25% from first quarter 2026 • Total Revenue: increased 18% to $337.3 million on $6.6 billion of pull-through weighted lock volume; Adjusted revenue(1) of $307.6 million • Total Expenses: increased from $341.5 million in the first quarter of 2026 to $343.9 million • Primarily reflecting higher commission and direct origination expenses in line with higher origination volume • Net loss of $6.6 million vs. $54.9 million in first quarter 2026 • Adjusted net loss(1) of $29.2 million and adjusted EBITDA(1) of $20.5 million compared to adjusted net loss(1) of $33.6 million and adjusted EBITDA(1) of $14.3 million in the prior quarter • Repurchased $16.0 million of senior notes at an average purchase price of 90% of par, and repurchased an additional $26.5 million at an average purchase price of 86% of par post quarter end through July 30, 2026 • Operating leverage improved since the second quarter of 2025(2) • Return on marketing increased by 30% • Marketing lead to funded loan conversion increased by 50% • Marketing cost per funding increased by 34% • Cost per funded loan decreased by 12% • Funded loan units per loan officer increased by 18% • Purchase market share increased to 1.27% from 0.95% from the first quarter of 2026 • Strong market conditions allowed us to monetize approximately $12 billion of our servicing rights post quarter-end • Retained financial advisors to evaluate opportunities to optimize capital structure and address bond maturities (1) Non-GAAP measure. See Appendix for reconciliation. ) (2) Internal management metrics: Return on marketing is lead expense to Direct channel revenue; Marketing lead to funded loan conversion is lead assigned to lead funded (Direct channel); Marketing cost per funding is marketing costs to Direct channel origination volume; Cost per funded loan is mortgage-relatedexpenses to origination volume; Funded loan units per loan officer is as described.
HISTORICAL ORIGINATION PERFORMANCE TREND Note: Pull through weighted rate lock volume is the unpaid principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability 7 Purchase Mix % : 49% 41%66% 58% 59% 63% 60% 57%72%
HISTORICAL COST STRUCTURE COMPARISON 8 Salaries Other Interest Marketing Commissions Other G&A FTEs Direct Origination Expense (1) Excluding Cybersecurity Incident-related (2) Represents expenses directly related to the Cybersecurity Incident, net of actual and expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees.
HISTORICAL SERVICING PORTFOLIO TREND 9 ($ in billions) Retention %(2) : Recapture %(1) : (1) 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 July 20, 2026. (2) Portion of loan origination volume that was sold servicing retained in the period divided by total sold volume in the period. (3) At time of origination, stratifications for agency (FHLMC, FNMA, GNMA) portfolio only. Excludes HELOC Total Serv Exp$ to Avg. UPB $, bps: 70% 65% 2.8 75% 71% 2.8 77% 73% 2.7 62% 68% 2.3 63% 70% 2.4
LIQUIDITY AND BALANCE SHEET 10 Unrestricted Cash ($M)
Down from previous quarter, primarily driven benefit from debt repurchases at a discountTotal Expenses 11 Q3 2026 OUTLOOK* Metric Low High Pull-through Weighted Rate Lock Volume ($bn) $5.25 $7.25 Origination Volume ($bn) $6.25 $8.25 Pull-through Weighted GOS Margin, bps 360 390 Current Market Conditions • Limited supply of new and resale homes continues to adversely impact homebuying activity • Homeowner equity levels drive demand for cash-out refinance and home equity products • Higher interest rates reducing demand for both purchase and refinance mortgages • Ongoing market volatility and uncertainty affecting housing demand *Outlook reflects current interest rate environment, seasonality, channel mix, and competitive pressures
APPENDIX
BALANCE SHEET & SERVICING PORTFOLIO HIGHLIGHTS 13
NON-GAAP FINANCIAL RECONCILIATION 14 (1) Represents expenses directly related to the Cybersecurity Incident, net of actual and expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, settlement costs, and commission guarantees.
NON-GAAP FINANCIAL RECONCILIATION (CONT’D) 15 (1) Represents expenses directly related to the Cybersecurity Incident, net of actual and expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, settlement costs, and commission guarantees.
DISCLAIMER AND NON-GAAP FINANCIAL INFORMATION 16 Forward-Looking Statements and Other Information This presentation contains 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,” “aim,” “anticipate,” “expect,” “goal,” “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, our strategic expansion into home equity lending and the expected benefits of that strategy; attractiveness and growth of our home equity products, competitive advantages and market differentiators; automation, technology and innovation initiatives and investments, including artificial intelligence and the benefits of our technology-enabled, multi-channel platform; strategic opportunities, strengths, plans, focuses, and progress; our momentum; our readiness to take advantage of improved market opportunities; market share; hedging strategy benefits; return to profitability; expenses and expense management; liquidity and financing strategies; settlement of a mortgage servicing rights transaction; productivity initiatives; loan officer growth and development; operating leverage; loan origination volumes; pull-through weighted lock volume; pull-through weighted gain on sale margin; and evaluation of capital structures and bond maturities. 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, including our partnership with Figure Technology Solutions; 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; our ability to address our senior notes; 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, 2025, 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. Non-GAAP Financial Information 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 Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA. 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 includes interest expense on funding facilities, which are recorded as a component of “net interest income,” 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. 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 B and 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. Market and Industry Data This presentation also contains information regarding the loanDepot’s market and industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and the Company has not independently verified its accuracy or completeness.