loanDepot Q3 loss widens to $28.7M as revenue falls
Fourth-quarter guidance sets origination volume at $4.5 billion to $6.5 billion and pull-through weighted gain on sale margin at 425 to 465 basis points.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
loanDepot, Inc. (LDI) reported third-quarter 2026 revenue of $307.1 million, down 9% from the prior quarter, and loan origination volume of $7.05 billion, down 12% sequentially but up 8% from a year earlier. Pull-through weighted gain on sale margin increased 54 basis points to 399 basis points as the company shifted toward higher-margin home equity loans.
GAAP net loss was $28.7 million, compared with $6.6 million in Q2 and $8.7 million a year earlier; adjusted net loss was $30.8 million and adjusted EBITDA was $16.9 million. The company completed a sale of approximately $10 billion of Agency mortgage servicing rights and sold an additional $9 billion of Government servicing rights in October. Management said the sales and repurchases of $87 million of senior notes at an average purchase price of 88% of par contributed to an approximately $114 million reduction in net debt obligations.
Management expects annualized productivity savings of $25 million to be realized through the remainder of 2026. For Q4 2026, it projected origination volume of $4.5 billion to $6.5 billion and pull-through weighted gain on sale margin of 425 to 465 basis points.
1 point · 1 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointMSR sales and note repurchases contributed to an approximately $114 million net-debt reduction. 53% of market cap
Negative
- Moderate pointRevenue fell 9% from Q2 2026.
- Moderate pointNet loss widened to $28.7 million from $8.7 million in Q3 2025.
- Moderate pointAdjusted EBITDA declined to $16.9 million from $49.0 million in Q3 2025.
Filing Explained
Management says loanDepot is pursuing financing alternatives with counterparties to refinance or extend upcoming debt maturities; the disclosure describes an effort still in progress, not a completed extension of the debt.
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, or exhibit attachments filed with this report.
Key Figures
Total revenue: $307.1 million
Loan origination volume: $7.05 billion
Net loss: $28.7 million
+5 more
8 metrics
Total revenue
$307.1 million
Third quarter 2026; down 9% from Q2 2026
Loan origination volume
$7.05 billion
Third quarter 2026; down 12% from Q2 2026 and up 8% from Q3 2025
Net loss
$28.7 million
Third quarter 2026
Adjusted EBITDA
$16.9 million
Third quarter 2026; compared with $49.0 million in Q3 2025
Agency mortgage servicing rights sold
Approximately $10 billion
Sale completed during Q3 2026
Government mortgage servicing rights sold
$9 billion
Sale closed in October 2026
Net debt obligations reduction
Approximately $114 million
Attributed by management to MSR sales and senior-note repurchases
Annualized productivity savings
$25 million
Expected to be realized through the remainder of 2026
Key Terms
Pull-through weighted gain on sale margin, Mortgage servicing rights, Adjusted EBITDA, Pull-through weighted rate lock volume, +1 more
5 terms
Pull-through weighted gain on sale margin financial
"increased 54 basis points to 399 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
"sale of approximately $10 billion of Agency mortgage 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 $16.9 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.
Pull-through weighted rate lock volume financial
"Pull-through weighted rate lock volume of between $3.25 billion and $5.25 billion"
Organic refinance consumer direct recapture rate financial
"We define organic refinance consumer direct recapture rate"
Earnings Snapshot
Total revenue: $307.1 million · Guidance included
Third quarter 2026
Total revenue
$307.1 million
Down 9% from Q2 2026
Net loss
$28.7 million loss
Compared with $6.6 million loss in Q2 2026 and $8.7 million loss in Q3 2025
Adjusted EBITDA
$16.9 million
Compared with $20.3 million in Q2 2026 and $49.0 million in Q3 2025
Loan origination volume
$7.05 billion
Down 12% from Q2 2026 and up 8% from Q3 2025
Adjusted total revenue
$302.2 million
Down 2% from Q2 2026
Guidance
For Q4 2026: pull-through weighted rate lock volume of $3.25 billion to $5.25 billion; origination volume of $4.5 billion to $6.5 billion; pull-through weighted gain on sale margin of 425 to 465 basis points; gain on sale margin of 315 to 355 basis points.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were LDI's third-quarter 2026 revenue and net loss?
LDI reported total revenue of $307.1 million and a GAAP net loss of $28.7 million for Q3 2026. Revenue was down 9% from Q2 2026; the net loss compared with $6.6 million in Q2 and $8.7 million in Q3 2025. Adjusted net loss was $30.8 million.
What is LDI's Q4 2026 outlook?
For Q4 2026, loanDepot projected pull-through weighted rate lock volume of $3.25 billion to $5.25 billion, origination volume of $4.5 billion to $6.5 billion, pull-through weighted gain on sale margin of 425 to 465 basis points, and gain on sale margin of 315 to 355 basis points.
What is loanDepot doing about its upcoming debt maturities?
Management said it was actively working to address upcoming debt maturities and pursuing several financing alternatives with financing counterparties to refinance or extend debt. It said its focus is extending the debt maturity profile.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 9, 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 November 9, 2026, loanDepot, Inc. (the "Company") issued a press release announcing its results for the quarter ended September 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 November 9, 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 September 30, 2026, at 1:00 p.m. Eastern time on November 9, 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 November 9, 2026 | ||||
| 99.2 | loanDepot, Inc. Q3 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: November 9, 2026
loanDepot announces third quarter 2026 financial results
Strategic expansion and continued productivity gains drive higher unit volume, stronger margins and improved operating efficiency despite rising interest rates and a challenging housing market.
Third Quarter 2026 Highlights:
•Origination volume declined 12% to $7.05 billion, while unit volume increased 7% from the second quarter of 2026, reflecting continued momentum in the Company’s expansion of home equity lending products.
•Revenue decreased 9% to $307 million and adjusted revenue decreased 2% to $302 million compared to the prior quarter, primarily due to lower origination income resulting from reduced mortgage volumes.
•Pull-through weighted gain on sale margin increased 54 basis points to 399 basis points, driven by deliberate shift toward higher-margin home equity loans.
•Operating leverage strengthened as expenses decreased by a greater amount than adjusted revenue, reflecting investment in productivity initiatives and benefits of a more efficient product mix.
•Impact of previously announced productivity initiatives increased from $12 million to $25 million of annualized cost savings expected to be realized through the remainder of 2026.
•Net loss of $29 million, compared with $7 million in the prior quarter.
•Adjusted net loss of $31 million, compared with $29 million in the prior quarter.
•Adjusted EBITDA of $17 million, compared with $20 million in the prior quarter.
•Repurchased $87 million of senior notes at an average purchase price of 88% of par.
•Completed the sale of $10 billion of Agency mortgage servicing rights (“MSRs”) and entered into an agreement to sell an additional $9 billion of Government MSRs, which closed in October.
IRVINE, Calif., November 09, 2026 - loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), today announced results for the third quarter ended September 30, 2026.
"Our third-quarter results demonstrate the progress we have made transforming loanDepot’s operating model over the last year, despite a significantly more challenging mortgage market throughout 2026,” said loanDepot Founder and Chief Executive Officer Anthony Hsieh. “While our third-quarter financial results were impacted by market conditions that became increasingly difficult compared to earlier in the year, the broader momentum in our business is clearly evident when viewed against where we were a year ago. Compared to the third quarter of 2025, we increased origination volume by 8%, grew unit volume by 33%, increased purchase volume by 10%, improved return on marketing by 14%, and reduced our cost to produce by 16%1. These results reflect the success of our ongoing turnaround efforts to diversify revenue sources, improve operating efficiency, and strengthen our competitive position across market cycles.
Hsieh continued, "Our strategic expansion into home equity lending creates attractive growth opportunities by serving homeowners seeking access to liquidity while preserving their low-rate first mortgages. The rapid growth of this business reflects both the agility of our platform and the strength of our technology investments, which have enabled us to scale efficiently while delivering a seamless customer experience. Based on our analysis of publicly available industry data and internal estimates, we believe loanDepot ranked among the top three non-bank home equity lenders during the third quarter based on volume. This growth demonstrates the power of our Direct to Consumer channel, which we believe is one of only two scaled, branded, Fintech modeled, direct-to-consumer mortgage platforms in the marketplace. At the same time, we remain deeply committed to the
1 Internal management metrics: Return on marketing is lead expense to direct channel revenue and cost per funded loan is mortgage origination-related expenses to total origination volume.
1
purchase market, where we continue to expand our partnerships with homebuilders while also growing our retail loan officer sales force. Together, these investments led to a 9% gain in our purchase mortgage market share compared to a year ago. Finally, our productivity initiatives continue to deliver measurable results as we streamline operations through automation and technology-enabled efficiencies, including automated underwriting and digital closing technologies.
Hsieh concluded, “While elevated interest rates remain a headwind for mortgage demand, we believe the actions we have taken to diversify our product offerings, expand our purchase market presence, improve efficiency, strengthen margins, and optimize our balance sheet have positioned loanDepot to emerge from this cycle as a stronger and more competitive company. We remain focused on growing market share, improving profitability, and creating long-term value for our shareholders.”
"Despite persistent pressure on industry mortgage volumes from higher interest rates, we continued to make progress against our strategic priorities of improving operating efficiency, expanding revenue opportunities and strengthening the path toward sustainable profitability," said David Hayes, Chief Financial Officer. “We also continued to proactively manage liquidity and our balance sheet. During the quarter, we completed the sale of approximately $10 billion of Agency MSRs, and combined with the opportunistic repurchase of senior notes at a discount to par, these transactions contributed to a reduction in net debt obligations by approximately $114 million, strengthened our liquidity position and enhanced financial flexibility as we continue executing our long-term strategy. In October, we sold an additional $9 billion of Government MSRs.”
Hayes concluded, “We continue to actively work to address our upcoming debt maturities and are pursuing several financing alternatives to refinance or extend our debt with financing counterparties. Our focus is on extending our debt maturity profile.”
2
Third Quarter Highlights:
Financial Summary
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| ($ in thousands except per share data) (Unaudited) | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||
| Rate lock volume | $ | 7,519,545 | $ | 8,994,216 | $ | 9,463,052 | $ | 27,959,256 | $ | 25,661,739 | |||||||||||||||||||
Pull-through weighted lock volume(1) | 5,607,089 | 6,632,371 | 6,970,592 | 20,513,652 | 18,737,337 | ||||||||||||||||||||||||
| Loan origination volume | 7,047,829 | 7,993,712 | 6,533,974 | 22,700,160 | 18,442,431 | ||||||||||||||||||||||||
Gain on sale margin(2) | 3.18 | % | 2.86 | % | 3.61 | % | 2.98 | % | 3.46 | % | |||||||||||||||||||
Pull-through weighted gain on sale margin(3) | 3.99 | % | 3.45 | % | 3.39 | % | 3.30 | % | 3.41 | % | |||||||||||||||||||
| Financial Results | |||||||||||||||||||||||||||||
| Total revenue | $ | 307,145 | $ | 337,321 | $ | 323,324 | $ | 930,853 | $ | 879,482 | |||||||||||||||||||
| Total expense | 335,741 | 343,938 | 333,613 | 1,021,179 | 968,209 | ||||||||||||||||||||||||
Net loss | (28,686) | (6,622) | (8,734) | (90,250) | (74,704) | ||||||||||||||||||||||||
Diluted loss per share | $ | (0.08) | $ | (0.02) | $ | (0.02) | $ | (0.27) | $ | (0.19) | |||||||||||||||||||
Non-GAAP Financial Measures(4) | |||||||||||||||||||||||||||||
| Adjusted total revenue | $ | 302,208 | $ | 307,341 | $ | 325,368 | $ | 908,853 | $ | 895,997 | |||||||||||||||||||
Adjusted net loss | (30,829) | (29,435) | (2,688) | (93,821) | (44,364) | ||||||||||||||||||||||||
Adjusted EBITDA | 16,917 | 20,268 | 48,998 | 51,546 | 93,199 | ||||||||||||||||||||||||
(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 $10.4 million from the second quarter of 2026, primarily reflecting lower servicing expense and other interest expense.
•Pull-through weighted lock volume was $5.6 billion for the third quarter of 2026, a decrease of $1.0 billion or 15% from the second 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 third quarter of 2026 was $7.0 billion, a decrease of $945.9 million or 12% from the second quarter of 2026.
•Purchase volume totaled 61% of total loans originated during the third quarter, up from 57% during the second 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 52% for the third quarter from the second quarter 2026’s recapture rate of 68%.
Outlook for the fourth quarter of 2026
•Pull-through weighted rate lock volume of between $3.25 billion and $5.25 billion.
•Origination volume of between $4.5 billion and $6.5 billion.
•Pull-through weighted gain on sale margin of between 425 basis points and 465 basis points.
•Gain on sale margin of between 315 basis points and 355 basis points.
Servicing
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Servicing Revenue Data: ($ in thousands) (Unaudited) | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||
| Due to collection/realization of cash flows | $ | (42,448) | $ | (49,538) | $ | (44,154) | $ | (143,428) | $ | (123,162) | |||||||||||||||||||
| Due to changes in valuation inputs or assumptions | 80,371 | 36,677 | (12,007) | 117,496 | (35,551) | ||||||||||||||||||||||||
Realized (losses) gains on sale of servicing rights(1) | (1) | (588) | 45 | (1,478) | 151 | ||||||||||||||||||||||||
Other realized (losses) gains on sales of servicing rights(2) | (1,328) | 210 | (211) | (1,173) | (484) | ||||||||||||||||||||||||
Net (loss) gain from derivatives hedging servicing rights | (74,105) | (6,319) | 10,129 | (92,845) | 19,369 | ||||||||||||||||||||||||
| Valuation changes in servicing rights, net of hedging gains and losses | 4,937 | 29,980 | (2,044) | 22,000 | (16,515) | ||||||||||||||||||||||||
| Changes in fair value of servicing rights, net | $ | (37,511) | $ | (19,558) | $ | (46,198) | $ | (121,428) | $ | (139,677) | |||||||||||||||||||
| Servicing fee income | $ | 112,672 | $ | 111,964 | $ | 111,783 | $ | 333,385 | $ | 324,270 | |||||||||||||||||||
(1)Includes realized MSR sale gain and broker fees
(2)Includes the (provision) recovery for estimated losses.
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 October 16, 2026.
4
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Servicing Rights, at Fair Value: ($ in thousands) (Unaudited) | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,751,543 | $ | 1,669,648 | $ | 1,616,854 | $ | 1,637,706 | $ | 1,615,510 | |||||||||||||||||||
| Additions | 79,201 | 98,335 | 69,163 | 264,686 | 188,789 | ||||||||||||||||||||||||
| Sales proceeds, net | (165,696) | (2,991) | (11,642) | (172,012) | (27,478) | ||||||||||||||||||||||||
| Changes in fair value: | |||||||||||||||||||||||||||||
| Due to changes in valuation inputs or assumptions | 80,371 | 36,677 | (12,007) | 117,496 | (35,551) | ||||||||||||||||||||||||
| Due to collection/realization of cash flows | (42,448) | (49,538) | (44,154) | (143,428) | (123,162) | ||||||||||||||||||||||||
Realized (losses) gains on sales of servicing rights(1) | (1) | (588) | 45 | (1,478) | 151 | ||||||||||||||||||||||||
| Total changes in fair value | 37,922 | (13,449) | (56,116) | (27,410) | (158,562) | ||||||||||||||||||||||||
Balance at end of period (2) | $ | 1,702,970 | $ | 1,751,543 | $ | 1,618,259 | $ | 1,702,970 | $ | 1,618,259 | |||||||||||||||||||
(1)Includes realized MSR sale gain and broker fees.
(2)Balances are net of $22.5 million, $28.3 million, and $19.7 million of servicing rights liability as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
| % Change | |||||||||||||||||||||||||||||
Servicing Portfolio Data: ($ in thousands) (Unaudited) | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep-26 vs Jun-26 | Sep-26 vs Sep-25 | ||||||||||||||||||||||||
| Servicing portfolio (unpaid principal balance) | $ | 115,791,359 | $ | 123,387,503 | $ | 118,228,146 | (6.2) | % | (2.1) | % | |||||||||||||||||||
| Total servicing portfolio (units) | 441,209 | 465,089 | 440,358 | (5.1) | 0.2 | ||||||||||||||||||||||||
| 60+ days delinquent ($) | $ | 2,371,572 | $ | 2,142,638 | $ | 1,715,453 | 10.7 | 38.2 | |||||||||||||||||||||
| 60+ days delinquent (%) | 2.0 | % | 1.7 | % | 1.5 | % | |||||||||||||||||||||||
| Servicing rights, net to UPB | 1.5 | % | 1.4 | % | 1.4 | % | |||||||||||||||||||||||
5
Balance Sheet Highlights
| % Change | |||||||||||||||||||||||||||||
($ in thousands) (Unaudited) | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep-26 vs Jun-26 | Sep-26 vs Sep-25 | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 214,413 | $ | 229,128 | $ | 459,161 | (6.4) | % | (53.3) | % | |||||||||||||||||||
| Loans held for sale, at fair value | 1,979,288 | 2,643,032 | 2,606,361 | (25.1) | (24.1) | ||||||||||||||||||||||||
| Loans held for investment, at fair value | 116,221 | 106,268 | 111,341 | 9.4 | 4.4 | ||||||||||||||||||||||||
| Servicing rights, at fair value | 1,725,465 | 1,779,817 | 1,637,930 | (3.1) | 5.3 | ||||||||||||||||||||||||
| Total assets | 6,163,751 | 6,696,560 | 6,244,985 | (8.0) | (1.3) | ||||||||||||||||||||||||
| Warehouse and other lines of credit | 1,851,744 | 2,443,802 | 2,382,706 | (24.2) | (22.3) | ||||||||||||||||||||||||
| Total liabilities | 5,852,837 | 6,363,514 | 5,811,675 | (8.0) | 0.7 | ||||||||||||||||||||||||
| Total equity | 310,914 | 333,046 | 433,310 | (6.6) | (28.2) | ||||||||||||||||||||||||
A decrease in loans held for sale at September 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 September 30, 2026 and June 30, 2026. Available borrowing capacity was $2.5 billion at September 30, 2026.
6
Consolidated Statements of Operations
| ($ in thousands except per share data) (Unaudited) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
| REVENUES: | |||||||||||||||||||||||||||||
| Interest income | $ | 37,811 | $ | 39,692 | $ | 39,937 | $ | 116,886 | $ | 115,954 | |||||||||||||||||||
| Interest expense | (34,852) | (37,433) | (36,878) | (108,964) | (107,937) | ||||||||||||||||||||||||
Net interest income | 2,959 | 2,259 | 3,059 | 7,922 | 8,017 | ||||||||||||||||||||||||
| Gain on origination and sale of loans, net | 159,372 | 176,740 | 201,304 | 528,118 | 542,490 | ||||||||||||||||||||||||
| Origination income, net | 64,607 | 52,224 | 34,750 | 149,453 | 95,539 | ||||||||||||||||||||||||
| Servicing fee income | 112,672 | 111,964 | 111,783 | 333,385 | 324,270 | ||||||||||||||||||||||||
| Change in fair value of servicing rights, net | (37,511) | (19,558) | (46,198) | (121,428) | (139,677) | ||||||||||||||||||||||||
| Other income | 5,046 | 13,692 | 18,626 | 33,403 | 48,843 | ||||||||||||||||||||||||
| Total net revenues | 307,145 | 337,321 | 323,324 | 930,853 | 879,482 | ||||||||||||||||||||||||
| EXPENSES: | |||||||||||||||||||||||||||||
| Personnel expense | 171,507 | 180,729 | 161,150 | 527,603 | 465,427 | ||||||||||||||||||||||||
| Marketing and advertising expense | 27,717 | 26,694 | 37,700 | 83,417 | 113,828 | ||||||||||||||||||||||||
| Direct origination expense | 34,572 | 27,840 | 21,965 | 87,500 | 64,375 | ||||||||||||||||||||||||
| General and administrative expense | 44,774 | 47,528 | 45,352 | 139,183 | 129,214 | ||||||||||||||||||||||||
| Occupancy expense | 4,808 | 4,595 | 4,287 | 13,678 | 12,715 | ||||||||||||||||||||||||
| Depreciation and amortization | 5,833 | 5,869 | 6,729 | 18,037 | 20,774 | ||||||||||||||||||||||||
| Servicing expense | 8,551 | 8,820 | 12,138 | 28,849 | 30,321 | ||||||||||||||||||||||||
| Other interest expense | 37,979 | 41,863 | 44,292 | 122,912 | 131,555 | ||||||||||||||||||||||||
| Total expenses | 335,741 | 343,938 | 333,613 | 1,021,179 | 968,209 | ||||||||||||||||||||||||
Loss before income taxes | (28,596) | (6,617) | (10,289) | (90,326) | (88,727) | ||||||||||||||||||||||||
Income tax expense (benefit) | 90 | 5 | (1,555) | (76) | (14,023) | ||||||||||||||||||||||||
Net loss | (28,686) | (6,622) | (8,734) | (90,250) | (74,704) | ||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (8,957) | (2,089) | (3,852) | (28,501) | (34,538) | ||||||||||||||||||||||||
Net loss attributable to loanDepot, Inc. | $ | (19,729) | $ | (4,533) | $ | (4,882) | $ | (61,749) | $ | (40,166) | |||||||||||||||||||
Basic loss per share | $ | (0.08) | $ | (0.02) | $ | (0.02) | $ | (0.27) | $ | (0.19) | |||||||||||||||||||
Diluted loss per share | $ | (0.08) | $ | (0.02) | $ | (0.02) | $ | (0.27) | $ | (0.19) | |||||||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||||||||
| Basic | 232,312,698 | 231,643,671 | 211,442,981 | 230,969,256 | 206,745,124 | ||||||||||||||||||||||||
| Diluted | 232,312,698 | 231,643,671 | 211,442,981 | 230,969,256 | 206,745,124 | ||||||||||||||||||||||||
7
Consolidated Balance Sheets
| ($ in thousands) | Sep 30, 2026 | Jun 30, 2026 | Dec 31, 2025 | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and cash equivalents | $ | 214,413 | $ | 229,128 | $ | 337,232 | |||||||||||
| Restricted cash | 119,126 | 70,717 | 63,790 | ||||||||||||||
| Loans held for sale, at fair value | 1,979,288 | 2,643,032 | 3,165,542 | ||||||||||||||
| Loans held for investment, at fair value | 116,221 | 106,268 | 109,821 | ||||||||||||||
| Derivative assets, at fair value | 72,842 | 59,225 | 42,365 | ||||||||||||||
| Servicing rights, at fair value | 1,725,465 | 1,779,817 | 1,658,223 | ||||||||||||||
| Trading securities, at fair value | 75,179 | 82,008 | 85,640 | ||||||||||||||
| Property and equipment, net | 71,075 | 65,485 | 61,929 | ||||||||||||||
| Operating lease right-of-use asset | 23,358 | 25,951 | 23,877 | ||||||||||||||
| Loans eligible for repurchase | 1,504,587 | 1,401,739 | 1,074,386 | ||||||||||||||
| Investments in joint ventures | 18,128 | 18,177 | 18,251 | ||||||||||||||
| Other assets | 244,069 | 215,013 | 216,880 | ||||||||||||||
| Total assets | $ | 6,163,751 | $ | 6,696,560 | $ | 6,857,936 | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||
| LIABILITIES: | |||||||||||||||||
| Warehouse and other lines of credit | $ | 1,851,744 | $ | 2,443,802 | $ | 2,902,539 | |||||||||||
| Accounts payable and accrued expenses | 418,375 | 346,638 | 349,350 | ||||||||||||||
| Derivative liabilities, at fair value | 29,424 | 6,341 | 10,718 | ||||||||||||||
| Liability for loans eligible for repurchase | 1,504,587 | 1,401,739 | 1,074,386 | ||||||||||||||
| Operating lease liability | 32,638 | 34,790 | 34,630 | ||||||||||||||
| Debt obligations, net | 2,016,069 | 2,130,204 | 2,100,303 | ||||||||||||||
| Total liabilities | 5,852,837 | 6,363,514 | 6,471,926 | ||||||||||||||
| EQUITY: | |||||||||||||||||
| Total equity | 310,914 | 333,046 | 386,010 | ||||||||||||||
| Total liabilities and equity | $ | 6,163,751 | $ | 6,696,560 | $ | 6,857,936 | |||||||||||
8
Loan Origination and Sales Data
($ in thousands) (Unaudited) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
| Loan origination volume by type: | |||||||||||||||||||||||||||||
| Conventional conforming | $2,366,023 | $3,263,295 | $2,841,170 | $9,562,630 | $7,927,934 | ||||||||||||||||||||||||
| FHA/VA/USDA | 2,117,326 | 2,819,401 | 2,498,743 | 7,423,171 | 7,236,928 | ||||||||||||||||||||||||
| Jumbo | 931,029 | 794,773 | 444,946 | 2,394,047 | 1,187,068 | ||||||||||||||||||||||||
| Other | 1,633,451 | 1,116,243 | 749,115 | 3,320,312 | 2,090,501 | ||||||||||||||||||||||||
| Total | $7,047,829 | $7,993,712 | $6,533,974 | $22,700,160 | $18,442,431 | ||||||||||||||||||||||||
| Loan origination volume by purpose: | |||||||||||||||||||||||||||||
| Purchase | $4,325,991 | $4,560,891 | $3,949,864 | $12,046,133 | $11,277,549 | ||||||||||||||||||||||||
| Refinance - cash out | 2,434,701 | 2,650,296 | 2,136,089 | 7,713,225 | 5,961,407 | ||||||||||||||||||||||||
| Refinance - rate/term | 287,137 | 782,525 | 448,021 | 2,940,802 | 1,203,475 | ||||||||||||||||||||||||
| Total | $7,047,829 | $7,993,712 | $6,533,974 | $22,700,160 | $18,442,431 | ||||||||||||||||||||||||
| Loans sold: | |||||||||||||||||||||||||||||
| Servicing retained | $5,222,684 | $6,713,623 | $4,168,356 | $17,685,323 | $11,918,712 | ||||||||||||||||||||||||
| Servicing released | 2,495,561 | 2,001,477 | 2,488,073 | 6,421,676 | 6,847,994 | ||||||||||||||||||||||||
| Total | $7,718,245 | $8,715,100 | $6,656,429 | $24,106,999 | $18,766,706 | ||||||||||||||||||||||||
Third Quarter Earnings Call
Management will host a conference call and live webcast today at 1:00 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/498655934. 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.
9
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, the effects of contractual prepayment protection, broker fees associated with 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. Beginning in the third quarter of 2026, we began to include the effects of contractual prepayment protection and broker fees associated with the sale of MSRs to appropriately capture all valuation changes in MSRs up to and including the sales date and broker fees as they are directly attributable to, and reduce, the consideration received on MSR sales to reflect the net value realized. Prior periods have been revised to conform with this new presentation. 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.
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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 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 | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
| Total net revenue | $ | 307,145 | $ | 337,321 | $ | 323,324 | $ | 930,853 | $ | 879,482 | |||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(1) | (4,937) | (29,980) | 2,044 | (22,000) | 16,515 | ||||||||||||||||||||||||
| Adjusted total revenue | $ | 302,208 | $ | 307,341 | $ | 325,368 | $ | 908,853 | $ | 895,997 | |||||||||||||||||||
(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. Beginning in the third quarter of 2026, we began to include the effects of contractual prepayment protection and broker fees associated with the sale of MSRs to appropriately capture all valuation changes in MSRs up to and including the sales date and broker fees as they are directly attributable to, and reduce, the consideration received on MSR sales to reflect the net value realized. Prior periods have been revised to conform with this new presentation.
Reconciliation of Net Loss to Adjusted Net Loss ($ in thousands) (Unaudited) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
Net loss attributable to loanDepot, Inc. | $ | (19,729) | $ | (4,533) | $ | (4,882) | $ | (61,749) | $ | (40,166) | |||||||||||||||||||
Net loss from the pro forma conversion of Class B or Class C common stock to Class A common stock (1) | (8,957) | (2,089) | (3,852) | (28,501) | (34,538) | ||||||||||||||||||||||||
Net loss | (28,686) | (6,622) | (8,734) | (90,250) | (74,704) | ||||||||||||||||||||||||
Adjustments to the (provision) benefit for income taxes(2) | (27) | 5 | 978 | 23 | 8,769 | ||||||||||||||||||||||||
Tax-effected net loss | (28,713) | (6,617) | (7,756) | (90,227) | (65,935) | ||||||||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(3) | (4,937) | (29,980) | 2,044 | (22,000) | 16,515 | ||||||||||||||||||||||||
| Stock-based compensation expense | 6,307 | 5,281 | 3,599 | 17,982 | 7,060 | ||||||||||||||||||||||||
Restructuring charges(4) | 362 | 1,198 | 2,147 | 2,269 | 4,425 | ||||||||||||||||||||||||
Cybersecurity incident(5) | 414 | 1,058 | 473 | 1,594 | 1,562 | ||||||||||||||||||||||||
| Gain on extinguishment of debt | (4,122) | (1,170) | — | (5,292) | — | ||||||||||||||||||||||||
| (Gain) loss on disposal of fixed assets | (483) | 1,596 | 3 | 1,040 | 30 | ||||||||||||||||||||||||
Other impairment(6) | 38 | — | — | 38 | 5 | ||||||||||||||||||||||||
Tax effect of adjustments(7) | 305 | (801) | (3,198) | 775 | (8,026) | ||||||||||||||||||||||||
Adjusted net loss | $ | (30,829) | $ | (29,435) | $ | (2,688) | $ | (93,821) | $ | (44,364) | |||||||||||||||||||
11
(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 (provision) 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 | Nine Months Ended | ||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 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) | 5.06 | 4.52 | 4.39 | 4.80 | % | 4.39 | % | ||||||||||||||||||||||
Effect of valuation allowance and other tax adjustments | (26.36) | % | (25.29) | % | — | % | (25.72) | % | — | % | |||||||||||||||||||
| Effective income tax rate | (0.30) | % | 0.23 | % | 25.39 | % | 0.08 | % | 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. Beginning in the third quarter of 2026, we began to include the effects of contractual prepayment protection and broker fees associated with the sale of MSRs to appropriately capture all valuation changes in MSRs up to and including the sales date and broker fees as they are directly attributable to, and reduce, the consideration received on MSR sales to reflect the net value realized. Prior periods have been revised to conform with this new presentation.
(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 | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
| Share Data: | |||||||||||||||||||||||||||||
Diluted weighted average shares of Class A common stock and Class D common stock outstanding | 232,312,698 | 231,643,671 | 211,442,981 | 230,969,256 | 206,745,124 | ||||||||||||||||||||||||
Assumed pro forma conversion of weighted average Class B common stock and Class C common stock to Class A common stock (1) | 105,977,644 | 106,139,515 | 119,970,814 | 106,108,197 | 123,031,001 | ||||||||||||||||||||||||
| Adjusted diluted weighted average shares outstanding | 338,290,342 | 337,783,186 | 331,413,795 | 337,077,453 | 329,776,125 | ||||||||||||||||||||||||
(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 | Nine Months Ended | |||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | |||||||||||||||||||||||||
Net loss | $ | (28,686) | $ | (6,622) | $ | (8,734) | $ | (90,250) | $ | (74,704) | |||||||||||||||||||
Interest expense - non-funding debt (1) | 37,979 | 41,863 | 44,292 | 122,912 | 131,555 | ||||||||||||||||||||||||
Income tax expense (benefit) | 90 | 5 | (1,555) | (76) | (14,023) | ||||||||||||||||||||||||
| Depreciation and amortization | 5,833 | 5,869 | 6,729 | 18,037 | 20,774 | ||||||||||||||||||||||||
Valuation changes in servicing rights, net of hedging gains and losses(2) | (4,937) | (29,980) | 2,044 | (22,000) | 16,515 | ||||||||||||||||||||||||
| Stock-based compensation expense | 6,307 | 5,281 | 3,599 | 17,982 | 7,060 | ||||||||||||||||||||||||
Restructuring charges(3) | 362 | 1,198 | 2,147 | 2,269 | 4,425 | ||||||||||||||||||||||||
Cybersecurity incident(4) | 414 | 1,058 | 473 | 1,594 | 1,562 | ||||||||||||||||||||||||
| (Gain) loss on disposal of fixed assets | (483) | 1,596 | 3 | 1,040 | 30 | ||||||||||||||||||||||||
Other impairment (5) | 38 | — | — | 38 | 5 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 16,917 | $ | 20,268 | $ | 48,998 | $ | 51,546 | $ | 93,199 | |||||||||||||||||||
(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. Beginning in the third quarter of 2026, we began to include the effects of contractual prepayment protection and broker fees associated with the sale of MSRs to appropriately capture all valuation changes in MSRs up to and including the sales date and broker fees as they are directly attributable to, and reduce, the consideration received on MSR sales to reflect the net value realized. Prior periods have been revised to conform with this new presentation.
(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 expansion of home equity lending and the expected benefits and durability of that strategy; turnaround efforts; competitive advantages and market differentiators; automation, technology and innovation initiatives and investments; strategic opportunities, strengths, plans, focuses, and progress; our momentum; our readiness to take advantage of improved market opportunities; market share; diversified product offerings and revenue sources; hedging strategy benefits; improving profitability; expenses and expense management; liquidity and financing strategies; servicing fee income; productivity initiatives and expected savings and results; loan officer growth; expanding partnership with homebuilders; operating efficiency; loan origination volumes; pull-through weighted lock volume; pull-through weighted gain on sale margin; gain on sale margin; our efforts to address or refinance our senior notes; and actions to reduce, extend or repurchase our debt.
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 5x5 HomeLoan partnerships; 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 failure to regain and maintain compliance with the continued listing standards of the New York Stock Exchange; 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
14
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
LDI-IR
15
3Q 2026 INVESTOR PRESENTATION November 9, 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 September 30, 2026 • 441K clients(1) • Strong recapture rate at 52%(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 $48T(1) Mortgage Debt Outstanding $15T(2) Mortgage Originations 2026 $2.1T(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 10/11/2026 (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 THIRD QUARTER HIGHLIGHTS Financial Operational • Originations: $7.0 billion in funded volume, compared to $8.0 billion in 2Q26 and $6.5 billion in 3Q25 • Total Revenue: $307 million, compared to $337 million in 2Q26 and $323 million in 3Q25; adjusted revenue of $302 million • Total Expenses: decreased to $336 million from $344 million in 2Q26, compared to $334 million in 3Q25 • Net Loss: $29 million compared to $7 million in 2Q26 and $9 million in 3Q25 • Adjusted Results(1): adjusted net loss of $31 million and adjusted EBITDA of $17 million, compared to $29 million and $20 million, respectively in 2Q26, and $3 million and $49 million, respectively in 3Q25 • Debt Reduction: repurchased $87 million of senior notes at an average purchase price of 88% of par • MSR Sales: completed sale of approximately $10 billion of Agency MSRs and sold an additional $9 billion of Government MSRs in October • Purchase market share increased 9% from 3Q25 • Operating leverage improved since 3Q25(2) • Return on marketing increased by 14% • Marketing lead to funded loan conversion increased by 26% • Marketing cost per funding decreased by 33% • Cost per funded loan decreased by 16% • Now expect previously announced productivity initiatives to result in annualized cost savings of $25 million realized through the remainder of 2026 (prior estimate was $12 million) • Continue to actively purse several financing alternatives to refinance or extend our debt with financing counterparties (1) Non-GAAP measures. See Appendix for reconciliation. (2) Internal management metrics: Return on marketing is lead expense to Direct channel revenue; Marketing lead to funded loan conversion is lead assigned to lead funded (Direct channel); Marketing cost per funding is marketing costs to Direct channel origination volume; Cost per funded loan is mortgage-related expenses to origination volume; Funded loan units per loan officer is as described.
HISTORICAL ORIGINATION PERFORMANCE TREND Note: Pull through weighted rate lock volume is the unpaid principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability 7 Purchase Mix % : 49% 41%66% 58% 59% 63% 60% 57% 61% ($ in billions)
HISTORICAL COST STRUCTURE COMPARISON 8 Salaries Other Interest Marketing Commissions Other G&A FTEs Direct Origination Expense (1) Represents expenses directly related to the Cybersecurity Incident, net of actual 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 October 16, 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 $, bps: 70% 65% 2.8 75% 71% 2.8 77% 73% 2.7 68% 2.3 63% 68% 52% 2.4
LIQUIDITY AND BALANCE SHEET 10 Unrestricted Cash ($M)
355315Gain on Sale Margin, bps Down from previous quarter, primarily driven by lower volume-related costs and impact of productivity initiatives Total Expenses 11 Q4 2026 OUTLOOK* Metric Low High Pull-through Weighted Rate Lock Volume ($B) $3.25 $5.25 Origination Volume ($B) $4.5 $6.5 Pull-through Weighted GOS Margin, bps 425 465 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 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 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 expansion of home equity lending and the expected benefits and durability of that strategy; turnaround efforts; competitive advantages and market differentiators; automation, technology and innovation initiatives and investments; strategic opportunities, strengths, plans, focuses, and progress; our momentum; our readiness to take advantage of improved market opportunities; market share; diversified product offerings and revenue sources; hedging strategy benefits; improving profitability; expenses and expense management; liquidity and financing strategies; servicing fee income; productivity initiatives and expected savings and results; loan officer growth; expanding partnership with homebuilders; operating efficiency; loan origination volumes; pull-through weighted lock volume; pull-through weighted gain on sale margin; gain on sale margin; our efforts to address or refinance our senior notes; and actions to reduce, extend or repurchase our debt. 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 5x5 HomeLoan partnerships; 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 failure to regain and maintain compliance with the continued listing standards of the New York Stock Exchange; 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, the effects of contractual prepayment protection, broker fees associated with 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. Beginning in the third quarter of 2026, we began to include the effects of contractual prepayment protection and broker fees associated with the sale of MSRs to appropriately capture all valuation changes in MSRs up to and including the sales date and broker fees as they are directly attributable to, and reduce, the consideration received on MSR sales to reflect the net value realized. Prior periods have been revised to conform with this new presentation. 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. 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.