loanDepot, Inc. (LDI)

CIK: 0001831631. SIC: 6199 Finance Services. Latest 10-K as of: 2026-03-12.

SIC breadcrumb: Finance, Insurance, And Real Estate > SIC Major Group 61 > SIC 6199 Finance Services

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1831631. Latest filing source: 0001831631-26-000028.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001831631.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001831631.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001831631-26-000061.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-07. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion provides an analysis of the Company's financial condition, cash flows, and results of operations from management's perspective and should be read in conjunction with our consolidated financial statements and the accompanying notes included under Part I. Item 1 of this report. The results of operations described below are not necessarily indicative of the results to be expected for any future periods. This discussion includes forward-looking information that involves risks and assumptions which could cause actual results or outcomes to differ materially from management’s expectations. See our cautionary language at the beginning of this report under “Special Note Regarding Forward-Looking Statements” and for a more complete discussion of the factors that could affect our future results refer to Part I, Item 1A "Risk Factors" and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Form 10-K and elsewhere in our filings with the SEC. Capitalized terms used but not otherwise defined herein have the meanings set forth in our Form 10-K.

Overview

We are a customer-centric, technology-empowered residential mortgage platform. Our goal is to be the lender of choice for consumers and the employer of choice by being a company that operates on sound principles of exceptional value, ethics, and transparency. Since our inception we have significantly expanded our origination platform as well as developed an in-house servicing platform. Our primary sources of revenue are derived from the origination of conventional and government mortgage loans, servicing conventional and government mortgage loans, and providing ancillary services.

Key Factors Influencing Our Results of Operations

The residential real estate market and associated mortgage loan origination volumes are influenced by economic factors such as interest rates, housing prices, and unemployment rates. Purchase mortgage loan origination volume can be subject to seasonal trends as home sales typically rise during the spring and summer seasons and decline in the fall and winter seasons. This is somewhat offset by purchase loan originations sourced from our joint ventures which typically experience their highest level of activity during November and December as home builders focus on completing and selling homes prior to year-end. Seasonality has less of an impact on mortgage loan refinancing volumes, which are primarily driven by fluctuations in mortgage loan interest rates.

Increases in interest rates may affect affordability and the ability for potential home buyers to qualify for a mortgage loan. As interest rates increase, rate and term refinancings become less attractive to consumers. However, rising interest rates during periods of inflationary pressures can make real assets, including real estate, an attractive investment. Demand for real estate may result in ongoing support for purchase mortgages and home price appreciation creating borrower equity that could result in opportunities for cash-out refinancings, home equity lines of credit, or closed-end seconds.

Our mortgage loan refinancing volumes (and to a lesser degree, our purchase volumes), balance sheet, and results of operations are influenced by changes in interest rates and how we effectively manage the related interest rate risk. The majority of our assets are subject to interest rate risk, including LHFS, LHFI, IRLCs, trading securities, servicing rights, forward sales contracts, interest rate swap futures and put options. We refer to such forward sales contracts, interest rate swap futures and put options collectively as “Hedging Instruments.” As interest rates increase, our LHFS, LHFI and IRLCs generally decrease in value while our Hedging Instruments utilized to hedge against interest rate risk typically increase in value. Rising interest rates cause our expected mortgage loan servicing revenues to increase due to a decline in mortgage loan prepayments which extends the average life of our servicing portfolio and increases the value of our servicing rights. Conversely, as interest rates decrease, our LHFS, LHFI and IRLCs generally increase in value while our Hedging Instruments decrease in value. In a declining interest rate environment, borrowers tend to refinance their mortgage loans, which increases prepayment speeds and causes expected mortgage loan servicing revenues to decrease. This reduces the average life of our servicing portfolio and decreases the value of our servicing rights. Changes in fair value of our servicing rights are recorded as unrealized gains and losses in change in fair value of servicing rights, net, in our consolidated statements of operations.

During the first quarter of 2026, mortgage rates remained elevated partly due to geopolitical tensions stemming from the conflict in Iran and higher energy prices driving inflation concerns. The rate environment continued to negatively affect housing affordability and loan qualification of homebuyers, contributed to the “lock-in” effect of borrowers that secured lower

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long-term interest rates during 2020 and 2021 giving rise to a lack of supply of homes available for sale, and decreased demand for refinancing, taken together resulting in lower demand for mortgage loans.

In April 2026 we announced our partnership with Figure Technology Solutions (“Figure”) as part of our strategy to meaningfully accelerate our digital transformation and as a component of our planned return to a market leading position. As part of the partnership, we integrated Figure’s proprietary credit and loan underwriting engine into our own proprietary mello® technology platform and point of sale system, enabling us to seamlessly offer a variety of innovative express path home loan products to our customers. Our 5x5 HomeLoan powered by Figure, which delivers approval in as little as five minutes and funding in as few as five days, brings real value to those seeking smart, seamless, and convenient solutions to their financing needs. As we integrate this platform across our channels, we expect to lower our cost of production, improve the customer experience, close more loans more quickly and advance our long-term objective of profitable market share growth.

Key Performance Indicators

We manage and assess the performance of our business by evaluating a variety of metrics. Selected key performance metrics include loan originations and sales and servicing metrics.

Loan Origination and Sales

Loan originations and sales by volume and units are a measure of how successful we are at growing sales of mortgage loan products and a metric used by management in an attempt to isolate how effectively we are performing. We believe that originations and sales are an indicator of our market penetration in mortgage loans and that this provides useful information because it allows investors to better assess the strength of our core business. Loan originations and sales include brokered loan originations not funded by us. We enter into IRLCs to originate loans, at specified interest rates, with customers who have applied for a mortgage and meet certain credit and underwriting criteria. We believe the volume of our IRLCs is another measure of our overall market share.

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.

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. 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.

Servicing Metrics

Servicing metrics include the unpaid principal balance of our servicing portfolio and servicing portfolio units, which represent the number of mortgage loan customers we service. We believe that the net additions to our portfolio and number of units are indicators of the growth of our mortgage loans serviced and our servicing income, but may be offset by sales of servicing rights.

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Three Months Ended

March 31,

(Dollars in thousands)

2026

2025

IRLCs

$

11,445,494 

$

7,637,987 

IRLCs (units)

38,445 

28,784 

Pull-through weighted lock volume

$

8,274,191 

$

5,418,685 

Pull-through weighted gain on sale margin

2.71 

%

3.55 

%

Loan originations by purpose:

Purchase

$

3,159,251 

$

3,063,914 

Refinance

4,499,368 

2,110,014 

Total loan originations

$

7,658,619 

$

5,173,928 

Loan originations (units)

24,549 

19,936 

Gain on sale margin

2.93 

%

3.72 

%

Licensed loan officers

1,724 

1,641 

Headcount

4,695 

4,547 

Loans sold:

Servicing retained

$

5,749,016 

$

3,453,710 

Servicing released

1,924,638 

1,713,963 

Total loans sold(1)

$

7,673,654 

$

5,167,673 

Loans sold (units)

25,099 

19,904 

Servicing metrics

Total servicing portfolio (unpaid principal balance)

$

120,674,154 

$

116,604,153 

Total servicing portfolio (units)

455,634 

424,719 

60+ days delinquent ($)(2)

$

2,113,465 

$

1,789,276 

60+ days delinquent (%)

1.75 

%

1.53 

%

Servicing rights at fair value, net(3)

$

1,669,648 

$

1,603,031 

Weighted average servicing fee (4)

0.30 

%

0.30 

%

Multiple(4) (5)

4.8 

4.9 

(1)Original principal balance.

(2)The UPB of loans that are 60 or more days past due as of the dates presented, according to the contractual due date, or are in foreclosure.

(3)Amount represents the fair value of servicing rights, net of servicing liabilities, which are included in accounts payable, accrued expenses, and other liabilities in the consolidated balance sheets.

(4)Excludes Non-Agency products.

(5)Amounts represent the fair value of servicing rights, net, divided by the weighted average annualized servicing fee.

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Results of Operations

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The following table sets forth our consolidated financial statement data for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Three Months Ended

March 31,

Change

$

Change

%

(Dollars in thousands)

2026

2025

(Unaudited)

REVENUES:

Net interest income

$

2,704 

$

3,308 

$

(604)

(18.3)

%

Gain on origination and sale of loans, net

192,006 

166,376 

25,630 

15.4 

Origination income, net

32,622 

25,858 

6,764 

26.2 

Servicing fee income

108,749 

104,278 

4,471 

4.3 

Change in fair value of servicing rights, net

(64,359)

(41,103)

(23,256)

(56.6)

Other income

14,665 

14,903 

(238)

(1.6)

Total net revenues

286,387 

273,620 

12,767 

4.7 

EXPENSES:

Personnel expense

175,367 

150,161 

25,206 

16.8 

Marketing and advertising expense

29,006 

38,250 

(9,244)

(24.2)

Direct origination expense

25,088 

21,954 

3,134 

14.3 

General and administrative expense

46,881 

44,132 

2,749 

6.2 

Occupancy expense

4,275 

4,295 

(20)

(0.5)

Depreciation and amortization

6,335 

7,666 

(1,331)

(17.4)

Servicing expense

11,478 

10,000 

1,478 

14.8 

Other interest expense

43,070 

43,265 

(195)

(0.5)

Total expenses

341,500 

319,723 

21,777 

6.8 

Loss before income taxes

(55,113)

(46,103)

(9,010)

(19.5)

Income tax benefit

(171)

(5,407)

5,236 

96.8 

Net loss

(54,942)

(40,696)

(14,246)

(35.0)

Net loss attributable to noncontrolling interests

(17,455)

(18,800)

1,345 

7.2 

Net loss attributable to loanDepot, Inc.

$

(37,487)

$

(21,896)

$

(15,591)

(71.2)

%

The increase in net loss of $14.2 million was primarily due to a $21.8 million increase in total expense

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-03-12. Report date: 2025-12-31.

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included under Part II. Item 8 of this report. The results of operations described below are not necessarily indicative of the results to be expected for any future periods. This discussion includes forward-looking information that involves risks and assumptions which could cause actual results or outcomes to differ materially from management’s expectations. See our cautionary language at the beginning of this report under “Special Note Regarding Forward-Looking Statements” and for a more complete discussion of the factors that could affect our future results refer to Part I. “Item IA. Risk Factors”

Overview

We are a customer-centric, technology-empowered residential mortgage platform. Our goal is to be the lender of choice for consumers and the employer of choice by being a company that operates on sound principles of exceptional value, ethics, and transparency. Since our inception, we have significantly expanded our origination platform as well as developed an in-house servicing platform. Our primary sources of revenue are derived from the origination of conventional and government mortgage loans, servicing conventional and government mortgage loans, and providing ancillary services.

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Residential Real Estate Market

The residential real estate market and associated mortgage loan origination volumes are influenced by economic factors such as interest rates, housing prices, and unemployment rates. Purchase mortgage loan origination volume can be subject to seasonal trends as home sales typically rise during the spring and summer seasons and decline in the fall and winter seasons. This is somewhat offset by purchase loan originations sourced from our joint ventures which typically experience their highest level of activity during November and December as home builders focus on completing and selling homes prior to year-end. Seasonality has less of an impact on mortgage loan refinancing volumes, which are primarily driven by fluctuations in mortgage loan interest rates.

Increases in interest rates may affect affordability and the ability for potential home buyers to qualify for a mortgage loan. As interest rates increase, rate and term refinancings become less attractive to consumers. However, rising interest rates during periods of inflationary pressures can make real assets, including real estate, an attractive investment. Demand for real estate may result in ongoing support for purchase mortgages and home price appreciation creating borrower equity that could result in opportunities for cash-out refinancings, home equity lines of credit, or closed end seconds.

Our mortgage loan refinancing volumes (and to a lesser degree, our purchase volumes), balance sheet, and results of operations are influenced by changes in interest rates and how we effectively manage the related interest rate risk. The majority of our assets are subject to interest rate risk, including LHFS, LHFI, IRLCs, trading securities, servicing rights, forward sales contracts, interest rate swap futures and put options. We refer to such forward sales contracts, interest rate swap futures and put options collectively as “Hedging Instruments.” As interest rates increase, our LHFS, LHFI and IRLCs generally decrease in value while our Hedging Instruments utilized to hedge against interest rate risk typically increase in value. Rising interest rates cause our expected mortgage loan servicing revenues to increase due to a decline in mortgage loan prepayments which extends the average life of our servicing portfolio and increases the value of our servicing rights. Conversely, as interest rates decrease, our LHFS, LHFI and IRLCs generally increase in value while our Hedging Instruments decrease in value. In a declining interest rate environment, borrowers tend to refinance their mortgage loans, which increases prepayment speeds and causes expected mortgage loan servicing revenues to decrease. This reduces the average life of our servicing portfolio and decreases the value of our servicing rights. Changes in fair value of our servicing rights are recorded as unrealized gains and losses in changes in fair value of servicing rights, net, in our consolidated statements of operations.

During 2024 and 2025, the U.S. residential mortgage market continued to experience the impact of geopolitical risks and inflation. While the Federal Reserve lowered the Federal Funds rate three times in 2025, market concerns regarding, among other things, the long-term impacts of tariff policy and inflation resulted in long-term rates remaining elevated. The heightened rate environment negatively affected the affordability and loan qualification of homebuyers, contributed to the “lock-in” effect of borrowers that secured lower long-term interest rates during 2020 and 2021 giving rise to a lack of supply of homes available for sale and decreased demand for refinancing, shrinking mortgage loan origination volumes.

Actions taken by the Federal Reserve to impact short-term interest rates do not always have a corresponding impact on long-term interest rates, which more significantly influence the price of a fixed-rate mortgages. Despite the Federal Reserve reducing the Federal Funds rate to a range of 3.50% to 3.75%, the 30-Year Fixed Rate Mortgage Average in the United States as reported by the St. Louis Fed remained above 6% during all of 2025.

Strategy

We believe in our diversified business model, with robust origination capabilities across multiple channels that provide access to purchase, refinance and home equity lending opportunities across market cycles. These origination capabilities are complemented by our in-house servicing platform and recapture capabilities, all of which are enhanced by our technology assets and our nationally-recognized brand, which we believe gives us a distinct advantage in new customer acquisition.

Our strategic plan rests on four primary objectives:

1.Investing in the business through growth, operational efficiency and infrastructure. We intend to continue investing in recruiting and hiring sales talent across all origination channels. We also plan to further leverage technology to improve the customer experience and manufacturing processes. Finally, we expect to make additional investments in critical hardware and data upgrades which we believe will position us for future growth opportunities and to better mitigate risk.

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2.Becoming a Best-in-Class Mortgage Banker. Our goals are simple: find another loan, close it faster, produce it cheaper, and maintain superior loan quality. We plan to do this by utilizing our scale and marketing prowess, leveraging our multi-channel origination strategy, investing in technology, and improving our processes.

3.Growing profitable market share. By hiring and training sales professionals in our direct channel, recruiting and attracting loan officers that have existing relationships with real estate professionals in our retail channel, and partnering with national and regional homebuilders in our joint venture channel, we plan to grow our origination capacity to capture profitable market share growth across refinance, resale and new home loans.

4.Returning to profitability. By investing in our origination and new customer acquisition capabilities, growing our servicing portfolio, improving our recapture rates, growing our brand and marketing, and increasing our operating leverage, we believe we can return to consistent profitability and create shareholder value.

Key Performance Indicators

We manage and assess the performance of our business by evaluating a variety of metrics. Selected key performance metrics include loan originations and sales and servicing metrics.

Loan Origination and Sales

Loan originations and sales by volume and units are a measure of how successful we are at growing sales of mortgage loan products and a metric used by management in an attempt to isolate how effectively we are performing. We believe that originations and sales are an indicator of our market penetration in mortgage loans and that this provides useful information because it allows investors to better assess the strength of our core business. Loan originations and sales include brokered loan originations not funded by us. We enter into IRLCs to originate loans, at specified interest rates, with customers who have applied for a mortgage and meet certain credit and underwriting criteria. We believe the volume of our IRLCs is another measure of our overall market share.

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.

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. 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.

Servicing Metrics

Servicing metrics include the unpaid principal balance of our servicing portfolio and servicing portfolio units, which represent the number of mortgage loan customers we service. We believe that the net additions to our portfolio and number of units are indicators of the growth of our mortgage loans serviced and our servicing income, but may be offset by sales of servicing rights.

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Year Ended December 31,

(Dollars in thousands)

2025

2024

2023

IRLCs

$

35,660,447 

$

32,541,852 

$

32,155,455 

IRLCs (units)

130,287 

110,528 

105,143 

Pull-through weighted lock volume

$

26,014,540 

$

22,854,729 

$

21,475,262 

Pull-through weighted gain on sale margin

3.36 

%

3.17 

%

2.75 

%

Loan originations by purpose:

Purchase

$

15,201,308 

$

16,197,535 

$

16,474,927 

Refinance

11,282,238 

8,298,965 

6,196,804 

Total loan originations

$

26,483,546 

$

24,496,500 

$

22,671,731 

Loan originations (units)

95,653 

84,328 

76,847 

Gain on sale margin

3.30 

%

2.96 

%

2.60 

%

Licensed loan officers

1,599 

1,728 

1,573 

Headcount

4,506 

4,675 

4,250 

Loans sold:

Servicing-retained

$

17,166,067 

$

15,238,250 

$

15,222,156 

Servicing-released

9,132,804 

8,771,900 

7,918,029 

Total loans sold(1)

$

26,298,871 

$

24,010,150 

$

23,140,185 

Loans sold (units)

97,081 

82,672 

77,372 

Servicing metrics

Total servicing portfolio (unpaid principal balance)

$

119,096,243 

$

115,971,984 

$

145,090,199 

Total servicing portfolio (units)

448,261 

417,875 

496,894 

60+ days delinquent ($)(2)

$

1,909,082 

$

1,826,105 

$

1,392,606 

60+ days delinquent (%)

1.60 

%

1.57 

%

0.96 

%

Servicing rights at fair value, net(3)

$

1,637,706 

$

1,615,510 

$

1,985,718 

Weighted average servicing fee(4)

0.30 

%

0.30 

%

0.29 

%

Multiple (4)(5)

4.8x

4.9x

5.0x

(1)Original principal balance

(2)The UPB of loans that are 60 or more days past due as of the dates presented, according to the contractual due date, or are in foreclosure.

(3)Amount represents the fair value of servicing rights, net of servicing liabilities, which are included in accounts payable, accrued expenses, and other liabilities in the consolidated balance sheets.

(4)Excludes Non-Agency products.

(5)Amounts represent the fair value of servicing rights, net, divided by the weighted average annualized servicing fee.

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Results of Operations

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

The following table sets forth our consolidated financial statement data for 2025 compared to 2024. A comparative discussion of results for 2024 compared to 2023 is provided in the “Results of Operations” section within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Year Ended December 31,

Change

$

Change

%

(Dollars in thousands)

2025

2024

REVENUES:

Net interest income (expense)

$

10,275 

$

(843)

$

11,118 

NM

Gain on origination and sale of loans, net

742,386 

642,078 

100,308 

15.6 

Origination income, net

131,719 

82,290 

49,429 

60.1 

Servicing fee income

437,202 

481,699 

(44,497)

(9.2)

Change in fair value of servicing rights, net

(198,533)

(215,138)

16,605 

7.7 

Other income

66,692 

70,149 

(3,457)

(4.9)

Total net revenues

1,189,741 

1,060,235 

129,506 

12.2 

EXPENSES:

Personnel expense

641,518 

600,483 

41,035 

6.8 

Marketing and advertising expense

146,688 

132,671 

14,017 

10.6 

Direct origination expense

83,540 

84,234 

(694)

(0.8)

General and administrative expense

177,084 

204,231 

(27,147)

(13.3)

Occupancy expense

16,876 

19,434 

(2,558)

(13.2)

Depreciation and amortization

26,221 

36,108 

(9,887)

(27.4)

Servicing expense

43,132 

37,373 

5,759 

15.4 

Other interest expense

175,213 

188,550 

(13,337)

(7.1)

Total expenses

1,310,272 

1,303,084 

7,188 

0.6 

Loss before income taxes

(120,531)

(242,849)

122,318 

50.4 

Income tax benefit

(13,001)

(40,698)

27,697 

68.1 

Net loss

(107,530)

(202,151)

94,621 

46.8 

Net loss attributable to noncontrolling interests

(44,884)

(103,820)

58,936 

56.8 

Net loss attributable to loanDepot, Inc.

$

(62,646)

$

(98,331)

$

35,685 

36.3 

Net loss of $107.5 million for 2025 reflects a decrease of $94.6 million compared to a net loss of $202.2 million for 2024. The decrease is primarily attributable to an increase in total net revenues of $129.5 million due to a 13.8% increase in pull-through weighted lock volume that resulted in a $100.3 million increase in gain on origination and sale of loans, and a 19 basis point increase in pull-through weighted gain on sale margin. The increase in total net revenues was partially offset by a $7.2 million increase in total expenses, including increases in personnel, marketing and advertising expense, and servicing expense. Total originations were $26.5 billion for the year ended December 31, 2025, compared to $24.5 billion for the year ended December 31, 2024, representing an increase of $2.0 billion or 8.1%.

Revenues

Net Interest Income (Expense). Net interest income (expense) includes interest income earned on LHFS, offset by interest expense incurred on amounts borrowed under warehouse lines for loan financing as well as warehouse line commitment fees. These commitment fees are amortized on a straight-line basis over the duration of the warehouse line agreement. The increase in net interest income was predominately driven by a $250.7 million increase in the average balance of LHFS and

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lower cost of funds on warehouse lines as short-term interest rates were lower for the year ended December 31, 2025, offset by an increase in loans financed on warehouse lines resulting in a $241.4 million increase in the average balance of warehouse lines and a lower yield on LHFS.

Gain on Origination and Sale of Loans, Net. Gain on origination and sale of loans, net was comprised of the following components:

Year Ended

December 31,

Change

$

Change

%

(Dollars in thousands)

2025

2024

Premium from loan sales

$

137,808 

$

66,489 

$

71,319 

107.3 

%

Fair value of servicing rights additions

271,439 

252,076 

19,363 

7.7 

Fair value gains (losses) on IRLC and LHFS

45,173 

(49,302)

94,475 

191.6 

Fair value (losses) gains from Hedging Instruments

(70,793)

35,778 

(106,571)

(297.9)

Discount points, rebates and lender paid costs

367,493 

330,689 

36,804 

11.1 

(Provision) recovery for loan loss obligation for loans sold

(8,734)

6,348 

(15,082)

(237.6)

Total gain on origination and sale of loans, net

$

742,386 

$

642,078 

$

100,308 

15.6 

Gain on origination and sale of loans, net includes several key components. The estimated change in value of a loan from the time we enter into a commitment to lend to the borrower (IRLC) to the closing of the loan (LHFS) up until its eventual sale is recorded in “Fair value gains or losses on IRLC and LHFS.” Various factors, such as mortgage volume, the duration a loan remains at stages in the origination process, and shifts in interest rates, influence fair value changes on IRLC and LHFS. We utilize a hedge strategy to manage the impact of interest rate changes in IRLC and LHFS, "Fair value gains or losses from Hedging Instruments" represents the unrealized gains or losses on Hedging Instruments. When a loan is sold, the difference between proceeds received and the UPB is included in “Premium from loan sales.” Additionally, “Discount points, rebates, and lender paid costs” are recognized at closing of the loan. The fair value of servicing rights retained on loan sales is included in “Fair value of servicing rights additions.” The "Provision for loan loss obligation for loans sold” is established to cover potential losses from a breach of representation or warranty made to purchasers or insurers of the sold loans. We may recover previously recorded provision for loan loss obligations when previous loss estimates need to be lowered for changes in estimated frequency and severity. The $100.3 million or 15.6% increase in gain on origination and sale of loans, net was primarily driven by higher gain on sale margin and increased origination volumes, partially offset by a provision for loan loss obligation for loans sold due to higher sales volume compared to a recovery for loan loss obligations in the prior year that was the result of an adjustment for improved credit performance and reduced exposure.

Origination Income, Net. Origination income, net, reflects the fees that we earn, net of lender credits we pay, from originating loans. Origination income includes loan origination fees, processing fees, underwriting fees, and other fees collected from the borrower at the time of funding. Lender credits typically include rebates or concessions to borrowers for certain loan origination costs. The $49.4 million or 60.1% increase in origination income was primarily the result of an increase in consumer direct and retail loan origination volume, partially offset by a decrease in joint venture and HELOC origination volume.

Servicing Fee Income. Servicing fee income reflects contractual servicing fees and ancillary and other fees (including late charges) related to the servicing of mortgage loans. The decrease of $44.5 million or 9.2% in servicing income between periods was the result of a decrease in servicing fee collections and reduced ancillary income due to a decrease of $9.5 billion in the average UPB of our servicing portfolio as a result of bulk sales completed during the prior year.

Change in Fair Value of Servicing Rights, Net. Change in fair value of servicing rights, net includes (i) fair value gains or losses net of Hedging Instrument gains or losses; (ii) fallout and decay, which includes principal amortization and prepayments; and (iii) realized gains or losses on the sales of servicing rights. The increase of $16.6 million or 7.7% reflects a decreased loss of $22.6 million in fair value, net of hedge, and a $6.8 million decrease in provision and broker fees related to bulk sales in 2024, partially offset by a $12.9 million increase in fallout and decay.

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Other Income. Other income includes our pro rata share of the net earnings from joint ventures and fee income from title, escrow, and settlement services for mortgage loan transactions performed by LDSS, fair value gains or losses on trading securities, interest income on cash deposits and interest income and fair value gains or losses from loans held for investment. The decrease of $3.5 million or 4.9% in other income between periods was attributable to a $10.8 million decrease in bank interest income and a $9.2 million decrease in income from joint ventures, partially offset by an $8.3 million increase in title and escrow fees, a $4.9 million increase in income related to loans held for investment, and a $3.4 million increase in fair value gains on trading securities.

Expenses

Personnel Expense. Personnel expense includes salaries, commissions, incentive compensation, benefits, and other employee costs. The increase of $41.0 million or 6.8% is primarily due to a $31.8 million volume-related increase in commissions and a $12.5 million increase in salaries and benefits due to an increase in average headcount.

Marketing and Advertising Expense. With elevated interest rates, we adapted our marketing strategy to target increased purchase and cash-out refinance volume. Our approach relies on selected online lead aggregators, alongside search engine optimization, pay-per-click advertising, banner advertising, and organic content generation to cultivate organic online leads. Marketing and advertising expenses increased $14.0 million or 10.6% which primarily reflects an increase in aggregate lead generation.

General and Administrative Expense. General and administrative expense includes professional fees, data processing expense, communications expense, and other operating expenses. The $27.1 million or 13.3% decrease in general and administrative expense included a $17.3 million decrease in costs related to the Cybersecurity Incident in the prior year and an $18.7 million decrease in professional and consulting fees primarily related to a decrease in legal fees and a $5.0 million insurance settlement for the reimbursement of legal fees, partially offset by a $5.6 million increase in loss contingency expense due to recoveries in the prior year and a $2.8 million increase in office and equipment expenses related to software subscriptions.

Servicing Expense. The increase of $5.8 million or 15.4% in servicing expense reflects an increase in default and loss mitigation expense associated with an increase in delinquencies and average age of loans serviced and an increase in our servicing portfolio.

Other Interest Expense. The $13.3 million or 7.1% decrease in other interest expense was the result of a $17.9 million decrease in interest expense related to a decrease in MSR facilities, partially offset by a $2.4 million increase related to the GMSR 2025-GT1, GMSR 2025-GT2, and FAMSR 2025-FT1 Term Notes issued during the year and a $2.3 million increase due to a full year of expense related to the MMCA 2024-SD1 loan securitization completed in the second quarter of 2024.

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Balance Sheet Highlights

December 31, 2025 Compared to December 31, 2024

December 31,

Change

$

Change

%

(Dollars in thousands)

2025

2024

ASSETS

Cash and cash equivalents

$

337,232 

$

421,576 

$

(84,344)

(20.0)

%

Restricted cash

63,790 

105,645 

(41,855)

(39.6)

Loans held for sale, at fair value

3,165,542 

2,603,735 

561,807 

21.6 

Loans held for investment, at fair value

109,821 

116,627 

(6,806)

(5.8)

Derivative assets, at fair value

42,365 

44,389 

(2,024)

(4.6)

Servicing rights, at fair value

1,658,223 

1,633,661 

24,562 

1.5 

Trading securities, at fair value

85,640 

87,466 

(1,826)

(2.1)

Property and equipment, net

61,929 

61,079 

850 

1.4 

Operating lease right-of-use assets

23,877 

20,432 

3,445 

16.9 

Loans eligible for repurchase

1,074,386 

995,398 

78,988 

7.9 

Investments in joint ventures

18,251 

18,113 

138 

0.8 

Other assets

216,880 

235,907 

(19,027)

(8.1)

Total assets

6,857,936 

6,344,028 

513,908 

8.1 

LIABILITIES AND EQUITY

Warehouse and other lines of credit

2,902,539 

2,377,127 

525,412 

22.1 

Accounts payable, accrued expenses and other liabilities

349,350

379,439

(30,089)

(7.9)

Derivative liabilities, at fair value

10,718

25,060

(14,342)

(57.2)

Liability for loans eligible for repurchase

1,074,386

995,398

78,988 

7.9 

Operating lease liability

34,630

33,190

1,440 

4.3 

Debt obligations, net

2,100,303

2,027,203

73,100 

3.6 

Total liabilities

6,471,926 

5,837,417 

634,509 

10.9 

Total equity

386,010

506,611

(120,601)

(23.8)

Total liabilities and equity

$

6,857,936 

$

6,344,028 

$

513,908 

8.1 

Cash and Cash Equivalents. The $84.3 million or 20.0% decrease in cash and cash equivalents relates to net losses for the year, increased haircuts on warehouse lines due to an increase in LHFS, an increase in retained servicing rights, a decrease in margin call payables, and a reduction in accounts payable, accrued expenses and other liabilities, partially offset by an increase in debt obligations, net.

Restricted Cash. Restricted cash was $63.8 million as of December 31, 2025 compared to $105.6 million as of December 31, 2024 representing a decrease of $41.9 million or 39.6%. The decrease was primarily the result of decreases in cash collateral associated with derivative activities, warehouse lines, and debt obligations.

Loans Held for Sale, at Fair Value. Loans held for sale, at fair value, are primarily fixed and variable rate, 15- to 30-year term first-lien loans secured by residential property. The $561.8 million or 21.6% increase reflects $25.9 billion in loan

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originations, $963.4 million in repurchases, and $30.4 million in fair value gains, partially offset by $26.3 billion in loan sales and $64.0 million in principal payments.

Loans Held for Investment, at Fair Value. Loans held for investment, at fair value are the residential mortgage loans securitized in the second quarter of 2024 and recorded on the balance sheet as a secured borrowing. The decrease of $6.8 million or 5.8% reflect $11.3 million of principal payments, partially offset by $4.4 million of fair value gain.

Loans Eligible for Repurchase. Loans eligible for repurchase were $1.1 billion as of December 31, 2025, as compared to $995.4 million as of December 31, 2024, representing an increase of $79.0 million or 7.9%. The increase between periods was due to the increase in loans that were 90 days or more delinquent at December 31, 2025, and was also attributable to the increase in our servicing portfolio.

Servicing Rights, at Fair Value. The $24.6 million or 1.5% increase was comprised of $271.4 million of capitalized servicing rights from servicing-retained loan sales, partially offset by $175.9 million from principal amortization and prepayments, $37.4 million decrease in fair value, and $36.3 million reduction from sales of servicing rights associated with $389.1 million in UPB.

Other Assets. The decrease of $19.0 million, or 8.1%, is primarily related to the $20.0 million insurance receivable received in the current year related to the Cybersecurity Incident in 2024.

Warehouse and Other Lines of Credit. The increase of $525.4 million, or 22.1%, is consistent with the increase in loans held for sale during the year ended December 31, 2025.

Accounts Payable, Accrued Expenses and Other Liabilities. The decrease of $30.1 million, or 7.9%, is due to a $29.1 million decrease in loss contingency reserve related to the Cybersecurity settlement, a $21.0 million decrease in deferred tax liability, and a $10.1 million decrease in margin call payables, partially offset by a $28.8 million increase in TRA liability.

Derivative Liabilities, at Fair Value. The decrease of $14.3 million, or 57.2%, reflects a $14.0 million decrease in Hedging Instrument liabilities from higher interest rates and a $0.3 million decrease in IRLCs.

Debt Obligations, net. The increase of $73.1 million, or 3.6%, is due to an increase of $344.9 million related to new issuances of Term Notes and an increase of $5.1 million in servicing advance facilities, partially offset by a $258.8 million decrease in MSR facilities, a $19.8 million repayment of the 2025 Senior Notes, and a net decrease of $7.1 million in other secured financings related to principal payments, and amortization of deferred financing costs and debt discount.

Equity. The decrease of $120.6 million, or 23.8%, was primarily attributed to a net loss of $107.5 million, a decrease in additional paid in capital of $20.0 million, primarily related to conversion-related adjustments to the TRA liability, the repurchase of treasury shares at cost of $9.3 million to net settle and withhold tax on vested RSUs and exercised options, and distributions for taxes on behalf of shareholders of $1.9 million, partially offset by stock-based compensation of $12.2 million and an increase of $5.9 million related to the issuance of common stock through the exercise of stock options.

Liquidity and Capital Resources

Liquidity

Our liquidity reflects our ability to meet current and potential cash requirements. We forecast the need to have adequate liquid funds available to operate and grow our business. As of December 31, 2025, unrestricted cash and cash equivalents were $337.2 million and committed and uncommitted available capacity under our warehouse and other lines of credit was $1.3 billion.

Our primary sources of liquidity have been as follows: (i) funds obtained from our warehouse and other lines of credit; (ii) proceeds from debt obligations; (iii) proceeds received from the sale and securitization of loans; (iv) proceeds from the sale

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of servicing rights; (v) loan fees from the origination of loans; (vi) servicing fees; (vii) title and escrow fees from settlement services; (viii) real estate referral fees; and (ix) interest income from LHFS.

Our primary uses of funds for liquidity have included the following: (i) funding mortgage loans; (ii) funding loan origination costs; (iii) payment of warehouse line haircuts required at loan origination; (iv) payment of interest expense on warehouse and other lines of credit; (v) payment of interest expense under debt obligations; (vi) payment of operating expenses; (vii) repayment of warehouse and other lines of credit; (viii) repayment of debt obligations; (ix) funding of servicing advances; (x) margin calls on warehouse and other lines of credit or Hedging Instruments; (xi) repurchases of loans under representation and warranty breaches; and (xii) costs relating to servicing.

At this time, we currently believe that our cash on hand, as well as the sources of liquidity described above, will be sufficient to maintain our current operations and fund our loan originations capital commitments for the next twelve months. However, we will continue to review our liquidity needs in light of current and anticipated mortgage market conditions and we are taking various steps to align our cost structure with current and expected mortgage origination volumes.

Financial Covenants

Our lenders require us to comply with various financial covenants including tangible net worth, liquidity, leverage ratios and profitability. As of December 31, 2025, we were in full compliance with all financial covenants. Although these financial covenants limit the amount of indebtedness that we may incur and affect our liquidity through minimum cash reserve requirements, we believe that these covenants currently provide us with sufficient flexibility to operate our business and obtain the financing necessary to achieve that purpose.

Seller/Servicer Financial Requirements

As a seller and servicer, we are subject to minimum net worth, liquidity, and other financial requirements. Effective from September 30, 2023, minimum net worth requirements for FHFA and Ginnie Mae include a base of $2.5 million plus percentages of the seller/servicer’s residential first lien mortgage servicing UPB serviced for each agency and a percentage of other non-agencies servicing UPB. Base liquidity for the agencies depends on the remittance type and includes specific percentages of the seller/servicer's residential first lien mortgage servicing UPB for each agency, along with a percentage for other non-agencies servicing UPB. Large non-depositories require a liquidity buffer based on UPB for FHFA and Ginnie Mae. The capital ratio for FHFA and Ginnie Mae requires tangible net worth/total assets to be equal to or greater than 6% for both agencies. Effective from December 31, 2023, revised FHFA and Ginnie Mae seller-servicer minimum financial eligibility requirements include origination liquidity and third-party ratings. FHFA also requires an annual capital and liquidity plan effective March 31, 2024 and Ginnie Mae implemented a risk-based capital requirement effective December 31, 2024. As of December 31, 2025, we were in compliance with these financial requirements.

Warehouse and Other Lines of Credit

We primarily finance mortgage loans through borrowings under our warehouse and other lines of credit. Under these facilities, we transfer specific loans to our counterparties and receive funds from them. Simultaneously, there is an agreement in place where the counterparties commit to transferring the loans back to us, either at the date the loans are sold or upon our request, and we provide the funds in return. We do not recognize these transfers as sales for accounting purposes. During the year ended December 31, 2025, our loans remained on warehouse lines for an average of 19 days. Our warehouse facilities are generally short-term borrowings with maturities of one year and our securitization facilities have two and three year terms. We utilize both committed and uncommitted loan funding facilities and we evaluate our needs under these facilities based on forecasted volume of loan originations and sales. Our liquidity could be affected as lenders may reassess their exposure to the mortgage origination industry and potentially limit access to uncommitted mortgage warehouse financing or increase associated costs. Moreover, there may be reduced demand from investors to acquire our mortgage loans in the secondary market, further impacting our liquidity. Approximately 63% of the mortgage loans that we originated during the year ended December 31, 2025 were sold in the secondary mortgage market either directly to Fannie Mae and Freddie Mac or securitized into MBS guaranteed by Ginnie Mae. We also sell loans to other non-Agency investors.

As of December 31, 2025, we maintained revolving lines of credit with eleven counterparties, including two loan funding facilities with GSEs, providing warehouse and other securitization facilities with a total borrowing capacity of $4.2 billion, of which $1.3 billion was committed. Our $4.2 billion of capacity as of December 31, 2025 was comprised of $3.9

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billion with staggered maturities within one year and a $300.0 million securitization facility that matures in April 2028. As of December 31, 2025, we had $2.9 billion in outstanding borrowings and $1.3 billion in additional availability under our facilities. Warehouse and other lines of credit are further discussed in Note 12- Warehouse and Other Lines of Credit of the Notes to Consolidated Financial Statements contained in Item 8.

When we draw on our warehouse and securitization facilities we must pledge eligible loan collateral. Our warehouse line providers require us to make a capital investment, or “haircut,” upon financing the loan, which is generally based on product types and the market value of the loans. The haircuts are normally recovered from sales proceeds. As of December 31, 2025, we had a total of $9.9 million in restricted cash posted as collateral with our warehouse and securitization facilities, of which $3.3 million was the minimum requirement.

Debt Obligations

MSR facilities and Term Notes provide financing for our servicing portfolio investments. As of December 31, 2025, our MSR facility secured by Fannie Mae had an outstanding balance of $97.8 million in MSR facilities and $198.0 million in Term Notes, secured by Fannie Mae MSRs totaling $412.6 million. As of December 31, 2025, our MSR facility secured by Freddie Mac had an outstanding balance of $312.4 million , secured by Freddie Mac MSRs totaling $482.1 million. As of December 31, 2025, our MSR facility secured by Ginnie Mae had an outstanding balance of $93.4 million in variable funding notes and $346.9 million in Term Notes, secured by Ginnie Mae MSRs totaling $661.5 million.

Securities financing facilities provide financing for the retained interest securities associated with our securitizations. As of December 31, 2025 there were outstanding securities financing facilities of $79.2 million secured by trading securities with a fair value of $85.6 million.

Servicing advance facilities provide financing for our servicing agreements. As servicer, we are required to fulfill contractual obligations such as principal and interest payments for certain investor as well as taxes, insurance, foreclosure costs, and other necessities to preserve the serviced assets. For GSE-backed mortgages, this obligation extends up to four months, and for other government agency-backed mortgages, it may extend even longer, especially for clients under forbearance plans. The size of servicing advance balances is influenced by delinquency rates and prepayment speeds. As of December 31, 2025, the outstanding balance on our servicing advance facilities was $77.6 million secured by servicing advance receivables totaling $99.4 million.

Other secured financings as of December 31, 2025 consisted of securitization debt of $88.0 million, net of $5.1 million in discount and $0.8 million in deferred financing costs and related to the securitization of a pool of residential mortgage loans held by a VIE. Consolidated VIEs are further discussed in Note 8 - Variable Interest Entities of the Notes to Consolidated Financial Statements contained in Item 8.

Senior Notes as of December 31, 2025 consisted of secured Senior Notes totaling $310.0 million, net of $3.8 million of deferred financing costs and a discount of $26.8 million, and unsecured Senior Notes totaling $497.0 million, net of $2.4 million of deferred financing costs. Periodically, and in accordance with applicable laws and regulations, we may take actions to reduce or repurchase our debt. These actions can include redemptions, tender offers, cash purchases, prepayments, refinancing, exchange offers, open market or privately-negotiated transactions. The decision on amount of debt to be reduced or repurchased depends on several factors, including market conditions, trading levels of our debt, our cash positions, compliance with debt covenants, and other relevant considerations. During the year ended December 31, 2024, we repurchased $478.0 million of 2025 Senior Notes in exchange for $340.6 million of 2027 Senior Notes and cash of $185.0 million resulting in a loss on extinguishment of debt of $5.7 million. In November 2025, the remaining principal balance of $19.8 million on the 2025 Senior Notes was redeemed.

Debt obligations are further discussed in Note 13- Debt Obligations of the Notes to Consolidated Financial Statements contained in Item 8.

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Dividends and Distributions

As part of our balance sheet and capital management strategies, we suspended our regular quarterly dividend effective March 31, 2022 and for the foreseeable future.

Cash dividends are subject to the discretion of our board of directors and our compliance with applicable law, and depend on, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, including the satisfaction of our obligations under the TRA, restrictions in our debt agreements, business prospects and other factors that our board of directors may deem relevant. Our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of their jurisdiction of organization or agreements of our subsidiaries, including agreements governing our indebtedness. Future agreements may also limit our ability to pay dividends.

Contractual Obligations and Commitments

Our estimated contractual obligations as of December 31, 2025 are as follows:

Payments Due by Period

(Dollars in thousands)

Total

Less than 1 Year

1-3 years

3-5 Years 

More than

5 Years

Warehouse lines

$

2,902,539 

$

2,602,539 

$

300,000 

$

— 

$

— 

Debt obligations(1)

Secured credit facilities

663,927 

350,477 

313,450 

— 

— 

Term Notes

550,000 

— 

— 

550,000 

— 

Senior Notes

840,021 

— 

840,021 

— 

— 

Other secured financings(2)

93,838 

— 

— 

— 

93,838 

Long-term software license commitments

143,375 

22,372 

49,691 

32,292 

39,020 

Operating lease obligations(3)

39,893 

15,098 

18,453 

4,501 

1,841 

Naming and promotional rights agreements

33,510 

9,510 

12,000 

12,000 

— 

Total contractual obligations

$

5,267,103 

$

2,999,996 

$

1,533,615 

$

598,793 

$

134,699 

(1)    Amounts exclude deferred financing costs.

(2)    The stated final maturity date is April 25, 2054. The Company, as the issuer, has the option to redeem the notes on or subsequent to the optional redemption date of April 25, 2026, but it is not required.

(3)    Represents lease obligations for office space under non-cancelable operating lease agreements.

In addition to the above contractual obligations, we also have interest rate lock commitments, forward sale contracts, loan loss obligation for sold loans and obligation for sold MSRs. Commitments to originate loans or repurchase loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon and, therefore, those commitments have been excluded from the table above. Refer to Note 6 - Derivative Financial Instruments and Hedging Activities and Note 20 - Commitments & Contingencies of the Notes to Consolidated Financial Statements included in Item 8 for further discussion on derivatives and other contractual commitments. At this time, we currently believe that our cash on hand, as well as the sources of liquidity described above, will be sufficient to fund our contractual obligations.

Off-Balance Sheet Arrangements

As of December 31, 2025, we were party to mortgage loan participation purchase and sale agreements, pursuant to which we have access to uncommitted facilities that provide liquidity for recently sold MBS up to the MBS settlement date. These facilities, which we refer to as gestation facilities, are a component of our financing strategy and are off-balance sheet arrangements provided by certain warehouse lenders.

Critical Accounting Policies and Estimates

We prepare our consolidated financial statements in accordance with GAAP, which requires us to make judgments, estimates and assumptions that affect: (i) the reported amounts of our assets and liabilities; (ii) the disclosure of our contingent

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assets and liabilities at the end of each reporting period; and (iii) the reported amounts of revenues and expenses during each reporting period. We continually evaluate these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions and our expectations regarding the future based on available information which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application. Our accounting policies are described in Note 1 - Description of Business, Presentation and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in “Item 8. Financial Statements and Supplementary Data.” At December 31, 2025, the most critical of these significant accounting policies were policies related to the fair value of loans held for sale, servicing rights, and derivative financial instruments. As of the date of this report, there have been no significant changes to the Company's critical accounting policies or estimates.

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk - Sensitivity Analysis” for an analysis of the impact of a hypothetical shift in market interest rates on the fair value of loans held for sale, servicing rights, and derivative financial instruments. The sensitivity of servicing rights to various changes in assumptions is also reflected in Note 5 - Servicing Rights, at Fair Value of the Notes to Consolidated Financial Statements included in “Item 8. Financial Statements and Supplementary Data.”

Reconciliation of 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. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. We have excluded expenses directly related to 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, non-cash goodwill impairment, and other impairment charges to intangible assets and 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 (expense)”, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to U.S. federal, state and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class C common stock to Class A common stock. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Some of these limitations are:

•They do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;

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•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 income (loss), net income (loss) attributable to the Company, or Diluted Earnings (Loss) Per Share or as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Total Revenue, Adjusted Net Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA 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

(Dollars in thousands)

(Unaudited):

Year Ended December 31,

2025

2024

2023

Total net revenue

$

1,189,741 

$

1,060,235 

$

974,022 

Valuation changes in servicing rights, net of hedging gains and losses(1)

22,045 

44,675 

33,226 

Adjusted total revenue

$

1,211,786 

$

1,104,910 

$

1,007,248 

(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. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. Refer to Note 5 - Servicing Rights, at Fair Value.

Reconciliation of Net Loss to Adjusted Net Loss

(Dollars in thousands)

(Unaudited):

Year Ended December 31,

2025

2024

2023

Net loss attributable to loanDepot, Inc.

$

(62,646)

$

(98,331)

$

(110,142)

Net loss from the pro forma conversion of Class C common stock to Class A common stock(1)

(44,884)

(103,820)

(125,370)

Net loss

(107,530)

(202,151)

(235,512)

Adjustments to the benefit for income taxes(2)

11,598 

26,131 

32,872 

Tax-effected net loss from the pro forma conversion of Class C common shares to Class A common stock

(95,932)

(176,020)

(202,640)

Valuation changes in servicing rights, net of hedging gains and losses(3)

22,045 

44,675 

33,226 

Stock-based compensation expense

12,223 

24,919 

21,993 

Restructuring charges(4)

5,049 

7,199 

11,811 

Cybersecurity incident(5)

1,776 

24,628 

— 

Loss (gain) on extinguishment of debt

— 

5,680 

(1,690)

Loss on disposal of fixed assets

30 

8 

1,430 

Other impairment(6)

5 

511 

925 

Tax effect of adjustments(7)

(10,837)

(26,423)

(16,696)

Adjusted net loss

$

(65,641)

$

(94,823)

$

(151,641)

(1)Reflects net loss to Class A common stock and Class D common stock from the pro forma exchange of Class C common stock.

(2)loanDepot, Inc. is subject to federal, state and local income taxes. Adjustments to the benefit for income taxes reflect the income tax rates below, and the pro forma assumption that loanDepot, Inc. owns 100% of LD Holdings.

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Year Ended December 31,

2025

2024

2023

Statutory U.S. federal income tax rate

21.00 

%

21.00 

%

21.00 

%

State and local income taxes (net of federal benefit)

4.84 

4.17 

5.22 

Effective income tax rate

25.84 

%

25.17 

%

26.22 

%

(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 second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. Refer to Note 5 - Servicing Rights, at Fair Value.

(4)Reflects employee severance expense and professional services associated with restructuring efforts.

(5)Represents expenses directly related to the Cybersecurity Incident, net of insurance recoveries during fiscal 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees.

(6)Represents lease impairment on corporate and retail locations.

(7)Amounts represent the income tax effect using the aforementioned effective income tax rates, excluding certain discrete tax items.

Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding

(Unaudited)

Year Ended December 31,

2025

2024

2023

Share Data:

Diluted weighted average shares of Class A common stock and Class D common stock outstanding

211,021,121 

185,641,675 

174,906,063 

Assumed pro forma conversion of Class C common stock to Class A common stock(1)

119,701,749 

140,148,860 

147,789,060 

Adjusted diluted weighted average shares outstanding

330,722,870

325,790,535

322,695,123

(1)Reflects the assumed pro forma exchange and conversion of Class C common stock.

Reconciliation of Net Loss to Adjusted EBITDA

(Dollars in thousands)

(Unaudited):

Year Ended December 31,

2025

2024

2023

Net loss

$

(107,530)

$

(202,151)

$

(235,512)

Interest expense — non-funding debt(1)

175,213 

188,550 

174,103 

Income tax benefit

(13,001)

(40,698)

(42,796)

Depreciation and amortization

26,221 

36,108 

41,261 

Valuation changes in servicing rights, net of hedging gains and

losses(2)

22,045 

44,675 

33,226 

Stock compensation expense

12,223 

24,919 

21,993 

Restructuring charges(3)

5,049 

7,199 

11,811 

Cybersecurity incident(4)

1,776 

24,628 

— 

Loss on disposal of fixed assets

30 

8 

1,430 

Other impairment(5)

5 

511 

925 

Adjusted EBITDA

$

122,031 

$

83,749 

$

6,441 

(1)Represents other interest expense, which includes gain on extinguishment of debt and amortization of debt issuance costs and debt discount, in the Company’s consolidated statement 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 second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. Refer to Note 5 - Servicing Rights, at Fair Value.

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(3)Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022.

(4)Represents expenses directly related to the Cybersecurity Incident, net of insurance recoveries during fiscal 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees.

(5)Represents lease impairment on corporate and retail locations.