$LDI

loanDepot, Inc.

CIK:0001831631|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Interest income	$ 39,692	$ 40,946	$ 79,075	$ 76,017
Interest expense	(37,433)	(39,297)	(74,112)	(71,059)
Net interest income	2,259	1,649	4,963	4,958
Gain on origination and sale of loans, net	176,740	174,810	368,746	341,186
Origination income, net	52,224	34,931	84,846	60,789
Servicing fee income	111,964	108,209	220,713	212,487
Change in fair value of servicing rights, net	(19,558)	(52,376)	(83,917)	(93,479)
Other income	13,692	15,314	28,357	30,217
Total net revenues	337,321	282,537	623,708	556,158
EXPENSES:
Personnel expense	180,729	154,116	356,096	304,277
Marketing and advertising expense	26,694	37,878	55,700	76,128
Direct origination expense	27,840	20,456	52,928	42,411
General and administrative expense	47,528	39,727	94,409	83,860
Occupancy expense	4,595	4,133	8,870	8,429
Depreciation and amortization	5,869	6,379	12,204	14,045
Servicing expense	8,820	8,184	20,298	18,183
Other interest expense	41,863	43,998	84,933	87,263
Total expenses	343,938	314,871	685,438	634,596
Loss before income taxes	(6,617)	(32,334)	(61,730)	(78,438)
Income tax expense (benefit)	5	(7,061)	(166)	(12,469)
Net loss	(6,622)	(25,273)	(61,564)	(65,969)
Net loss attributable to noncontrolling interests	(2,089)	(11,885)	(19,544)	(30,686)
Net loss attributable to loanDepot, Inc.	$ (4,533)	$ (13,388)	$ (42,020)	$ (35,283)
(Loss) earnings per share:
Basic (in usd per share)	$ (0.02)	$ (0.06)	$ (0.18)	$ (0.17)
Diluted (in usd per share)	$ (0.02)	$ (0.06)	$ (0.18)	$ (0.17)
Weighted average shares outstanding:
Basic (in shares)	231,643,671	207,948,195	230,290,154	204,370,382
Diluted (in shares)	231,643,671	207,948,195	230,290,154	204,370,382

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (61,564)	$ (65,969)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	12,204	14,045
Amortization of operating lease right-of-use asset	5,114	5,536
Amortization of debt discount and debt issuance costs	14,528	12,104
Gain on origination and sale of loans	(377,391)	(333,867)
Fair value change in trading securities	645	(1,709)
Provision for loss obligation on sold loans and servicing rights	7,228	4,149
Deferred tax expense (benefit)	12	(22,166)
Fair value change in derivative assets	2,753	7,469
Fair value change in derivative liabilities	(4,377)	(5,959)
Fair value change in loans held for sale	13,425	(29,438)
Fair value change in loans held for investment	(1,021)	(1,076)
Fair value change in servicing rights	65,332	102,445
Stock-based compensation expense	11,674	3,460
Originations of loans	(15,441,739)	(11,623,880)
Proceeds from sales of loans	16,559,124	12,302,996
Proceeds from principal payments on loans held for sale	42,412	35,356
Proceeds from principal payments on loans held for investment	4,574	6,113
Payments to investors for loan repurchases	(465,308)	(497,643)
Premiums paid on derivatives	(19,613)	(32,921)
Gain on extinguishment of debt	(1,170)	0
Disbursements from joint ventures	2,402	1,791
Other changes in operating assets and liabilities	(18,892)	13,014
Net cash provided by (used in) operating activities	350,352	(106,150)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(17,284)	(13,030)
Proceeds from sale of servicing rights	6,257	15,480
Cash flows received on trading securities	2,987	3,104
Investments in joint ventures	(49)	(150)
Net cash (used in) provided by investing activities	(8,089)	5,404
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings on warehouse and other lines of credit	14,933,130	10,105,668
Repayment of borrowings on warehouse and other lines of credit	(15,391,868)	(10,071,379)
Proceeds from debt obligations	80,180	855,725
Payments on debt obligations	(58,997)	(821,570)
Payments of debt issuance costs	(4,685)	(11,412)
Treasury stock purchased to net settle and withhold taxes on vested shares	(2,422)	(2,248)
Exercise of stock options	1,040	0
Refund (payment) of shareholder tax distributions and dividends, net	182
Refund (payment) of shareholder tax distributions and dividends, net		(3,158)
Net cash (used in) provided by financing activities	(443,440)	51,626
Net change in cash and cash equivalents and restricted cash	(101,177)	(49,120)
Cash and cash equivalents and restricted cash at beginning of the period	401,022	527,221
Cash and cash equivalents and restricted cash at end of the period	299,845	478,101
Cash paid (received) during the period for:
Interest	147,891	148,688
Income taxes	(6,000)	278
Supplemental disclosure of noncash investing and financing activities
Operating leases right-of-use assets obtained in exchange for lease liabilities	7,188	10,816
Cash and cash equivalents and restricted cash reconciliation
Cash and cash equivalents	229,128	408,623
Restricted cash	70,717	69,478
Total cash and cash equivalents and restricted cash	$ 299,845	$ 478,101

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 229,128	$ 337,232
Restricted cash	70,717	63,790
Loans held for sale, at fair value (includes $802,806 and $606,215 pledged to creditors in securitization trusts at June 30, 2026 and December 31, 2025, respectively)	2,643,032	3,165,542
Loans held for investment, at fair value (pledged to creditors in a securitization trust)	106,268	109,821
Derivative assets, at fair value	59,225	42,365
Servicing rights, at fair value (includes $696,417 and $661,475 pledged to creditors in securitization trusts at June 30, 2026 and December 31, 2025, respectively)	1,779,817	1,658,223
Trading securities, at fair value	82,008	85,640
Property and equipment, net	65,485	61,929
Operating lease right-of-use assets	25,951	23,877
Loans eligible for repurchase	1,401,739	1,074,386
Investments in joint ventures	18,177	18,251
Other assets	215,013	216,880
Total assets	6,696,560	6,857,936
Liabilities
Warehouse and other lines of credit	2,443,802	2,902,539
Accounts payable, accrued expenses and other liabilities	346,638	349,350
Derivative liabilities, at fair value	6,341	10,718
Liability for loans eligible for repurchase	1,401,739	1,074,386
Operating lease liability	34,790	34,630
Debt obligations, net	2,130,204	2,100,303
Total liabilities	6,363,514	6,471,926
Commitments and contingencies (Note 15)
Equity
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at June 30, 2026 and December 31, 2025, respectively	0	0
Treasury stock at cost, 10,342,938 and 8,779,081 shares at June 30, 2026 and December 31, 2025, respectively	(32,057)	(29,635)
Additional paid-in capital	888,977	878,204
Retained deficit	(656,237)	(614,398)
Noncontrolling interest	132,015	151,496
Total equity	333,046	386,010
Total liabilities and equity	6,696,560	6,857,936
Class A
Equity
Common stock	242	138
Class B
Equity
Common stock	106	0
Class C
Equity
Common stock	0	108
Class D
Equity
Common stock	$ 0	$ 97