Business
loanDepot Announces First Quarter 2026 Financial Results
IRVINE, Calif., May 05, 2026--loanDepot announces first quarter 2026 financial results
About this update from Loandepot, Inc.
Company delivers market share gains and operational progress amid a challenging market. First Quarter 2026 Highlights: IRVINE, Calif., May 05, 2026 --( BUSINESS WIRE )--loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, "loanDepot" or the "Company"), today announced results for the first quarter ended March 31, 2026. "During the first quarter, we continued to see positive results from our investments in growth and efficiency initiatives," said Founder and Chief Executive Officer, Anthony Hsieh. "Despite a volatile market environment, we increased market share. At the same time, we made meaningful progress behind the scenes on our long-term initiatives by expanding our revenue‑generating capabilities, improving operating leverage, and driving marketing efficiency. Hsieh continued, "Since my return as CEO, I have been laser focused on our digital transformation as a key enabler of our return to a market leading position. We have focused on fully leveraging our unique assets and strategy, including one of the most differentiated customer acquisition and retention business models in the marketplace today. This includes rebuilding our management team with deep mortgage, technology, and marketing IQ; opening up our wholesale channel and increasing our loan officers to drive top line and market share growth; reducing costs and increasing operating leverage; and applying advanced automation and technology across the origination and servicing lifecycle. Hsieh concluded, "Our recently announced partnership with Figure Technology Solutions is expected to meaningfully accelerate our work and is delivering promising early results. 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. Importantly, it also positions us to introduce new and innovative products that expand the way we serve borrowers in the future and capitalize on market improvements." Added Chief Financial Officer, David Hayes, "The quarter reflected continued progress toward sustainable profitability, offset by geopolitically driven market volatility. We grew pull‑through weighted lock volume by 14% from the prior quarter while reducing marketing costs by 12%, reflecting improvements in mid‑funnel lead conversion and sharpened marketing strategies. However, market headwinds during the quarter contributed to a 53 bps decrease in our pull-through weighted gain on sale margin and wider negative fair value marks on our mortgage servicing rights and trading securities, resulting in lower revenue." First Quarter Highlights: Financial Summary Operational Highlights Outlook for the second quarter of 2026 Servicing Balance Sheet Highlights An increase in loans held for sale at March 31, 2026, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $4.2 billion at March 31, 2026 and December 31, 2025. Available borrowing capacity was $1.2 billion at March 31, 2026. Consolidated Statements of Operations Consolidated Balance Sheets Loan Origination and Sales Data First Quarter Earnings Call Management will host a conference call and live webcast today at 5:00 p.m. ET to discuss the Company’s financial and operational highlights followed by a question-and-answer session. Register online at https://events.q4inc.com/attendee/833959793 . 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. Non-GAAP Financial Measures To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Loss, Adjusted Diluted Weighted Average Shares Outstanding, and Adjusted EBITDA. We exclude from these non-GAAP financial measures the change in fair value of MSRs, gains (losses) from the sale of MSRs, and related hedging gains and losses that represent realized and unrealized adjustments resulting from changes in valuation, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. We have excluded expenses directly related to the cybersecurity incident in January 2024 that resulted from unauthorized access to our systems (the "Cybersecurity Incident"), net of insurance recoveries during fiscal 2024, such as costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, and professional fees, including legal expenses, litigation settlement costs, and commission guarantees. We also exclude stock-based compensation expense, which is a non-cash expense, gains or losses on extinguishment of debt and disposal of fixed assets, and impairment charges to operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of "net interest income," as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to U.S. federal, state, and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class B and Class C common stock to Class A common stock. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Some of these limitations are: 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. 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, statements about the benefits that our partnership with Figure Technology Solutions is expected to deliver to loanDepot and its customers; our digital transformation; market positioning; integration of Figure and loanDepot solutions, including platform integration across channels and expected benefits; the 5x5 HomeLoan product; competitive advantages; automation, technology and innovation initiatives and investments, including artificial intelligence; strategic opportunities, plans, focuses, and progress; our momentum; market share; digital customer experience; investment plans; return to profitability; expenses and expense management; loan origination volumes; pull-through weighted lock volume; and pull-through weighted gain on sale margin. These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including but not limited to, the following: our ability to achieve the expected benefits of our strategic plans and priorities and the success of other business initiatives, including our partnership with Figure Technology Solutions; our ability to achieve profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; our ability to effectively utilize artificial intelligence and emerging technologies; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; our ability to favorably resolve regulatory matters related to the Cybersecurity Incident; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including changes in interest rates, changes in global trade policy and tariffs, geopolitical tensions and conflicts and impacts from government shutdowns; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; 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. LDI-IR View source version on businesswire.com: https://www.businesswire.com/news/home/20260505048129/en/ Contacts Investor Relations Contact: Gerhard Erdelji Senior Vice President, Investor Relations (949) 822-4074 [email protected] Media Contact: Rebecca Anderson Senior Vice President, Communications & Public Relations (949) 822-4024 [email protected]