Form type: 10-Q
Period end: 2026-06-30
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |
|---|---|---|---|---|
| Total net revenue | 337,321,000.00 | 282,537,000.00 | ||
| Total net revenue | ||||
| General and administrative | 47,528,000.00 | 39,727,000.00 | ||
| Income tax expense (benefit) | 5,000.00 | -7,061,000.00 | ||
| Interest expense | 41,863,000.00 | 43,998,000.00 | ||
| Interest expense, operating | 37,433,000.00 | 39,297,000.00 | ||
| Net income attributable to noncontrolling interests | -2,089,000.00 | -11,885,000.00 | ||
| Other income statement items (derived) | -41,863,000.00 | -43,998,000.00 | ||
| Other operating costs | 258,977,000.00 | 235,847,000.00 | ||
| Total Expenses | ||||
| Net Income | - | - | - | - |
| Basic earnings per share | - | - |
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 229,128,000.00 | 337,232,000.00 |
| Loans held for sale | 2,643,032,000.00 | 3,165,542,000.00 |
| Mortgage servicing rights | 1,800,000,000.00 | 1,700,000,000.00 |
| Operating lease right-of-use assets | 25,951,000.00 | 23,877,000.00 |
| Other assets (derived) | 1,780,239,000.00 | 1,419,926,000.00 |
| Property, plant and equipment | 65,485,000.00 | 61,929,000.00 |
| Restricted cash and equivalents | 70,717,000.00 | 63,790,000.00 |
| Trading securities | 82,008,000.00 | 85,640,000.00 |
| Total Assets | ||
| Liabilities | ||
| Debt | 2,130,204,000.00 | 2,100,303,000.00 |
| Deferred tax liabilities | 0.00 | 4,372,000.00 |
| Distributions payable | 0.00 | 88,000.00 |
| Operating lease liabilities | 34,790,000.00 | 34,630,000.00 |
| Other liabilities (derived) | 4,198,520,000.00 | 4,332,533,000.00 |
| Total Liabilities | ||
| Equity | ||
| Stockholders equity | 333,046,000.00 | 386,010,000.00 |
| Total Equity | ||
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |
|---|---|---|
| Operating activities | ||
| Net income | -42,020,000.00 | -35,284,000.00 |
| Depreciation and amortization | 12,204,000.00 | 14,045,000.00 |
| Stock-based compensation | 11,674,000.00 | 3,460,000.00 |
| Changes in operating assets and liabilities, net | 368,494,000.00 | -88,371,000.00 |
| Net cash from operating activities | - | |
| Investing activities | ||
| Investing activities, net | -8,089,000.00 | 5,404,000.00 |
| Net cash from investing activities | - | |
| Financing activities | ||
| Financing activities, net | -443,440,000.00 | 51,626,000.00 |
| Net cash from financing activities | - | |
| Net change in cash | - | - |
| Cash at beginning of period | 527,221,000.00 | |
| Cash at end of period | 478,101,000.00 | |
| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |
|---|---|---|
| Balance at beginning of period | 386,010,000.00 | 506,611,000.00 |
| Net income | -42,020,000.00 | -35,284,000.00 |
| Other equity movements | -10,944,000.00 | -32,277,000.00 |
| Balance at end of period | 333,046,000.00 | 439,050,000.00 |
loanDepot, Inc. is a public reporting company classified under Finance Services, and the accompanying condensed financial statements have been prepared from the Company's books and records as of and for the period ended June 30, 2026. The interim financial statements are unaudited and, in the opinion of management, reflect all adjustments necessary for a fair presentation of the periods presented; results for the interim period are not necessarily indicative of the results that may be expected for the full fiscal year. Cash and cash equivalents were $229,128,000 at the end of the period, compared with $408,623,000 in the prior period, a decrease of 43.9%, and restricted cash and equivalents were $70,717,000, compared with $69,478,000 in the prior period.
Total net revenue for the period was $337,321,000, compared with $282,537,000 in the prior period, an increase of 19.4%. General and administrative expense was $47,528,000, compared with $39,727,000 in the prior period, an increase of 19.6%, and other operating costs were $258,977,000, compared with $235,847,000 in the prior period, an increase of 9.8%. Interest expense was $41,863,000, compared with $43,998,000 in the prior period, a decrease of 4.9%, and income tax expense was $5,000, compared with an income tax benefit of $7,061,000 in the prior period. The Company reported a net loss of $4,533,000 for the period. Basic earnings per share was $(0.02), computed using weighted-average basic shares outstanding of 231,643,671.
Debt outstanding was $2,130,204,000 at the end of the period, compared with $2,061,938,000 in the prior period, an increase of 3.3%. Total liabilities were $6,363,514,000 as of June 30, 2026. Loans held for sale were $2,643,032,000, compared with $2,622,959,000 in the prior period, and mortgage servicing rights were $1,800,000,000, compared with $1,600,000,000 in the prior period, an increase of 12.5%. The Company's operating lease right-of-use assets were $25,951,000, compared with $25,716,000 in the prior period, and operating lease liabilities were $34,790,000, compared with $36,323,000 in the prior period, a decrease of 4.2%. Property, plant and equipment was $65,485,000, compared with $60,036,000 in the prior period, an increase of 9.1%.
Total stockholders' equity was $333,046,000 at the end of the period, compared with $439,050,000 in the prior period, a decrease of 24.1%. Net income attributable to noncontrolling interests reduced by 82.4% relative to the prior period, at $2,089,000 of income compared with $11,885,000 in the prior period. Trading securities were $82,008,000 at the end of the period, compared with $86,071,000 in the prior period, a decrease of 4.7%.
| Current | Prior | |
|---|---|---|
| Debt | 2,130,204,000.00 | 2,100,303,000.00 |
| Operating lease liabilities | 34,790,000.00 | 34,630,000.00 |
| Total debt | 2,164,994,000.00 | 2,134,933,000.00 |
| Current | Prior | |
|---|---|---|
| Property, plant and equipment | 65,485,000.00 | 61,929,000.00 |
| Total property and equipment | 65,485,000.00 | 61,929,000.00 |
| Current | Prior | |
|---|---|---|
| Stockholders equity | 333,046,000.00 | 386,010,000.00 |
| Total stockholders' equity | 333,046,000.00 | 386,010,000.00 |
loanDepot, Inc. is a public reporting company classified under Finance Services. 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. Integrating this platform across our channels helped to lower our cost of production, improve the customer experience, and close more loans more quickly, and contributed to a 26% increase in total unit volume compared to the second quarter of 2025. 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.
Total net revenue for the period increased 19.4% to $337.3 million from $282.5 million in the comparable prior-year period, driven primarily by the 26% increase in total unit volume attributable to the integration of the Figure platform across our channels. Other operating costs increased 9.8% to $259.0 million from $235.8 million, and general and administrative expense increased 19.6% to $47.5 million from $39.7 million, reflecting costs associated with higher volume levels. These increases were partially offset by lower funding costs, as interest expense decreased 4.9% to $41.9 million from $44.0 million, including a 4.7% decrease in operating interest expense to $37.4 million from $39.3 million. We recorded income tax expense of $5 thousand for the period, compared with an income tax benefit of $7.1 million in the prior-year period. Net loss attributable to noncontrolling interests was $2.1 million, compared with $11.9 million in the prior-year period. For the period, we reported a net loss of $4.5 million, or $(0.02) per basic share, based on weighted-average basic shares outstanding of 231,643,671.
Cash and cash equivalents were $229.1 million at period end, a decrease of 43.9% from $408.6 million at the end of the prior period, and restricted cash and cash equivalents were $70.7 million, an increase of 1.8% from $69.5 million. Loans held for sale increased 0.8% to $2,643.0 million from $2,623.0 million, and mortgage servicing rights increased 12.5% to $1.8 billion from $1.6 billion. Debt increased 3.3% to $2,130.2 million from $2,061.9 million, and total liabilities were $6,363.5 million at period end. Stockholders' equity decreased 24.1% to $333.0 million from $439.1 million. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and the majority of our assets are subject to interest rate risk, including LHFS, LHFI, IRLCs, trading securities, servicing rights, and the forward sales contracts, interest rate swap futures and put options we refer to collectively as "Hedging Instruments." Management believes that our existing cash and cash equivalents, together with cash generated from operations and available borrowing capacity, will be sufficient to meet our liquidity needs for at least the next twelve months.
Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments. As of June 30, 2026, we held cash and cash equivalents of $229,128,000, a decrease of 43.9% from $408,623,000 at the prior period end, along with restricted cash and equivalents of $70,717,000 and trading securities of $82,008,000. Changes in market interest rates affect the income we earn on these balances as well as the fair value of our interest rate sensitive assets and liabilities. Our interest expense for the period was $41,863,000, compared to $43,998,000 in the prior period, a decrease of 4.9%, and our total debt outstanding was $2,130,204,000, an increase of 3.3% from $2,061,938,000.
Loans held for sale of $2,643,032,000 as of June 30, 2026 are also exposed to changes in market interest rates between the time of origination and sale. For the three months ended June 30, 2026, interest rate lock commitments (IRLCs) totaled $8,994,216 thousand compared to $8,560,699 thousand in the prior-year quarter, pull-through weighted lock volume was $6,632,371 thousand, and total loan originations were $7,993,712 thousand, of which $4,560,891 thousand related to purchase loans and $3,432,821 thousand related to refinance loans. Movements in interest rates influence both the volume of loans we originate and the fair value of our pipeline of IRLCs and loans held for sale. In addition, our mortgage servicing rights, which had a carrying value of $1,800,000,000 as of June 30, 2026, an increase of 12.5% from $1,600,000,000 at the prior period end, are sensitive to changes in interest rates, as rate movements affect expected prepayment speeds and the fair value of the servicing asset. Our total servicing portfolio had an unpaid principal balance of $123,387,503 thousand as of June 30, 2026, compared to $117,539,884 thousand in the prior-year period.
We do not have material foreign currency or commodity price exposure. Beyond interest rate risk, the company does not have material foreign currency or commodity price exposure. We manage our exposure to interest rate risk in the ordinary course of business; however, there can be no assurance that changes in interest rates will not adversely affect our results of operations, financial condition, or liquidity in future periods.
Management of loanDepot, Inc., with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of June 30, 2026, the end of the period covered by this report. Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and is accumulated and communicated to management, including the principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period.
There were no changes in the Company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Management does not expect that the Company's disclosure controls and procedures or internal control over financial reporting will prevent or detect all errors and all fraud, and any control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that its objectives will be met. The conclusion language set forth in this section remains subject to review and adoption by management prior to filing.
The Company is involved in legal proceedings arising in the ordinary course of business from time to time. These matters may include, among other things, claims and disputes incidental to the conduct of the Company's operations. The Company evaluates such matters on an ongoing basis in order to assess their potential impact on its business, financial condition, and results of operations.
Management does not currently believe that any pending matter is material to the Company's financial statements. While the outcome of litigation is inherently uncertain, the Company does not expect that the resolution of currently pending proceedings, individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations, or cash flows.
As a public reporting company operating in the financial services industry, we are subject to a variety of risks that could materially and adversely affect our business, financial condition, and results of operations. Our primary market risk exposure is interest rate risk on our cash, cash equivalents, and short-term investments. Changes in prevailing interest rates could adversely affect the demand for our mortgage products, the value of our loans held for sale and mortgage servicing rights, and our cost of funding. We do not have material foreign currency or commodity price exposure. Except as described below and in this report, there have been no material changes to the risk factors previously disclosed in [COMPLETE: reference to the company's most recent Annual Report on Form 10-K and the specific risk factor sections incorporated by reference].
Our recent operating results and financial condition may heighten certain of these risks. For the period ended June 30, 2026, we generated total net revenue of $337.3 million and recorded a net loss of $4.5 million. Our cash and cash equivalents declined 43.9% from the prior period to $229.1 million, while our debt increased 3.3% to $2,130.2 million and stockholders' equity decreased 24.1% to $333.0 million. Continued net losses or further declines in our liquidity or capital position could constrain our ability to fund loan originations, service our indebtedness, or pursue strategic initiatives, and could require us to seek additional financing on terms that may be unfavorable or unavailable. In addition, our loans held for sale of $2,643.0 million and mortgage servicing rights of $1,800.0 million expose us to changes in market conditions, and adverse movements in interest rates or investor demand could reduce the value of these assets or impair our ability to sell loans on acceptable terms. Our servicing metrics, including the unpaid principal balance of our servicing portfolio and the number of mortgage loan customers we service, are indicators of the growth of our mortgage loans serviced and our servicing income, but may be offset by sales of servicing rights.
We are also subject to legal and regulatory risks inherent in our business. We are involved in legal proceedings arising in the ordinary course of business from time to time. Although management does not currently believe any pending matter is material to our financial statements, the outcome of litigation is inherently uncertain, and an adverse determination in one or more proceedings, or the initiation of new proceedings or regulatory actions, could result in monetary damages, penalties, or restrictions on our business practices that could materially and adversely affect our results of operations or financial condition. Investors should carefully consider these risks, together with the other information contained in this report and in our other filings with the Securities and Exchange Commission, before making an investment decision with respect to our securities.
The following disclosure is provided pursuant to Item 408(a) of Regulation S-K regarding Rule 10b5-1 trading arrangements of the directors and officers of loanDepot, Inc. for the quarter ended June 30, 2026. [COMPLETE: Rule 10b5-1 trading arrangement adoptions and terminations from the D&O questionnaires]