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loanDepot
loanDepot (LDI) investor relations material
loanDepot Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Mar, 2026
Executive summary
Achieved highest quarterly loan origination volume since 2022, reaching $8.04 billion in Q4 2025, a 23% sequential increase, and a 19% market share increase to 1.4%.
Recapture rate rose to 71% from 65% in Q3, with a retention rate of 70% and early wins in direct lending due to AI-driven lead funnel improvements.
Net loss for Q4 widened to $33 million from $9 million in Q3; adjusted net loss was $21 million, and adjusted EBITDA was $29 million, down from $49 million in Q3.
Liquidity decreased to $337 million, reflecting investment in loan inventory and full repayment of 2025 unsecured notes.
Strategy centers on investing in growth, operational efficiency, infrastructure, and profitable market share gains across all origination channels.
Financial highlights
Q4 2025 revenue was $310 million, with adjusted revenue at $316 million; pull-through weighted lock volume was $7.3 billion, up 4% from Q3.
Q4 net loss increased to $33 million from $9 million in Q3; adjusted net loss rose to $21 million from $3 million.
Servicing portfolio UPB rose to $119.1 billion, with 448,261 loans serviced and a 1.6% delinquency rate (60+ days).
Servicing fee income for 2025 was $437 million, down from $482 million in 2024.
Cash balance at quarter-end was $337 million, down from $459 million in Q3, due to loan inventory investment and debt repayment.
Outlook and guidance
Q1 2026 origination volume expected between $6.75–$7.75 billion; pull-through weighted lock volume projected at $7.75–$8.75 billion.
Gain on sale margin expected between 270–300 bps.
Expenses anticipated to rise in Q1, driven by personnel and G&A, partially offset by lower volume-related costs; continued investment in automation and innovation.
Focus remains on profitability, revenue growth, and cost management while maintaining a strong balance sheet.
Market conditions include limited home supply, declining long-term rates boosting refinance activity, and ongoing volatility.
Explain the projected Q1 margin compression
Drivers of the Q4 shift from purchase to refi
Impact of debt repayment on 2026 liquidity
Sustainability of 23% growth vs 3% expense rise
Drivers of the 71% organic recapture rate
Impact of rising G&A on Q1 2026 margins
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Latest events from loanDepot
- Adjusted revenue and EBITDA hit multi-year highs as cost discipline and debt reduction drive recovery.LDI
Q2 20242 Feb 2026 - Profitability restored in Q3 2024 as revenue, margins, and origination volumes improved.LDIQ3 202416 Jan 2026
- Q4 originations rose, losses narrowed, and new strategies and JVs target future growth.LDIQ4 202425 Dec 2025
- Q1 2025 revenue up 23%, net loss narrowed, and origination growth remained strong.LDIQ1 202524 Dec 2025
- Resale of 241.8M Class A shares by existing holders may significantly impact price and control.LDIRegistration Filing16 Dec 2025
- Four key proposals, including director elections and incentive plan amendment, recommended for approval.LDIProxy Filing1 Dec 2025
- Annual meeting seeks approval for director elections, auditor, compensation, and share increase.LDIProxy Filing1 Dec 2025
- Net loss narrowed to $25M as origination volumes rose and cost efficiencies improved.LDIQ2 202523 Nov 2025
- Q3 2025 saw revenue rise, net loss narrow, and strong liquidity amid ongoing market challenges.LDIQ3 202515 Nov 2025
Next loanDepot earnings date
Q1 20265 May, 2026
loanDepot
Next loanDepot earnings date
Q1 20265 May, 2026
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