Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 10, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40003
Entity Registrant Name	loanDepot, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3948939
Entity Address, Address Line One	6561 Irvine Center Drive,
Entity Address, City or Town	Irvine,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(888)
Local Phone Number	337-6888
Title of 12(b) Security	Class A Common Stock, $0.001 per value per share
Trading Symbol	LDI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 106,745,131
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for use in connection with its 2026 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001831631
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		228,821,318
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		106,207,433
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 337,232	$ 421,576
Restricted cash	63,790	105,645
Loans held for sale, at fair value (includes $606,215 and $293,165 pledged to creditors in securitization trusts at December 31, 2025 and 2024, respectively)	3,165,542	2,603,735
Loans held for investment, at fair value (pledged to creditors in a securitization trust)	109,821	116,627
Derivative assets, at fair value	42,365	44,389
Servicing rights, at fair value (includes $661,475 and $625,699 pledged to creditors in securitization trusts at December 31, 2025 and 2024, respectively)	1,658,223	1,633,661
Trading securities, at fair value	85,640	87,466
Property and equipment, net	61,929	61,079
Operating lease right-of-use assets	23,877	20,432
Loans eligible for repurchase	1,074,386	995,398
Investments in joint ventures	18,251	18,113
Other assets	216,880	235,907
Total assets	6,857,936	6,344,028
Liabilities:
Warehouse and other lines of credit	2,902,539	2,377,127
Accounts payable, accrued expenses and other liabilities	349,350	379,439
Derivative liabilities, at fair value	10,718	25,060
Liability for loans eligible for repurchase	1,074,386	995,398
Operating lease liability	34,630	33,190
Debt obligations, net	2,100,303	2,027,203
Total liabilities	6,471,926	5,837,417
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at December 31, 2025 and 2024, respectively	0	0
Treasury stock at cost, 8,779,081 and 5,270,250 shares at December 31, 2025 and 2024, respectively	(29,635)	(20,340)
Additional paid-in capital	878,204	843,523
Retained deficit	(614,398)	(550,623)
Noncontrolling interest	151,496	233,719
Total equity	386,010	506,611
Total liabilities and equity	6,857,936	6,344,028
Class A
Equity:
Common stock, $0.001 par value	138	104
Class B
Equity:
Common stock, $0.001 par value	0	0
Class C
Equity:
Common stock, $0.001 par value	108	131
Class D
Equity:
Common stock, $0.001 par value	$ 97	$ 97

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Loans held for sale, at fair value	$ 3,165,542	$ 2,603,735
Servicing rights, at fair value	$ 1,658,223	$ 1,633,661
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	8,779,081	5,270,250
Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	138,376,854	104,363,823
Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	0	0
Class C
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	107,515,082	131,432,929
Class D
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, issued (in shares)	97,026,671	97,026,671
Pledged as Collateral
Loans held for sale, at fair value	$ 606,215	$ 293,165
Servicing rights, at fair value	$ 661,475	$ 625,699

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES:
Interest income	$ 158,800	$ 146,485	$ 133,263
Interest expense	(148,525)	(147,328)	(130,145)
Net interest income (expense)	10,275	(843)	3,118
Gain on origination and sale of loans, net	742,386	642,078	524,521
Origination income, net	131,719	82,290	65,209
Servicing fee income	437,202	481,699	492,811
Changes in fair value of servicing rights, net	(198,533)	(215,138)	(184,417)
Other income	66,692	70,149	72,780
Total net revenues	1,189,741	1,060,235	974,022
EXPENSES:
Personnel expense	641,518	600,483	573,010
Marketing and advertising expense	146,688	132,671	132,880
Direct origination expense	83,540	84,234	67,141
General and administrative expense	177,084	204,231	212,732
Occupancy expense	16,876	19,434	23,516
Depreciation and amortization	26,221	36,108	41,261
Servicing expense	43,132	37,373	27,687
Other interest expense	175,213	188,550	174,103
Total expenses	1,310,272	1,303,084	1,252,330
Loss before income taxes	(120,531)	(242,849)	(278,308)
Income tax benefit	(13,001)	(40,698)	(42,796)
Net loss	(107,530)	(202,151)	(235,512)
Net loss attributable to noncontrolling interest	(44,884)	(103,820)	(125,370)
Net loss attributable to loanDepot, Inc.	$ (62,646)	$ (98,331)	$ (110,142)
Common Class A And D
Loss per share:
Basic (in usd per share)	$ (0.30)	$ (0.53)	$ (0.63)
Diluted (in usd per share)	$ (0.30)	$ (0.53)	$ (0.63)
Weighted average shares outstanding:
Basic (in shares)	211,021,121	185,641,675	174,906,063
Diluted (in shares)	211,021,121	185,641,675	174,906,063

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A	Class C	Common Stock Class A	Common Stock Class C	Common Stock Class D	Treasury Stock	Additional paid-in capital	Retained Deficit	Retained Deficit Class A	Retained Deficit Class C	Non-controlling Interests	Non-controlling Interests Class A	Non-controlling Interests Class C
Balance at beginning of period (in shares) at Dec. 31, 2022				72,497,011	145,693,119	97,026,671
Balance at beginning of period at Dec. 31, 2022	$ 921,473			$ 74	$ 146	$ 97	$ (13,282)	$ 788,601	$ (342,137)			$ 487,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion-related deferred taxes and adjustments	(2,837)							(2,837)
Net common stock issued under stock-based compensation plans (in shares)				11,530,741	(4,458,590)
Net common stock issued under stock-based compensation plans	(1,865)			$ 13	$ (5)	$ 0	(3,211)	23,223				(21,885)
Forfeiture of accrued dividends		$ 249								$ 111			$ 138
Forfeiture of accrued distributions on unvested Class C common stock			$ 529								$ 221			$ 308
Stock-based compensation	21,993							12,068				9,925
Distributions for taxes on behalf of shareholders, net	454								241			213
Net loss	(235,512)								(110,142)			(125,370)
Balance at end of period (in shares) at Dec. 31, 2023				84,027,752	141,234,529	97,026,671
Balance at end of period at Dec. 31, 2023	704,484			$ 87	$ 141	$ 97	(16,493)	821,055	(451,706)			351,303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion-related deferred taxes and adjustments	(15,782)							(15,782)
Net common stock issued under stock-based compensation plans (in shares)				15,065,821	(9,801,600)
Net common stock issued under stock-based compensation plans	(3,847)			$ 17	$ (10)		(3,847)	23,976				(23,983)
Forfeiture of accrued dividends		9								4			5
Forfeiture of accrued distributions on unvested Class C common stock			$ 15								$ 6			$ 9
Stock-based compensation	24,919							14,274				10,645
Distributions for taxes on behalf of shareholders, net	(1,036)								(596)			(440)
Net loss	(202,151)								(98,331)			(103,820)
Balance at end of period (in shares) at Dec. 31, 2024				99,093,573	131,432,929	97,026,671
Balance at end of period at Dec. 31, 2024	506,611			$ 104	$ 131	$ 97	(20,340)	843,523	(550,623)			233,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion-related deferred taxes and adjustments	(20,040)							(20,040)
Net common stock issued under stock-based compensation plans (in shares)				30,504,200	(23,917,847)
Net common stock issued under stock-based compensation plans	(3,368)			$ 34	$ (23)		(9,295)	46,875				(40,959)
Forfeiture of accrued dividends		$ 25								$ 11			$ 14
Stock-based compensation	12,223							7,846				4,377
Distributions for taxes on behalf of shareholders, net	(1,911)								(1,140)			(771)
Net loss	(107,530)								(62,646)			(44,884)
Balance at end of period (in shares) at Dec. 31, 2025				129,597,773	107,515,082	97,026,671
Balance at end of period at Dec. 31, 2025	$ 386,010			$ 138	$ 108	$ 97	$ (29,635)	$ 878,204	$ (614,398)			$ 151,496

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (107,530)	$ (202,151)	$ (235,512)
Adjustments to reconcile net loss to net
Depreciation and amortization expense	26,221	36,108	41,261
Amortization of debt issuance costs	25,606	17,793	7,392
Amortization of operating lease right-of-use asset	10,394	11,007	14,162
Gain on origination and sale of loans	(741,412)	(600,822)	(503,190)
Fair value change in trading securities	(4,100)	(654)	(4,151)
Provision for loss obligation on sold loans and servicing rights	9,345	102	8,560
Decrease in provision for deferred income taxes	(6,863)	(48,084)	(43,175)
Fair value change in derivative assets	28,004	78,251	33,755
Fair value change in derivative liabilities	(14,342)	(59,903)	17,470
Fair value change in loans held for sale	(30,388)	26,914	(64,940)
Fair value change in loans held for investment	(4,446)	(1,206)	0
Fair value change in servicing rights	212,976	107,512	136,118
Stock-based compensation expense	12,223	24,919	21,993
Originations of loans	(25,916,129)	(24,074,360)	(22,393,729)
Proceeds from sales of loans	26,754,123	24,250,364	23,239,202
Proceeds from principal payments on loans held for sale	64,002	218,729	129,752
Proceeds from principal payments on loans held for investment	11,252	7,112	0
Payments to investors for loan repurchases	(977,358)	(677,594)	(491,852)
Premiums paid on derivatives	(25,980)	(29,066)	(87,918)
Loss (gain) on extinguishment of debt	0	5,680	(1,690)
Disbursements from joint ventures	5,118	15,932	18,968
Other changes in operating assets and liabilities	(38,226)	35,109	(16,691)
Net cash used in operating activities	(707,510)	(858,308)	(174,215)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(27,100)	(26,386)	(20,612)
Proceeds from sale of servicing rights	35,837	508,209	180,687
Cash flows received on trading securities	5,925	6,089	5,492
Investment in joint ventures	(150)	(225)	0
Return of capital from joint ventures	0	249	92
Net cash provided by investing activities	14,512	487,936	165,659
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings on warehouse and other lines of credit	23,076,513	22,655,958	20,515,015
Repayment of borrowings on warehouse and other lines of credit	(22,551,101)	(22,225,888)	(20,714,561)
Proceeds from debt obligations	1,565,061	787,852	402,834
Payments on debt obligations	(1,501,318)	(1,045,736)	(417,879)
Payments of debt issuance costs	(16,521)	(13,339)	(5,307)
Treasury stock purchased to net settle and withhold taxes on vested shares	(9,295)	(3,847)	(3,211)
Exercise of stock options	5,926	0	0
Dividends and shareholder distributions	(2,466)	(3,263)	(2,980)
Net cash provided by (used in) financing activities	566,799	151,737	(226,089)
Net change in cash and cash equivalents and restricted cash	(126,199)	(218,635)	(234,645)
Cash and cash equivalents and restricted cash at beginning of the period	527,221	745,856	980,501
Cash and cash equivalents and restricted cash at end of the period	401,022	527,221	745,856
Cash paid (received) during the period for:
Interest	301,463	305,518	321,626
Income taxes	(2,913)	9,024	(8,870)
Supplemental disclosure of noncash investing and financing activities
Loans transferred from held for sale to held for investment	0	122,532	0
Operating lease right-of-use assets obtained in exchange for lease liabilities	13,834	3,300	8,852
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	337,232	421,576	660,707
Restricted cash	63,790	105,645	85,149
Total cash and cash equivalents and restricted cash	$ 401,022	$ 527,221	$ 745,856

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

loanDepot, Inc. (together with its consolidated subsidiaries, the “Company”) was incorporated in Delaware on November 6, 2020 to facilitate the initial public offering (“IPO”) of its Class A common stock and related transactions in order to carry on the business of LD Holdings and its consolidated subsidiaries. loanDepot, Inc.’s common stock began trading on the New York Stock Exchange on February 11, 2021 under the ticker symbol “LDI.” As a holding company, loanDepot, Inc.'s sole material asset is its equity interest in LD Holdings. In its role as the sole managing member, loanDepot, Inc. exercises control over all the business and affairs of LD Holdings. LD Holdings, in turn, is also a holding company with no significant assets, except for equity interests in its direct subsidiaries. As of December 31, 2025, these subsidiaries include 99.96% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS.

The Company engages in originating, financing, selling, and servicing residential mortgage loans. Additionally, it provides title, escrow, and settlement services for mortgage loan transactions. The Company primarily derives income from gains on the origination and sale of loans to investors, from loan servicing, and from fees charged for settlement services related to the origination and sale of loans.

Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies used in preparation of the Company’s consolidated financial statements.

Consolidation and Basis of Presentation

The Company's consolidated financial statements are prepared in accordance with GAAP as codified in the FASB’s Accounting Standards Codification (“ASC”). The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. LD Holdings is considered a VIE, and the financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc. The consolidated net earnings or loss are allocated to noncontrolling interests to reflect the entitlement of certain members that still hold Class A holdings units (“Holdco Units”) and Class C common stock, (“Continuing LLC Members”) as of the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. Certain items in prior periods were reclassified to conform to the current presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management has made estimates in certain areas, including determining the fair value of loans held for sale, loans held for investment, servicing rights, derivative assets and derivative liabilities, trading securities, awards granted under the incentive equity plan, and determining the loan loss obligation on sold loans and MSRs. Actual results could differ from those estimates.

Variable Interest Entities (VIEs)

VIEs are entities that have a total equity investment at risk insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or are structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. The determination of whether the assets and liabilities of the VIEs are consolidated or not consolidated in the consolidated balance sheets depends on the terms of the related transaction and the Company’s continuing involvement, if any, with the VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company determines whether it holds a significant variable interest in a VIE based on a consideration of both qualitative and quantitative factors regarding the nature, size, and form of its involvement with the VIE.

Fair Value

Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (not in a forced transaction) between willing market participants at the measurement date. Financial instruments recorded at fair value on a recurring basis include the Company’s loans held for sale, loans held for investment, derivative assets and derivative liabilities, servicing rights, and trading securities.

Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of assets and liabilities measured at fair value within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:

•Level 1 - Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 - Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and other inputs.

•Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants would use in pricing the asset or liability, and are based on the best information available in the circumstances.

The following are methods and assumptions used to measure the Company’s financial instruments recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis. The Company has elected the fair value option as an alternative measurement for selected financial assets and financial liabilities to mitigate income statement volatility caused by differences in the measurement basis of elected instruments with derivative financial instruments that are carried at fair value.

Loans held for sale, at fair value - LHFS are valued at the best execution value based on the underlying characteristics of the loan, which is either based off of the to-be-announced mortgage-backed securities (“TBA MBS”) market prices, or investor pricing, based on product, note rate and term, therefore LHFS are classified as Level 2. Loan characteristics such as loan type, underlying loan amount, note rate, loan program, and expected sale date of the loan are considered when selecting comparable market pricing. The valuations for LHFS are adjusted at the loan level to consider the servicing release premium and loan level pricing adjustments specific to each loan. Changes in the fair value of the LHFS are recorded in current earnings as a component of gain on origination and sale of loans, net.

Loans held for investment, at fair value - LHFI are valued at the best execution of either investor pricing or market pricing which is predominately driven by known inputs of discount rate, loan-to-value, note rate and delinquency status, and

therefore, these LHFI are classified as Level 2. Changes in the fair value of LHFI are recorded in current earnings as a component of other income.

Loans eligible for repurchase - Loans eligible for repurchase represents certain mortgage loans sold pursuant to Government National Mortgage Association (“Ginnie Mae”) programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans as an asset with a corresponding repurchase liability in its consolidated balance sheets. These loans are government guaranteed. The carrying value of loans eligible for repurchase approximates the fair value and are classified as Level 2.

Servicing rights, at fair value - The Company uses a discounted cash flow approach to estimate the fair value of servicing rights. This approach consists of projecting servicing cash flows. The inputs used in the Company's discounted cash flow model are based on market factors, which management believes are consistent with assumptions and data used by market participants valuing similar servicing rights. The key inputs used in the valuation of servicing rights include mortgage prepayment speeds, discount rates, costs to service the loan, and other inputs such as projected and actual rates of delinquencies, recapture rate, defaults and liquidations, ancillary fee income, and amounts of future servicing advances. These inputs can, and generally do, change from period to period as market conditions change. Servicing rights are classified as Level 3 as considerable judgment is required to estimate the fair values and the exercise of such judgment can significantly affect the Company's income.

Derivative assets and liabilities, at fair value - Derivative assets and liabilities at fair value include interest rate lock commitments (“IRLCs”), forward sales contracts, interest rate swap futures, put options on treasuries and MBS put options. Changes in fair value of derivatives hedging IRLCs and LHFS at fair value are included in gain on origination and sale of loans, net on the consolidated statements of operations. Changes in fair value of derivatives hedging mortgage servicing rights (“MSRs”) are included in change in fair value of servicing rights, net on the consolidated statements of operations.

Interest rate lock commitments - The Company enters into IRLCs with prospective borrowers, which are commitments to originate loans at a specified interest rate. The IRLCs are recorded as a component of derivative assets and liabilities on the consolidated balance sheets with changes in fair value being recorded in current earnings as a component of gain on origination and sale of loans, net. The Company estimates the fair value of the IRLCs based on quoted agency TBA MBS prices, its estimate of the fair value of the servicing rights it expects to receive in the sale of the loans, the probability that the mortgage loan will fund or be purchased (the “pull-through rate”), and estimated transformative costs. The pull-through rate is based on the Company’s own experience and is a significant unobservable input used in the fair value measurement of these instruments and results in the classification of these instruments as Level 3. Significant changes in the pull-through rate of the IRLCs, in isolation, could result in significant changes in fair value measurement.

Forward sale contracts - Forward sale contracts and commitments are valued using observable market data, primarily TBA MBS pricing specific to the loan program that reflect the commitments particular product, coupon, and settlement. These derivatives are classified as Level 2. Best efforts forward delivery commitments are also entered into for certain loans at the time the borrower commitment is made. These commitments are valued using the committed price to the counterparty against the current market price of the IRLC or LHFS.

Put options on treasuries and interest rate swap futures - The Company also utilizes put options and treasury futures to hedge interest rate risk. These instruments are actively traded in a liquid market and classified as Level 1 inputs.

MBS put options - MBS put options are used to hedge against interest rate risk. MBS put options are traded over-the-counter with pricing inputs derived from observable market data, such as interest rates, or volatility, and are therefore classified as Level 2.

Trading securities, at fair value - Trading securities, at fair value represent retained interest in the credit risk of the assets collateralizing certain securitization transactions. The fair value is based on observable market data for similar securities obtained from sources independent of the Company and therefore classified as Level 2.

Warehouse lines - The Company’s warehouse lines of credit bear interest at a rate that is periodically adjusted based on a market index. The carrying value of warehouse lines of credit approximates fair value. The warehouse lines are classified as Level 2 in the fair value hierarchy.

Debt obligations, net - Debt consists of secured debt facilities, Senior Notes, and other secured financings. The Company’s secured credit facilities are highly liquid and short-term in nature and as a result, their carrying value approximated fair value. The secured credit facilities bear interest at a rate that is periodically adjusted based on a market index and are classified as Level 2 in the fair value hierarchy. Fair value of the Company’s Senior Notes and other secured financings are estimated using quoted market prices. The Senior Notes and other secured financings are classified as Level 2 in the fair value hierarchy.

Cash and Cash Equivalents

All highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. As of December 31, 2025 and 2024, all amounts recorded in cash and cash equivalents represent cash held in banks, with the exception of insignificant amounts of petty cash held on hand.

Restricted Cash

Cash balances that have restrictions as to the Company's ability to withdraw funds are considered restricted cash. Restricted cash is the result of the terms of the Company's warehouse lines of credit, debt obligations, and cash collateral associated with the Company’s derivative activities. In accordance with the terms of the warehouse lines of credit and debt obligations, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings.

Loans Held for Sale, at Fair Value

Loans held for sale are accounted for at fair value, with changes in fair value recognized in current earnings, to more timely reflect the value of the loans. All changes in fair value, including changes arising from the passage of time, are recognized as a component of gain on origination and sale of loans, net.

Sale Recognition - The Company recognizes transfers of loans held for sale as sales when it surrenders control over the loans. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on the balance sheet, and the proceeds from the transaction are recognized as a liability.

Net interest income - Interest income on loans held for sale is recognized using their contractual interest rates. Interest income recognition is suspended for loans when they become 90 days delinquent, or when, in management's opinion, a full recovery of interest and principal becomes doubtful. Interest income recognition is resumed when the loan becomes contractually current. When loans are placed on non-accrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest income on non-accrual loans is subsequently recognized only to the extent cash is received. Interest expense on warehouse and other lines of credit, debt obligations, and other types of borrowings is recognized using their contractual rates. Interest expense also includes the amortization of expenses incurred in connection with financing activities over the term of the related borrowings.

Origination Income, net - Origination income, net, reflects the fees earned, net of lender credits paid 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.

Loans Held for Investment, at Fair Value

Loans held for investment are accounted for at fair value, with changes in fair value recognized in current earnings. All changes in fair value, including changes arising from the passage of time, and the loan related interest income are recognized as components of other income in the consolidated statements of operations.

Interest income on loans held for investment is recognized using their contractual interest rates. Interest income recognition is suspended for loans when they become 90 days delinquent, or when, in management's opinion, a full recovery of interest and principal becomes doubtful. Interest income recognition is resumed when the loan becomes contractually current. When loans are placed on non-accrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest income on non-accrual loans is subsequently recognized only to the extent cash is received.

Loan Loss Obligations on Loans Sold

When the Company sells loans to investors, the risk of loss or default by the borrower is generally transferred to the investor. However, the Company is required by these investors to make certain representations relating to credit information, loan documentation and collateral. These representations and warranties may extend through the contractual life of the mortgage loan. Subsequent to the sale, if underwriting deficiencies, borrower fraud or documentation defects are discovered in individual mortgage loans, the Company may be obligated to repurchase the respective mortgage loan or indemnify the investors for any losses from borrower defaults if such deficiency or defect cannot be cured within the specified period following discovery.

In the case of early loan payoffs and early defaults on certain loans, the Company may be required to repay all or a portion of the premium initially paid by the investor on loans. The estimated obligation associated with early loan payoffs and early defaults is calculated based on historical loss experience.

The obligation for losses related to the representations and warranties and other provisions discussed above is recorded based upon an estimate of losses. The liability for repurchase losses is assessed quarterly. Because the Company does not service all of the loans it sells, it does not maintain nor have access to the current balances and loan performance data with respect to all of the individual loans previously sold to investors. However, the Company uses industry-available prepayment data, historical and projected loss frequency and loss severity ratios, default expectations, and expected investor repurchase demands, to estimate its exposure to losses on loans previously sold. Given current general industry trends in mortgage loans as well as housing prices, market expectations around losses related to the Company's obligations could vary significantly from the obligation recorded as of the balance sheet dates. The Company records a provision for loan losses, included in gain on origination and sale of loans, net in the consolidated statements of operations, to establish the loan repurchase reserve for sold loans which is reflected in accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets.

Securitizations

The Company is involved in several types of securitization and financing transactions that utilize special-purpose entities (SPEs). A SPE is an entity that is designed to fulfill a specified limited need of the sponsor. The Company’s principal use of SPEs is to obtain liquidity by securitizing certain of its financial and non-financial assets. SPEs involved in the Company’s securitization and other financing transactions are often considered VIEs.

Securitization transactions are accounted for either as sales or secured borrowings. The Company may retain economic interests in the securitized and sold assets, which are generally retained in the form of subordinated interests, residual interests, and/or servicing rights. The Company sells mortgage loans to investors through private label securitizations, which are accounted for either as sales or secured borrowings. The Company may retain economic interests in the securitized and sold assets, which are generally retained in the form of senior or subordinated interests, residual interests, and/or servicing rights. The Company evaluates its interests in each private label securitization for classification as a VIE. The Company accounts for a securitization as a sale when it has relinquished control over the transferred financial assets and does not hold other interests in the VIE that individually, or in the aggregate, would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns. The Company has an option to exercise a cleanup call to purchase the remaining mortgage loans and any trust property when the remaining aggregate principal balance is less than 10% of the initial aggregate principal balance.

Derivative Financial Instruments

Derivative financial instruments are recognized as assets or liabilities and are measured at fair value. The Company accounts for derivatives as free-standing derivatives and does not designate any derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheets at fair value with changes in the fair values being reported in current period earnings. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities. Certain derivatives, loan warehouse, and repurchase agreements are subject to master netting arrangements or similar agreements. When a master netting arrangement exists with a counterparty, the Company presents certain financial assets and liabilities in a net position on the consolidated balance sheets.

The Company enters into IRLCs to originate loans held for sale, at specified interest rates, with residential mortgage loan customers whose applications meet credit and underwriting criteria. The Company bears price risk from the time a commitment to originate a loan is made to a borrower or to purchase a loan from a third-party, to the time the loan is sold. During this period, the Company is exposed to losses if mortgage interest rates rise because the value of the IRLC or the LHFS decreases. The Company manages the price risk created by IRLCs and LHFS by entering into forward sale agreements to sell, buy, or originate specified residential mortgage loans at prices which are fixed as of the forward commitment date. Forward sale contracts also include pair offs hedging MSRs, IRLCs, and LHFS. The Company is exposed to fair value losses on servicing rights, LHFS, and IRLCs from changes in mortgage interest rates. The Company manages the risk by hedging the fair value with put options on treasuries, MBS put options, and interest rate swap futures.

Servicing Rights

When the Company sells a loan on a servicing-retained basis, it recognizes a servicing asset at fair value based on the present value of future cash flows generated by the servicing asset retained in the sale. The Company has made the election to carry its servicing rights at fair value. The value of servicing rights is derived from net positive cash flows associated with servicing contracts, resulting from contractual agreements between the Company and investors (or their agents) in mortgage securities and loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. Servicing functions include collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impound) funds for the payment of property taxes and insurance premiums; counseling delinquent mortgagors; and supervising real estate acquisition and disposition in settlement of loans.

Change in Fair Value of Servicing Rights, net - Unrealized gains or losses resulting from changes in the fair value of servicing rights are recorded to change in fair value of servicing rights, net. Realized and unrealized hedging gains or losses used to hedge interest rate risk on servicing rights are recorded to change in fair value of servicing rights, net. Realized gains or losses from the sale of servicing rights are also included in change in fair value of servicing rights, net.

Servicing Fee Income - Servicing fees are collected from the monthly payments made by mortgagors. Additionally, the company is contractually entitled to receive other forms of remuneration, including late charges, collateral reconveyance charges, loan prepayment penalties, and interest earned on funds pending remittance.

The Company is required to make servicing advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other costs. Advances are made in accordance with servicing agreements and are recoverable upon collection from the borrower or foreclosure of the underlying loans. The Company periodically reviews the receivable for collectability and amounts are written-off when deemed uncollectible. As of December 31, 2025 and 2024, the Company had $119.3 million and $121.8 million, respectively, in outstanding servicing advances included in other assets.

Sales of servicing rights are recognized when (i) the Company secures necessary approval from the investor, if required; (ii) the purchaser holds current approval as a servicer without the risk of losing that status; (iii) in cases where the sales price is financed, an adequate nonrefundable down payment is received, and the note receivable from the purchaser provides full recourse to the purchaser; and (iv) any temporary servicing performed by the Company for a brief period is compensated in accordance with a subservicing contract that ensures adequate compensation. Additionally, the Company recognizes sales of servicing rights if title passes, substantial risks and rewards of ownership have irrevocably transferred to the purchaser, and any protection provisions retained by the Company are minor and reasonably estimable. When a sale is

acknowledged with only minor protection provisions, the Company accrues a liability for the estimated obligation associated with those provisions, which is included in accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Costs associated with internally developed software during the development stage, both internal expenses and those paid to third parties, are capitalized and amortized over three years. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Useful lives for purposes of computing depreciation are as follows:


	Years
Leasehold improvements	2	-	15
Furniture and equipment	5	-	7
Computer software	3	-	5

Expenditures that materially increase the asset life are capitalized, while ordinary maintenance and repairs are charged to operations as incurred. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and any resulting gains or losses are included in earnings.

Leases

The Company determines if an arrangement contains a lease at contract inception and recognizes an operating lease right-of-use (“ROU”) asset and corresponding operating lease liability based on the present value of lease payments over the lease term, except leases with initial terms less than or equal to 12 months. While the operating leases may include options to extend the term, these options are not included when calculating the operating lease right-of-use asset and lease liability unless the Company is reasonably certain it will exercise such options. Most of the leases do not provide an implicit rate and, therefore, the Company determines the present value of lease payments by using the Company’s incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheets. The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. Certain of the Company’s lease agreements permit it to sublease leased assets. Sublease income is included as a component of occupancy expense.

Operating lease ROU assets are regularly reviewed for impairment under the long-lived asset impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment.

Loans Eligible for Repurchase

Loans eligible for repurchase represents certain mortgage loans sold pursuant to Ginnie Mae programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans and a corresponding repurchase liability in its consolidated balance sheets. The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase mortgage loans when the borrower has made no payments for three consecutive months. As a result of this right, the Company records the loans in loans eligible for repurchase and records a corresponding liability in liability for loans eligible for repurchase on its consolidated balance sheets.

Long-Lived Assets

The Company periodically assesses long-lived assets, including property and equipment, for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. If management identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value.

Income Taxes

The Company’s provision for income taxes is made for current and deferred income tax on pretax net income adjusted for permanent and temporary differences based on enacted tax laws and applicable statutory tax rates. The Company accounts for interest and penalties associated with income tax obligations as a component of general and administrative expense.

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates for the periods in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the change. Deferred tax assets are recorded in other assets on the consolidated balance sheets. Deferred tax liabilities are recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

The Company evaluates its ability to recover deferred tax assets within the jurisdiction from which they arise and considers all available positive and negative evidence. If based upon all available positive and negative evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is established. The valuation allowance may be reversed in a subsequent reporting period if the Company determines that it is more likely than not that all or part of the deferred tax asset will become realizable.

Future exchanges of Holdco Units for cash or Class A Common Stock are expected to result in increases to the Company’s allocable tax basis in its assets. These increases in tax basis are expected to increase (for tax purposes) depreciation and amortization deductions allocable to the Company, and therefore reduce the amount of tax that the Company would otherwise be required to pay in the future. As a result, the Company has entered into a Tax Receivable Agreement, (“TRA”) with Parthenon stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets with amounts accrued when deemed probable and estimable.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold of being sustained would be recorded as a tax benefit in the current period.

Stock-Based Compensation

The Company’s 2021 Omnibus Incentive Plan (“2021 Plan”) and 2022 Inducement Plan (“2022 Plan”) provide for the grant of incentive and non-qualified stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights of the Company’s Class A common stock. The Company’s 2022 Employee Stock Purchase Plan (“ESPP”) provided employees with an opportunity to purchase the Company’s Class A common stock at a discounted price through accumulated payroll deductions. The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values. Stock-based awards consist of RSUs, ESPP subscriptions, and non-qualified stock options. The Company’s RSUs vest on service-based, market-based, or performance-based conditions. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period (vesting period) so that compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. Expense is reduced for actual forfeitures as they occur. Stock-based compensation expense for awards with performance conditions is recognized when it is probable that the performance condition will be achieved and is then recognized over the requisite service period. Any changes in the probability assessment are accounted for as a cumulative true up to the current period compensation cost. The cost of stock-based compensation is recorded to personnel expense on the consolidated statements of operations.

Earnings per share

Basic and diluted earnings per common share are calculated in accordance with the two-class method and the treasury stock method, and reported according to the most dilutive calculation. According to the Company’s certificate of incorporation, holders of Class A common stock and Class D common stock are entitled to share equally, on a per-share basis, in dividends and other distributions of cash, property, or shares of stock of the Company as may be declared by the board of directors.

Basic earnings or loss per share of Class A common stock and Class D common stock is computed by dividing net income or loss attributable to loanDepot, Inc. by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding during the period. Shares of Class B and Class C common stock do not have economic rights to loanDepot Inc. and, therefore, are not included in the calculation of basic earnings per share. For purposes of computing diluted earnings or loss per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A common stock.

The dilutive effect of stock options and other stock-based awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. Market-based restricted stock units are considered contingently issuable shares, and their dilutive effect is included in the denominator of the diluted earnings or loss per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. The dilutive effect of noncontrolling interests is evaluated under the if-converted method, where the Class C common stock is assumed to be converted, and the resulting common shares are included in the denominator of the diluted earnings or loss per share calculation.

On February 11, 2026, pursuant to the Company’s Amended and Restated Certificate of Incorporation dated February 11, 2021, each outstanding share of the Company’s Class C common stock was converted into one share of Class B common stock, and each outstanding share of Class D common stock was converted into one share of Class A common stock. This did not impact earnings per share at December 31, 2025. Refer to Note 15 - Equity for further detail.

Other income

Direct title insurance premiums, escrow and sub escrow fees, and default and foreclosure service revenues are reported within other income in the consolidated statements of operations and are within the scope of Revenue from Contracts with Customers (Topic 606). Direct title insurance premiums are based on a percentage of the gross title premiums charged by the title insurance provider and are recognized net as revenue when the Company is legally or contractually entitled to collect the premium. Revenue is recognized at the point-in-time upon the closing of the underlying real estate transaction as the earnings process is considered complete. Cash is typically collected at the closing of the underlying real estate transaction. Escrow and sub escrow fees are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, and providing other related activities. Escrow and sub escrow fees are recognized as revenue when the closing process is complete or when the Company is legally or contractually entitled to collect the fee. Revenue is primarily recognized at a point-in-time upon closing of the underlying real estate transaction or completion and billing of services. Cash is typically collected at the closing of the underlying real estate transaction. Default and foreclosure service revenues are associated with foreclosure title searches, tax searches, title updates, deed recordings and other related services. Fees vary by service and are recognized as revenue at the point-in-time when the service is complete and billed or when the Company is entitled to collect the fee.

Income from joint ventures, fair value gain (loss) and interest income on trading securities, fair value gain (loss) and interest income on loans held for investment, bank interest income, and referral fee income are also reported within other income in the consolidated statements of operations, however, they are not within the scope of Revenue from Contracts with Customers (Topic 606).

Marketing and Advertising

Advertising costs are expensed in the period incurred and principally represent online advertising costs, including fees paid to search engines, distribution partners, master service agreements with brokers, and desk rental agreements with realtors. Prepaid advertising expenses are capitalized and recognized during the period the expenses are incurred.

Concentration of Risk

The Company has limited its concentration in credit risk for cash by maintaining deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash.

Due to the nature of the mortgage lending industry, changes in interest rates may significantly impact revenue from originating mortgages and subsequent sales of loans to investors, which are the primary source of income for the Company.

The Company originates mortgage loans on property located throughout the United States, with loans originated for property located in California totaling approximately 16% and 18% of total loan originations for the years ended December 31, 2025 and 2024, respectively.

The Company sells mortgage loans to various third-party investors. Three investors accounted for 36%, 12%, and 15% of the Company’s loan sales for the year ended December 31, 2025. Four investors accounted for 33%, 18%, 16%. and 6% of the Company’s loan sales for the year ended December 31, 2024. No other investors accounted for more than 5% of the loan sales for the years ended December 31, 2025 and 2024.

The Company funds loans through warehouse lines of credit. As of December 31, 2025, 19% and 18% of the Company's warehouse lines were payable to two separate lenders, respectively.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which, among other things, require that public business entities annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025. See Note 18 - Income Taxes in the accompanying notes to the consolidated financial statements for further detail.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disaggregate certain income statement expenses. ASU 2024-03 is effective for all entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. The Company will include the required disclosures in its consolidated financial statements once adopted. Management is currently assessing the impact on the Company’s financial position or results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting guidance for costs related to internal-use software. The ASU eliminates the previous stage-based model and replaces it with a principles-based approach that better aligns with modern software development practices, including agile and iterative methodologies. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact on the Company’s financial position or results of operations.

FAIR VALUE

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company's consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. Refer to Note 1 - Description of Business and Summary of Significant Accounting Policies for information on the fair value hierarchy, valuation methodologies, and key inputs used to measure financial assets and liabilities recorded at fair value, as well as methods and assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.

Financial Statement Items Measured at Fair Value on a Recurring Basis

The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Fair value through net income:
Assets:
Loans held for sale	$	—	$	3,165,542	$	—	$	3,165,542
Loans held for investment	—		109,821		—		109,821
Trading securities	—		85,640		—		85,640
Derivative assets:
Interest rate lock commitments	—		—		42,207		42,207
Forward sale contracts	—		158		—		158



Servicing rights	—		—		1,658,223		1,658,223
Total assets at fair value	$	—	$	3,361,161	$	1,700,430	$	5,061,591
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	1,870	$	1,870
Forward sale contracts	—		3,416		—		3,416
Interest rate swap futures	3,420		—		—		3,420
Put options on treasuries	2,012		—		—		2,012

Servicing rights	—		—		20,517		20,517
Total liabilities at fair value	$	5,432	$	3,416	$	22,387	$	31,235


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Fair value through net income:
Assets:
Loans held for sale	$	—	$	2,603,735	$	—	$	2,603,735
Loans held for investment	—		116,627		—		116,627
Trading securities	—		87,466		—		87,466
Derivative assets:
Interest rate lock commitments	—		—		27,739		27,739
Forward sale contracts	—		16,650		—		16,650



Servicing rights	—		—		1,633,661		1,633,661
Total assets at fair value	$	—	$	2,824,478	$	1,661,400	$	4,485,878
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	2,187	$	2,187
Interest rate swap futures	16,148		—		—		16,148
Forward sale contracts	—		896		—		896
Put options on treasuries	5,829		—		—		5,829


Servicing rights	—		—		18,151		18,151

Total liabilities at fair value	$	21,977	$	896	$	20,338	$	43,211

The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Year Ended December 31, 2025
	IRLCs, net		Servicing Rights, net
Balance at beginning of period	$	25,552	$	1,615,510
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions	492,620		271,439
Fallout	(94,477)		—
Transfers of IRLC to LHFS	(383,358)		—
Valuation changes in servicing rights, net(1)	—		(212,976)
Sales	—		(36,267)
Balance at end of period	$	40,337	$	1,637,706

(1)The change in unrealized gains or losses relating to servicing rights still held at December 31, 2025 amounted to a net loss of $69.5 million for the year ended December 31, 2025.


	Year Ended December 31, 2024
	IRLCs, net		Servicing Rights, net
Balance at beginning of period	$	47,940	$	1,985,718
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions	407,475		252,076
Fallout	(94,667)		—
Transfers of IRLC to LHFS	(335,196)		—
Valuation changes in servicing rights, net(1)	—		(107,512)
Sales	—		(514,772)
Balance at end of period	$	25,552	$	1,615,510

(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2024, amounted to a net loss of $33.6 million for the year ended December 31, 2024.


	Year Ended December 31, 2023
		IRLCs, net		Servicing Rights, net
Balance at beginning of period		$	23,590	$	2,025,136
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions		387,498		277,387
Fallout		(87,697)		—
Transfers of IRLC to LHFS		(275,451)		—
Valuation changes in servicing rights, net(1)		—		(136,118)
Sales		—		(180,687)
Balance at end of period		$	47,940	$	1,985,718

(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2023, amounted to a net loss of $61.1 million for the year ended December 31, 2023.

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:



	December 31, 2025				December 31, 2024
Unobservable Input	Range of inputs			Weighted Average(1)	Range of inputs			Weighted Average(1)
IRLCs
Pull-through rate	5.2%	-	99.9%	78.3%	0.1%	-	99.9%	75.2%

Servicing rights
Discount rate(2)	3.8%	-	17.7%	6.9%	4.1%	-	17.5%	6.5%
Prepayment rate	5.8%	-	14.1%	8.7%	5.4%	-	16.7%	8.1%
Cost to service (per loan)	$73	-	$132	$100	$73	-	$129	$96

(1)Weighted average inputs are based on the committed amounts for IRLCs and the UPB of the underlying loans for servicing rights.

(2)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.

Financial Statement Items Measured at Fair Value on a Nonrecurring Basis

The Company did not have any material assets or liabilities that were recorded at fair value on a non-recurring basis as of December 31, 2025 or December 31, 2024.

Financial Statement Items Measured at Amortized Cost

The following table presents the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements that are not recorded at fair value on a recurring or nonrecurring basis. The table excludes cash and cash equivalents, restricted cash, loans eligible for repurchase, warehouse and other lines of credit, and secured debt facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:


	December 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes	$	807,053	$	801,069	$	812,122	$	779,872
Other secured financings	$	87,953	$	89,034	$	97,767	$	98,820

Fair value of the Company’s Senior Notes issued in March 2021 and June 2024 is estimated using quoted market prices and classified as Level 2 in the fair value hierarchy. Fair value of the Company’s other secured financings is estimated using quoted market prices and classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LOANS HELD FOR SALE, AT FAIR VALUE

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

LOANS HELD FOR SALE, AT FAIR VALUE

The following table represents the unpaid principal balance of loans held for sale by product type of loan as of December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
	Amount		%		Amount		%
Conforming - fixed	$	1,323,799	42	%	$	1,185,638	46	%
Conforming - ARM	63,913		2		41,661		2
Government - fixed	1,034,485		33		986,799		38
Government - ARM	113,934		4		36,330		1
Other - residential mortgage loans	563,398		18		288,480		11
HELOC	27,930		1		58,849		2
Total	3,127,459		100	%	2,597,757		100	%
Fair value adjustment	38,083				5,978
Loans held for sale, at fair value	$	3,165,542			$	2,603,735

A summary of the changes in the balance of loans held for sale is as follows:


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	2,603,735	$	2,132,880
Origination and purchase of loans	25,916,129		24,074,360
Sales	(26,284,150)		(23,901,618)
Transfers to loans held for investment	—		(122,532)
Repurchases	963,442		666,288
Principal payments	(64,002)		(218,729)
Fair value gain (loss)	30,388		(26,914)
Balance at end of period	$	3,165,542	$	2,603,735

Gain on origination and sale of loans, net is comprised of the following components:


	Year Ended December 31,
	2025		2024		2023
Premium (discount) from loan sales	$	137,808	$	66,489	$	(135,943)
Servicing rights additions	271,439		252,076		277,387
Unrealized (losses) gains from derivative assets and liabilities	(20,680)		61,822		(35,430)
Realized (losses) gains from derivative assets and liabilities	(35,328)		(48,432)		55,631
Discount points, rebates and lender paid costs	367,493		330,689		306,115
Fair value gain (loss) on loans held for sale	30,388		(26,914)		64,940
(Provision) recovery for loan loss obligation for loans sold	(8,734)		6,348		(8,179)
Total gain on origination and sale of loans, net	$	742,386	$	642,078	$	524,521

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale.


	December 31, 2025						December 31, 2024
	Fair value		UPB		Difference		Fair value		UPB		Difference
Current through 89 days delinquent	$	3,149,883	$	3,109,965	$	39,918	$	2,582,937	$	2,574,623	$	8,314
90+ days delinquent(1)	15,659		17,494		(1,835)		20,798		23,134		(2,336)
Total	$	3,165,542	$	3,127,459	$	38,083	$	2,603,735	$	2,597,757	$	5,978

(1) 90+ days delinquent loans are on non-accrual status.

LOANS HELD FOR INVESTMENT, AT FAIR VALUE

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

LOANS HELD FOR INVESTMENT, AT FAIR VALUE

During the year ended December 31, 2024, the Company executed a securitization of a pool of approximately $150.0 million fixed-rate and adjustable-rate, performing, re-performing and non-performing residential mortgage loans that was recorded as a secured borrowing in which the loans remained on the consolidated balance sheet as loans held for investment, at fair value.

A summary of the changes in the balance of loans held for investment is as follows:


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	116,627	$	—
Loans securitized, at fair value	—		122,532


Principal payments	(11,252)		(7,112)
Fair value adjustment	4,446		1,207
Balance at end of period	$	109,821	$	116,627

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for investment.


	December 31, 2025						December 31, 2024
	Fair value		UPB		Difference		Fair value		UPB		Difference
Current through 89 days delinquent	$	103,611	$	123,829	$	(20,219)	$	111,010	$	135,335	$	(24,325)
90+ days delinquent(1)	6,210		7,854		(1,643)		5,617		7,600		(1,983)
Total	$	109,821	$	131,683	$	(21,862)	$	116,627	$	142,935	$	(26,308)

(1) 90+ days delinquent loans are on non-accrual status.

Income from loans held for investment is included in other income on the consolidated statement of operations, and includes $6.0 million of interest income and $4.4 million of fair value gain for the year ended December 31, 2025, and $4.3 million of interest income and $1.2 million of fair value gain for the year ended December 31, 2024.

SERVICING RIGHTS, AT FAIR VALUE

Our servicing rights portfolio consists of Agency MSRs associated with mortgage loans that conform to the guidelines set forth by GSEs, Government MSRs associated with mortgage loans that are insured or guaranteed by government agencies, primarily through Ginnie Mae mortgage-backed securities, and Other MSRs consisting primarily of other non-Agency loans. The outstanding principal balance of the servicing portfolio was comprised of the following:


	December 31,
	2025		2024
Agency	$	64,301,274	$	65,092,009
Government	42,610,586		39,909,978
Other	12,184,383		10,969,997
Total servicing portfolio	$	119,096,243	$	115,971,984

A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	1,615,510	$	1,985,718	$	2,025,136
Servicing rights additions	271,439		252,076		277,387
Sales proceeds, net(1)	(36,267)		(514,772)		(180,687)
Changes in fair value:
Due to changes in valuation inputs or assumptions	(37,395)		59,538		2,227
Due to collection/realization of cash flows	(175,877)		(163,010)		(149,211)
Realized gains (losses)on sales of servicing rights(2)	296		(4,040)		10,866
Total changes in fair value	(212,976)		(107,512)		(136,118)
Balance at end of period(3)	$	1,637,706	$	1,615,510	$	1,985,718

(1) During the year ended December 31, 2023, the Company sold excess servicing cash flows on Agency loans for total proceeds of $132.0 million. There were no excess servicing sales during the years ended December 31, 2025 and December 31, 2024.

(2) Includes realized MSR sale gain and broker fees.

(3) Servicing assets of $1.7 billion, $1.6 billion, and $2.0 billion, respectively, for the years ended December 31, 2025, 2024, and 2023 presented net of servicing liabilities of $20.5 million, $18.2 million, and $14.0 million, respectively.

The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Contractual servicing fees	$	342,057	$	360,990	$	395,213
Late, ancillary and other fees	95,145		120,709		97,598
Servicing fee income	$	437,202	$	481,699	$	492,811

The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Changes in fair value:
Due to collection/realization of cash flows	$	(175,877)	$	(163,010)	$	(149,211)

Due to changes in valuation inputs or assumptions	(37,395)		59,538		2,227
Realized gains (losses)on sales of servicing rights, net(1)	296		(3,036)		12,466
Net loss from derivatives hedging servicing rights	15,054		(101,177)		(47,919)
Valuation changes in servicing rights, net of hedging gains and losses	(22,045)		(44,675)		(33,226)
Other realized losses on sales of servicing rights (1)	(611)		(7,453)		(1,980)
Changes in fair value of servicing rights, net	$	(198,533)	$	(215,138)	$	(184,417)

(1)Includes the (provision) recovery for estimated losses and broker fees on MSR sales.

The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


	December 31,
	2025		2024
Fair value of servicing rights, net	$	1,637,706	$	1,615,510
Change in fair value from adverse changes:
Discount Rate:
Increase 1%	(62,800)		(62,832)
Increase 2%	(123,283)		(122,064)
Cost of Servicing:
Increase 10%	(18,672)		(17,403)
Increase 20%	(37,449)		(34,857)
Prepayment Speed:
Increase 10%	(19,035)		(16,609)
Increase 20%	(37,705)		(32,518)

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in servicing rights values may differ significantly from those displayed above.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SERVICING RIGHTS, AT FAIR VALUE

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

SERVICING RIGHTS, AT FAIR VALUE

LOANS HELD FOR INVESTMENT, AT FAIR VALUE

During the year ended December 31, 2024, the Company executed a securitization of a pool of approximately $150.0 million fixed-rate and adjustable-rate, performing, re-performing and non-performing residential mortgage loans that was recorded as a secured borrowing in which the loans remained on the consolidated balance sheet as loans held for investment, at fair value.

A summary of the changes in the balance of loans held for investment is as follows:


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	116,627	$	—
Loans securitized, at fair value	—		122,532


Principal payments	(11,252)		(7,112)
Fair value adjustment	4,446		1,207
Balance at end of period	$	109,821	$	116,627

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for investment.


	December 31, 2025						December 31, 2024
	Fair value		UPB		Difference		Fair value		UPB		Difference
Current through 89 days delinquent	$	103,611	$	123,829	$	(20,219)	$	111,010	$	135,335	$	(24,325)
90+ days delinquent(1)	6,210		7,854		(1,643)		5,617		7,600		(1,983)
Total	$	109,821	$	131,683	$	(21,862)	$	116,627	$	142,935	$	(26,308)

(1) 90+ days delinquent loans are on non-accrual status.

Income from loans held for investment is included in other income on the consolidated statement of operations, and includes $6.0 million of interest income and $4.4 million of fair value gain for the year ended December 31, 2025, and $4.3 million of interest income and $1.2 million of fair value gain for the year ended December 31, 2024.

SERVICING RIGHTS, AT FAIR VALUE

Our servicing rights portfolio consists of Agency MSRs associated with mortgage loans that conform to the guidelines set forth by GSEs, Government MSRs associated with mortgage loans that are insured or guaranteed by government agencies, primarily through Ginnie Mae mortgage-backed securities, and Other MSRs consisting primarily of other non-Agency loans. The outstanding principal balance of the servicing portfolio was comprised of the following:


	December 31,
	2025		2024
Agency	$	64,301,274	$	65,092,009
Government	42,610,586		39,909,978
Other	12,184,383		10,969,997
Total servicing portfolio	$	119,096,243	$	115,971,984

A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	1,615,510	$	1,985,718	$	2,025,136
Servicing rights additions	271,439		252,076		277,387
Sales proceeds, net(1)	(36,267)		(514,772)		(180,687)
Changes in fair value:
Due to changes in valuation inputs or assumptions	(37,395)		59,538		2,227
Due to collection/realization of cash flows	(175,877)		(163,010)		(149,211)
Realized gains (losses)on sales of servicing rights(2)	296		(4,040)		10,866
Total changes in fair value	(212,976)		(107,512)		(136,118)
Balance at end of period(3)	$	1,637,706	$	1,615,510	$	1,985,718

(1) During the year ended December 31, 2023, the Company sold excess servicing cash flows on Agency loans for total proceeds of $132.0 million. There were no excess servicing sales during the years ended December 31, 2025 and December 31, 2024.

(2) Includes realized MSR sale gain and broker fees.

(3) Servicing assets of $1.7 billion, $1.6 billion, and $2.0 billion, respectively, for the years ended December 31, 2025, 2024, and 2023 presented net of servicing liabilities of $20.5 million, $18.2 million, and $14.0 million, respectively.

The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Contractual servicing fees	$	342,057	$	360,990	$	395,213
Late, ancillary and other fees	95,145		120,709		97,598
Servicing fee income	$	437,202	$	481,699	$	492,811

The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Changes in fair value:
Due to collection/realization of cash flows	$	(175,877)	$	(163,010)	$	(149,211)

Due to changes in valuation inputs or assumptions	(37,395)		59,538		2,227
Realized gains (losses)on sales of servicing rights, net(1)	296		(3,036)		12,466
Net loss from derivatives hedging servicing rights	15,054		(101,177)		(47,919)
Valuation changes in servicing rights, net of hedging gains and losses	(22,045)		(44,675)		(33,226)
Other realized losses on sales of servicing rights (1)	(611)		(7,453)		(1,980)
Changes in fair value of servicing rights, net	$	(198,533)	$	(215,138)	$	(184,417)

(1)Includes the (provision) recovery for estimated losses and broker fees on MSR sales.

The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


	December 31,
	2025		2024
Fair value of servicing rights, net	$	1,637,706	$	1,615,510
Change in fair value from adverse changes:
Discount Rate:
Increase 1%	(62,800)		(62,832)
Increase 2%	(123,283)		(122,064)
Cost of Servicing:
Increase 10%	(18,672)		(17,403)
Increase 20%	(37,449)		(34,857)
Prepayment Speed:
Increase 10%	(19,035)		(16,609)
Increase 20%	(37,705)		(32,518)

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in servicing rights values may differ significantly from those displayed above.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments utilized by the Company primarily include interest rate lock commitments, forward sale contracts, MBS put options, put options on treasuries, and interest rate swap futures. Derivative financial instruments are recognized as assets or liabilities and are measured at fair value. The Company accounts for derivatives as free-standing derivatives and does not designate any derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheets at fair value with changes in the fair values being reported in current period earnings. The Company does not use derivative financial instruments for purposes other than in support of its

risk management activities. Refer to Note 1 - Description of Business, Presentation and Summary of Significant Accounting Policies and Note 2- Fair Value for further details on derivatives.

The following summarizes the Company’s outstanding derivative instruments:


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2025:
Interest rate lock commitments	$	2,010,276	Derivative asset, at fair value	$	42,207	$	—
Interest rate lock commitments	481,579		Derivative liabilities, at fair value	—		1,870

Forward sale contracts	388,361		Derivative asset, at fair value	158		—
Forward sale contracts	1,839,101		Derivative liabilities, at fair value	—		3,416

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	8,750		Derivative liabilities, at fair value	—		2,012




Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	760		Derivative liabilities, at fair value	—		3,420
			Total derivative financial instruments	$	42,365	$	10,718


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2024:
Interest rate lock commitments	$	1,424,965	Derivative asset, at fair value	$	27,739	$	—
Interest rate lock commitments	370,092		Derivative liabilities, at fair value	—		2,187

Forward sale contracts	2,070,542		Derivative asset, at fair value	16,650		—
Forward sale contracts	29,567		Derivative liabilities, at fair value	—		896

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	2,878		Derivative liabilities, at fair value	—		5,829




Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	2,075		Derivative liabilities, at fair value	—		16,148
			Total derivative financial instruments	$	44,389	$	25,060

Because many of the Company’s current derivative agreements are not exchange-traded, the Company is exposed to credit loss in the event of nonperformance by the counterparty to the agreements. The Company controls this risk through credit monitoring procedures including financial analysis, dollar limits and other monitoring procedures. The notional amount of the contracts does not represent the Company’s exposure to credit loss.

The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:


		Year Ended December 31,
Derivative instrument	Statements of Operations Location	2025		2024		2023
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	14,785	$	(22,388)	$	24,350
Forward sale contracts	Gain on origination and sale of loans, net	(62,133)		41,335		6,958
Interest rate swap futures	Gain on origination and sale of loans, net	(17,299)		(17,527)		(31,328)
Put options	Gain on origination and sale of loans, net	8,639		11,970		20,221
Forward sale contracts	Change in fair value of servicing rights, net	15,827		(27,899)		(13,763)
Interest rate swap futures	Change in fair value of servicing rights, net	1,813		(62,019)		(22,572)
Put options	Change in fair value of servicing rights, net	(2,586)		(11,259)		(11,584)
Total realized and unrealized losses on derivative financial instruments		$	(40,954)	$	(87,787)	$	(27,718)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

BALANCE SHEET NETTING

12 Months Ended

Dec. 31, 2025

Offsetting [Abstract]

BALANCE SHEET NETTING

The Company has entered into agreements with counterparties, which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. In certain circumstances, the Company is required to provide certain counterparties financial instruments and cash collateral against derivative financial instruments, warehouse and other lines of credit, or debt obligations. Cash collateral is held in margin accounts and included in restricted cash on the Company's consolidated balance sheets.

The table below represents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. In circumstances where right of set off criteria is met, the related asset and liability are presented in a net position on the consolidated balance sheets. Warehouse and other lines of credit and secured debt obligations were secured by financial instruments and cash collateral with fair values that exceeded the liability amount recorded on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. Refer to Note 12 – Warehouse and Other Lines of Credit for further details on cash collateral requirements.


	December 31, 2025
	Gross amounts recognized		Gross amounts offset in consolidated balance sheet		Net amounts presented in consolidated balance sheet		Gross amounts not offset in consolidated balance sheet				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	4,050	$	(3,892)	$	158	$	—	$	(44)	$	114



Total assets	$	4,050	$	(3,892)	$	158	$	—	$	(44)	$	114

Liabilities:
Forward sale contracts	$	7,308	$	(3,892)	$	3,416	$	—	$	(3,419)	$	(3)
Put options on treasuries	2,012		—		2,012		—		(2,012)		—

Interest rate swap futures	3,420		—		3,420		—		(3,420)		—
Warehouse and other lines of credit	2,902,539		—		2,902,539		(2,902,539)		—		—
Secured debt obligations (1)	1,307,765		—		1,307,765		(1,307,765)		—		—
Total liabilities	$	4,223,044	$	(3,892)	$	4,219,152	$	(4,210,304)	$	(8,851)	$	(3)

(1)Secured debt obligations as of December 31, 2025 included secured credit facilities and Term Notes.


	December 31, 2024
	Gross amounts recognized		Gross amounts offset in consolidated balance sheet		Net amounts presented in consolidated balance sheet		Gross amounts not offset in consolidated balance sheet				Net amount

							Financial instruments		Cash collateral


Assets
Forward sale contracts	$	30,547	$	(13,897)	$	16,650	$	—	$	(10,179)	$	6,471



Total assets	$	30,547	$	(13,897)	$	16,650	$	—	$	(10,179)	$	6,471

Liabilities
Forward sale contracts	$	14,793	$	(13,897)	$	896	$	—	$	(802)	$	94
Put options on treasuries	5,829		—		5,829		—		(5,829)		—
Interest rate swap futures	16,148		—		16,148		—		(16,148)		—
Warehouse and other lines of credit	2,377,127		—		2,377,127		(2,377,127)		—		—
Secured debt obligations (1)	1,216,454		—		1,216,454		(1,216,454)		—		—
Total liabilities	$	3,630,351	$	(13,897)	$	3,616,454	$	(3,593,581)	$	(22,779)	$	94

(1) Secured debt obligations as of December 31, 2024 included the secured credit facilities and Term Notes.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

The Company evaluates its involvement with entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the VIE. The Company did not provide any non-contractual financial support to VIEs for the years ended December 31, 2025, 2024 and 2023.

Consolidated VIEs

LD Holdings

The Company is a holding company, with its sole material asset being its equity interest in LD Holdings. As the sole managing member of LD Holdings, the Company indirectly operates and controls all of LD Holdings’ business and affairs. LD Holdings is considered a VIE and the financial results of LD Holdings and its subsidiaries are consolidated. A portion of net earnings or loss is allocated to noncontrolling interest to reflect the entitlement of the Continuing LLC Members. Refer to Note 15– Equity for further details.

Securitization and SPEs

The Company consolidates securitization facilities that finance mortgage loans held for sale and mortgage loans held for investment, as well as SPEs established as trusts to finance mortgage servicing rights and servicing advance receivables. Assets are transferred to a securitization or trust, which issues beneficial interests collateralized by the transferred assets, entitling investors to specified cash flows. The Company may retain beneficial interests in the transferred assets and also holds conditional repurchase options specific to these securitizations, allowing it to repurchase assets from the securitization entity. The Company’s economic exposure to loss from outstanding third-party financing is generally limited to the carrying value of the assets financed. The Company has retained risks in the securitizations including customary representations and warranties. For securitization facilities, the Company, as seller, has an option to prepay and redeem outstanding classes of issued notes after a set period of time. The Company’s exposure to these entities is primarily through its role as seller, servicer, and administrator. Servicing functions include, but are not limited to, general collection activity, preparing and furnishing statements, and loss mitigation efforts including repossession and sale of collateral.

Retained interests

In April 2024, the Company completed a transfer and securitization of a pool of performing, re-performing and non-performing residential mortgage loans. Pursuant to the credit risk retention requirements, mello Credit Strategies LLC, as sponsor, is required to retain at least a 5% economic interest in the credit risk of the assets collateralizing this securitization transaction. On the closing date, MCS and its wholly owned subsidiary retained a horizontal residual interest in the MMCA 2024-SD1 securitization comprised of the Class B notes and Trust Certificate. The Company determined that MCS is considered to be the primary beneficiary of the VIE as it retains all the risk and reward from the residual interest, and, therefore, the securitization trust is required to be consolidated. As of December 31, 2025, the remaining principal balance of loans transferred to the securitization trust was $131.7 million of which $7.9 million was 90 days or more past due.

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in the Company’s consolidated securitization and SPE VIEs.


	December 31, 2025		December 31, 2024

Assets
Loans held for sale, at fair value	$	606,215	$	293,165
Loans held for investment, at fair value	109,821		116,627
Restricted cash	6,652		10,794
Servicing rights, at fair value	661,475		625,699
Other assets	99,376		76,471
Total	$	1,483,539	$	1,122,756

Liabilities
Warehouse and other lines of credit	$	600,000	$	300,000
Debt obligations, net:
MSR Facilities	93,426		193,800
Servicing advance facilities	77,627		72,530
Term Notes	544,899		200,000
Other secured financings	87,953		97,767
Total	$	1,403,905	$	864,097

Non-Consolidated VIEs

The nature, purpose, and activities of non-consolidated VIEs currently encompass the Company’s investments in retained interests from securitizations and joint ventures. The table below presents a summary of the nonconsolidated VIEs for which the Company holds variable interests.


	December 31, 2025
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	85,640	$	—	$	85,640	$	1,959,938
Investments in joint ventures	18,251		—		18,251		14,949
Total	$	103,891	$	—	$	103,891

	December 31, 2024
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	87,466	$	—	$	87,466	$	2,078,478
Investments in joint ventures	18,113		—		18,113		15,880
Total	$	105,579	$	—	$	105,579

Retained interests

In 2022 and 2021, the Company completed the sale and securitization of non-owner occupied residential mortgage loans. Pursuant to the credit risk retention requirements, the Company, as sponsor, is required to retain at least a 5% economic interest in the credit risk of the assets collateralizing the securitization transactions. The retained interests represent a variable interest in the securitizations. The Company determined it was not the primary beneficiary of the VIE. The Company’s continuing involvement is limited to customary servicing obligations as servicer and servicing administrator associated with retained servicing rights and the receipt of principal and interest associated with the retained interests. The investors and the securitization trusts have no recourse to the Company’s assets; holders of the securities issued by each trust can look only to the loans owned by the trust for payment. The retained interests held by the Company are subject principally to the credit risk stemming from the underlying transferred loans. The securitization trusts used to effect these transactions are variable interest entities that the Company does not consolidate. The Company remeasures the carrying value of its retained interests at each reporting date to reflect their current fair value which is included in trading securities, at fair value on the consolidated balance sheets, with corresponding gains or losses included in other income on the consolidated statements of operations. As of December 31, 2025, the remaining principal balance of loans transferred to these securitization trusts was $2.0 billion of which $3.6 million was 90 days or more past due.

Investments in joint ventures

The Company’s joint ventures include investments with home builders, real estate brokers, and commercial real estate companies to provide loan origination services and real estate settlement services to customers referred by the Company’s joint venture partners. The Company is generally not determined to be the primary beneficiary in its joint venture VIEs because it does not have the power, through voting rights or similar rights, to direct the activities that most significantly impact the economic performance of the VIE. The Company’s pro rata share of net earnings of joint ventures was $6.4 million, $15.6 million and $21.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in other income in the consolidated statements of operations.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:


	December 31,
	2025		2024
Furniture and equipment	$	102,431	$	94,232
Computer software	7,639		6,759
Software development	191,990		177,783
Leasehold improvements	31,628		30,074
Work in progress	24,592		22,569
Property and equipment	358,280		331,417
Accumulated depreciation and amortization	(296,351)		(270,338)
Property and equipment, net	$	61,929	$	61,079

The Company recorded $26.2 million, $36.1 million and $41.3 million of depreciation and amortization expense related to property and equipment for the years ended December 31, 2025, 2024 and 2023, respectively.

Capitalized computer software development costs consist of the following:


	December 31,
	2025		2024
Cost	$	191,990	$	177,783
Accumulated amortization	(171,608)		(150,752)
Software development, net	$	20,382	$	27,031

The Company recorded $20.9 million, $27.9 million and $27.7 million of amortization expense related to software development for the years ended December 31, 2025, 2024 and 2023, respectively.

Future computer software development amortization for the remaining years:


Year ending December 31,
2026	$	11,609
2027	6,682
2028	2,091
Total	$	20,382

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company entered into operating leases related to its corporate headquarters and support, sales, and processing offices which expire at various dates through 2033. The Company’s operating lease agreements have remaining terms ranging from less than one year to seven years. Certain of these operating lease agreements include options to extend the original term. The Company’s operating lease agreements do not require the Company to make variable lease payments.


	Year Ended December 31,
	2025		2024		2023
Lease expense:
Operating leases	$	13,050	$	14,535	$	16,864
Short-term leases	1,745		1,475		1,739
Sublease income	(2,936)		(2,530)		(1,774)
Lease expense, net included in occupancy expense	$	11,859	$	13,480	$	16,829


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases	$	15,911	$	21,964
Right-of-use assets obtained in exchange for lease obligations:
New leases entered into during the year	13,834		3,300


	December 31, 2025		December 31, 2024
Period-end:
Operating leases:
Weighted average remaining lease term (years)	3.1		2.8
Weighted average discount rate	8.0	%	6.9	%

The following is a schedule of future minimum lease payments for operating leases with initial terms in excess of one year as of December 31, 2025:



Year ending December 31,
2026	$	15,098
2027	13,238
2028	5,215
2029	2,464
2030	2,037
Thereafter	1,841
Total operating lease payments	39,893
Less: Imputed interest	(5,263)
Operating lease liability	$	34,630

During the year ended December 31, 2025, no impairment charges were recorded for leases exited during the year. The impairment charges are included in general and administrative expense on the consolidated statements of operations. As of December 31, 2025, the Company had four operating leases that had not yet commenced with aggregate undiscounted required payments of $1.1 million.

OTHER ASSETS

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

OTHER ASSETS

Other assets consists of the following:


	December 31,
	2025		2024
Servicing advances	$	119,269	$	121,802
Margin call receivable	3,544		802
Prepaid expenses	36,374		28,913
Loan related receivables	19,143		17,144
Joint ventures	4,316		4,496
Servicing related receivables	5,764		11,671
Income tax receivable	7,103		3,020
Deferred tax asset	—		2,389
Insurance receivable	—		20,000
Other	21,367		25,670
Total	$	216,880	$	235,907

There was $4.5 million and $4.5 million in allowance for credit losses for loan related and other receivables at December 31, 2025 and 2024, respectively. Accounts receivable write-offs were immaterial during the years ended December 31, 2025, 2024 and 2023.

WAREHOUSE AND OTHER LINES OF CREDIT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

WAREHOUSE AND OTHER LINES OF CREDIT

At December 31, 2025, the Company was a party to eleven revolving lines of credit, including two loan funding facilities with GSEs, with lenders providing an aggregate $4.2 billion of warehouse and securitization facilities. The facilities are used to fund, and are secured by residential mortgage loans held for sale. The facilities are repaid using proceeds from the sale of loans. Interest is generally payable monthly in arrears or on the repurchase date of a loan, and outstanding principal is payable upon receipt of loan sale proceeds or on the repurchase date of a loan. Outstanding principal related to a particular loan must also be repaid after the expiration of a contractual period of time or, if applicable, upon the occurrence of certain events of default with respect to the underlying loan. Interest expense is recorded to interest expense on the consolidated statements of operations. The base interest rates on the facilities bear interest at the secured overnight financing rate (“SOFR”), plus a margin. Some of the facilities carry additional fees charged on the total line amount, commitment fees charged on the committed portion of the line, and non-usage fees charged when monthly usage falls below a certain utilization percentage. As of December 31, 2025, the interest rate was comprised of the applicable base rate plus a spread ranging from 1.50% to 2.25%. The base interest rate for warehouse facilities is subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale. The warehouse lines have maturities staggered from April 2026 through November 2026. As of December 31, 2025 there was one securitization facility with an original two year term scheduled to expire in September 2026 and one securitization facility with an original three year term schedule to expire in April 2028. Warehouse lines and other lines of credit are subject to renewal based on an annual credit review conducted by the lender.

Certain warehouse line lenders require the Company to maintain cash accounts with minimum required balances at all times. As of December 31, 2025 and December 31, 2024, the Company had posted a total of $9.9 million and $15.6 million, respectively, of restricted cash as collateral with warehouse lenders and securitization facilities of which $3.3 million and $4.8 million, respectively, were the minimum required balances.

Under the terms of these warehouse lines, the Company is required to maintain various covenants. As of December 31, 2025, the Company was in compliance with all covenants under the warehouse lines.

Securitization Facilities

In September 2024, in connection with the termination of a securitization facility issued in 2021, the Company issued notes and a class of owner trust certificates through a securitization facility (“2024-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2024-1 Securitization Facility is secured by first-lien, fixed-rate or adjustable-rate, residential mortgage loans originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2024-1 Securitization Facility issued $300.0 million in notes that bear interest at SOFR, plus a margin. The 2024-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, or (iii) the date of the occurrence and continuance of an event of default.

In April 2025, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2025-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2025-1 Securitization Facility is secured by first-lien, fixed-rate or adjustable-rate, residential mortgage loans originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2025-1 Securitization Facility issued $300.0 million in notes that bear interest at SOFR, plus a margin. The 2025-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, or (iii) the date of the occurrence and continuance of an event of default.

The following table presents information on warehouse and other lines of credit and the outstanding balance as of December 31, 2025 and 2024:




								Outstanding Balance
	Committed Amount		Uncommitted Amount		Total Facility Amount		Expiration Date	December 31, 2025		December 31, 2024
Facility 1(1)	$	400,000	$	600,000	$	1,000,000	9/22/2026	$	536,653	$	504,332
Facility 2(1)	1,000		299,000		300,000		10/21/2026	251,540		201,735
Facility 3(4)	—		225,000		225,000		4/14/2026	73,419		136,222
Facility 4	—		175,000		175,000		10/27/2026	162,446		91,160
Facility 5(1)(3)	—		200,000		200,000		N/A	—		332

Facility 6	—		300,000		300,000		9/18/2026	285,854		276,799

Facility 7(2)	300,000		—		300,000		9/25/2026	300,000		300,000
Facility 8	250,000		350,000		600,000		11/13/2026	445,828		400,703
Facility 9(1)	—		600,000		600,000		10/29/2026	546,799		465,844
Facility 10(2)	300,000		—		300,000		4/10/2028	300,000		—
Facility 11(1)(3)	—		150,000		150,000		N/A	—		—

Total	$	1,251,000	$	2,899,000	$	4,150,000		$	2,902,539	$	2,377,127

(1)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.

(2)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.

(3)This is an early funding facility with an Agency. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party by written notice.

(4)In February 2026, the maturity date was extended to February 2027.

The following table presents certain information on warehouse and other lines of credit:


	Year Ended December 31,
	2025			2024			2023
Maximum outstanding balance during the period	$	2,902,539		$	2,621,651		$	2,280,996
Average balance outstanding during the period	2,161,851			1,920,480			1,704,717
Collateral pledged (loans held for sale)	3,106,641			2,544,826			2,065,878
Weighted average interest rate during the period	6.26		%	7.06		%	7.04		%

DEBT OBLIGATIONS

The following table presents the outstanding debt as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Secured debt obligations, net:
Secured credit facilities:
MSR facilities	$	503,556	$	762,319
Securities financing facilities	79,215		82,465
Servicing advance facilities	77,627		72,530
Total secured credit facilities	660,398		917,314
Term Notes	544,899		200,000
Other secured financings	87,953		97,767
Total secured debt obligations, net	1,293,250		1,215,081

Other debt obligations, net:


Senior Notes	807,053		812,122

Total debt obligations, net	$	2,100,303	$	2,027,203

Certain of the Company’s secured debt obligations require the Company to satisfy financial covenants, including minimum levels of profitability, tangible net worth, liquidity, and maximum levels of consolidated leverage. The Company was in compliance with all such financial covenants as of December 31, 2025.

Secured Credit Facilities

Secured credit facilities are revolving facilities collateralized by MSRs, trading securities, and servicing advances.

MSR Facilities

In August 2017, the Company established the loanDepot GMSR Master Trust to finance its Ginnie Mae mortgage servicing rights through the issuance of variable funding and/or term notes, each of which are secured by participation certificates representing beneficial interests in the Company’s Ginnie Mae mortgage servicing rights. In January 2024, the Company secured a new facility to re-issue a variable funding note that accrues interest at SOFR plus a margin per annum, providing an aggregate $150.0 million in borrowing capacity as of December 31, 2025 (including variable funding notes secured by servicing advances, see Servicing Advance Facilities below). In January 2025, the maturity date of the variable funding notes was extended to July 2026. As of December 31, 2025, the fair value of the mortgage servicing rights was $661.5 million. As of December 31, 2025, the Company had $94.2 million in outstanding variable funding notes and $0.7 million in unamortized deferred financial costs. In May 2025, the loanDepot GMSR Master Trust issued the Series 2025-

GT1 term notes in the aggregate principal amount of $200.0 million. The Series 2025-GT1 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in May 2030, or, if extended, to May 2032. The proceeds of Series 2025-GT1 Notes offering were used to prepay in full the Series 2018-GT1 Term Notes which had an outstanding principal balance of $200.0 million as of the date of prepayment. In July 2025, the loanDepot GMSR Master Trust issued the Series 2025-GT2 term notes in the aggregate principal amount of $150.0 million. The Series 2025-GT2 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in July 2030.

In January 2025, the Company entered into a credit facility agreement to provide for $400.0 million in borrowing capacity to replace a previous credit facility that was originally entered into in December 2021. This facility is secured by Freddie Mac mortgage servicing rights with a fair value of $482.1 million as of December 31, 2025. This facility bears interest at SOFR, plus a margin per annum and matures in January 2027. At December 31, 2025, there was $313.5 million outstanding on this facility and $1.1 million in unamortized deferred financing costs.

In May 2025, the Company amended its facility that was secured by Fannie Mae mortgage servicing rights to appoint a new administrative agent and to assign to the administrative agent 100% of the commitment under its credit agreement originally dated December 15, 2023, as amended restated and supplemented from time to time. This revolving line of credit provided for up to $300.0 million in borrowing capacity until it was terminated in November 2025. In November 2025, the Company and the loanDepot FAMSR Master Trust entered into a new facility to finance its Fannie Mae mortgage servicing rights through the issuance of term notes and variable funding notes, each of which are secured by a participation certificate representing beneficial interests in the Company’s Fannie Mae mortgage servicing rights. In November 2025, the loanDepot FAMSR Master issued up to $300.0 million of variable funding notes, the Series 2025-VF1 Notes. The Series 2025-VF1 Notes bear interest at SOFR, plus a margin per annum and mature in May 2026. In December 2025, the loanDepot FAMSR Master Trust issued a series of term notes, the Series 2025-FT1 Notes, in the aggregate principal amount of $200.0 million. Upon issuance of the Series 2025-FT1 Notes, the maximum principal balance of the Series 2025-VF1 Notes was reduced to $125.0 million. The Series 2025-FT1 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in December 2030. As of December 31, 2025 this facility was secured by Fannie Mae mortgage servicing rights with a fair value of $412.6 million. At December 31, 2025, there was $99.5 million outstanding on this facility and $1.7 million in unamortized deferred financing costs.

Securities Financing Facilities

The Company has entered into master repurchase agreements to finance retained interest securities related to its securitizations. The securities financing facilities have an advance rate between 50% and 85% based on classes of the securities and accrue interest at a rate of 90-day SOFR, plus a margin. The securities financing facilities are secured by the trading securities, which represent retained interests in the credit risk of the assets collateralizing certain securitization transactions. As of December 31, 2025, the trading securities had a fair value of $85.6 million on the consolidated balance sheets and there were $79.2 million in securities financing facilities outstanding.

Servicing Advance Facilities

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust can issue up to $100.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at SOFR plus a margin per annum. In September 2024, the 2020-VF1 Notes were extended to mature in September 2026 (unless earlier redeemed in accordance with their terms). At December 31, 2025, there was $34.8 million in 2020-VF1 Notes outstanding, with pledged servicing advances of $40.9 million.

In November 2021, the Company, through the GMSR Trust, issued variable funding notes secured by principal and interest advance receivables and servicing advance receivables related to residential mortgage loans serviced on behalf of Ginnie Mae. These variable funding notes bear interest at SOFR plus a margin per annum. As disclosed in MSR Facilities above, the Company secured a new facility in January 2024 to issue variable funding notes and to extend their maturity to July

2026. As of December 31, 2025, there was $42.8 million outstanding on the variable funding notes, secured by servicing advances of $58.4 million.

Term Notes

In May 2025, the Company, through the GMSR Trust issued the Series 2025-GT1 Term Notes (“GT1 Term Notes”). The GT1 Term Notes mature in May 2030 or if extended pursuant to the terms of the Series 2025-GT1 Indenture Supplement, May 2032 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $200.0 million in GT1 Term Notes outstanding and $1.8 million of unamortized deferred financing costs. In July 2025, the Company, through the GMSR Trust issued the Series 2025-GT2 Term Notes (“GT2 Term Notes”). The GT2 Term Notes mature in July 2030 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $150.0 million in GT2 Term Notes outstanding and $1.3 million of unamortized deferred financing costs.

In December 2025, the Company, through the FAMSR Trust issued the Series 2025-FT1 Term Notes (“FT1 Term Notes”). The FT1 Term Notes mature in December 2030 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $200.0 million in FT1 Term Notes outstanding and $2.0 million of unamortized deferred financing costs.

Other Secured Financings

In April 2024, the Company executed a securitization of a pool of approximately $150.0 million fixed-rate and adjustable-rate, performing, re-performing and non-performing residential mortgage loans, whereby the loans were transferred to statutory trust MMCA 2024-SD1. The Company evaluated the sale of loans according to ASC 860 - Transfers and Servicing and determined that the transaction does not qualify for sale treatment. As a result, the securitization was recorded as a secured borrowing in which the loans remain on the consolidated balance sheet as loans held for investment, at fair value and the securitization debt is also recognized on the consolidated balance sheet in debt obligations, net. The secured financing is collateralized by and indexed to the pool of residential mortgage loans held by a VIE. As of December 31, 2025, there was $88.0 million outstanding in other secured financings, net of $5.1 million in debt discount and $0.8 million in unamortized deferred financing costs.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% unsecured senior notes due November 2025, (the “2025 Senior Notes”). In June 2024, the Company completed an offer to exchange any and all of the outstanding 2025 Senior Notes for newly issued Senior Secured Notes due November 2027 (the “2027 Senior Notes”). The offer was an exchange for a mixed consideration of $1,100 in cash and principal amount of 2027 Senior Notes for each $1,000 principal amount of 2025 Senior Notes tendered at or prior to the expiration date. At the time of expiration, the Company 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. Interest on the 2027 Senior Notes accrues at a rate of 8.750% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. The Company may redeem the 2027 Senior Notes, in whole or in part, at various redemption prices. The 2027 Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of LD Holding’s wholly-owned restricted subsidiaries, and secured by a first priority security interest (subject to permitted liens) in (1) a securities account holding certain risk retention securities (trading securities) held by MCS, a guarantor of the 2027 Senior Notes, (2) certain unencumbered non-agency mortgage servicing rights held by LDLLC, a guarantor of the 2027 Senior Notes, with a fair value of up to $60.0 million, and (3) a securities account holding $100.6 million aggregate principal amount of LD Holding’s 6.125% 2028 Senior Notes that were previously repurchased by LD Holdings held by ART, a guarantor of the 2027 Senior Notes.

The Company evaluated the debt exchange under the guidance in ASC 470-50 Debt - Modifications and Extinguishments. As the present value of the cash flows under the 2027 Senior Notes differed by more than 10% from the present value of the remaining cash flows under the terms of the 2025 Senior Notes, it was determined that the debt was substantially different, and therefore, the transaction was accounted for as a debt extinguishment. In November 2025, the 2025 Senior Notes matured and the remaining principal balance of $19.8 million was redeemed. As of December 31, 2025, there

were $340.6 million in 2027 Senior Notes outstanding, $26.8 million of unamortized debt discount and $3.8 million in unamortized deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% unsecured senior notes due April 2028 (the “2028 Senior Notes” and together with the 2027 Senior Notes, the "Senior Notes"). Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The Company may redeem the 2028 Senior Notes at various redemption prices. As of December 31, 2025, there were $499.4 million in 2028 Senior Notes outstanding and $2.4 million in unamortized deferred financing costs.

Interest Expense

Interest expense on all outstanding debt obligations with variable rates is paid based on SOFR, or other alternative base rate, plus a margin ranging from 0.75% - 4.25%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

DEBT OBLIGATIONS

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

WAREHOUSE AND OTHER LINES OF CREDIT

At December 31, 2025, the Company was a party to eleven revolving lines of credit, including two loan funding facilities with GSEs, with lenders providing an aggregate $4.2 billion of warehouse and securitization facilities. The facilities are used to fund, and are secured by residential mortgage loans held for sale. The facilities are repaid using proceeds from the sale of loans. Interest is generally payable monthly in arrears or on the repurchase date of a loan, and outstanding principal is payable upon receipt of loan sale proceeds or on the repurchase date of a loan. Outstanding principal related to a particular loan must also be repaid after the expiration of a contractual period of time or, if applicable, upon the occurrence of certain events of default with respect to the underlying loan. Interest expense is recorded to interest expense on the consolidated statements of operations. The base interest rates on the facilities bear interest at the secured overnight financing rate (“SOFR”), plus a margin. Some of the facilities carry additional fees charged on the total line amount, commitment fees charged on the committed portion of the line, and non-usage fees charged when monthly usage falls below a certain utilization percentage. As of December 31, 2025, the interest rate was comprised of the applicable base rate plus a spread ranging from 1.50% to 2.25%. The base interest rate for warehouse facilities is subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale. The warehouse lines have maturities staggered from April 2026 through November 2026. As of December 31, 2025 there was one securitization facility with an original two year term scheduled to expire in September 2026 and one securitization facility with an original three year term schedule to expire in April 2028. Warehouse lines and other lines of credit are subject to renewal based on an annual credit review conducted by the lender.

Certain warehouse line lenders require the Company to maintain cash accounts with minimum required balances at all times. As of December 31, 2025 and December 31, 2024, the Company had posted a total of $9.9 million and $15.6 million, respectively, of restricted cash as collateral with warehouse lenders and securitization facilities of which $3.3 million and $4.8 million, respectively, were the minimum required balances.

Under the terms of these warehouse lines, the Company is required to maintain various covenants. As of December 31, 2025, the Company was in compliance with all covenants under the warehouse lines.

Securitization Facilities

In September 2024, in connection with the termination of a securitization facility issued in 2021, the Company issued notes and a class of owner trust certificates through a securitization facility (“2024-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2024-1 Securitization Facility is secured by first-lien, fixed-rate or adjustable-rate, residential mortgage loans originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2024-1 Securitization Facility issued $300.0 million in notes that bear interest at SOFR, plus a margin. The 2024-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, or (iii) the date of the occurrence and continuance of an event of default.

In April 2025, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2025-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2025-1 Securitization Facility is secured by first-lien, fixed-rate or adjustable-rate, residential mortgage loans originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2025-1 Securitization Facility issued $300.0 million in notes that bear interest at SOFR, plus a margin. The 2025-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, or (iii) the date of the occurrence and continuance of an event of default.

The following table presents information on warehouse and other lines of credit and the outstanding balance as of December 31, 2025 and 2024:




								Outstanding Balance
	Committed Amount		Uncommitted Amount		Total Facility Amount		Expiration Date	December 31, 2025		December 31, 2024
Facility 1(1)	$	400,000	$	600,000	$	1,000,000	9/22/2026	$	536,653	$	504,332
Facility 2(1)	1,000		299,000		300,000		10/21/2026	251,540		201,735
Facility 3(4)	—		225,000		225,000		4/14/2026	73,419		136,222
Facility 4	—		175,000		175,000		10/27/2026	162,446		91,160
Facility 5(1)(3)	—		200,000		200,000		N/A	—		332

Facility 6	—		300,000		300,000		9/18/2026	285,854		276,799

Facility 7(2)	300,000		—		300,000		9/25/2026	300,000		300,000
Facility 8	250,000		350,000		600,000		11/13/2026	445,828		400,703
Facility 9(1)	—		600,000		600,000		10/29/2026	546,799		465,844
Facility 10(2)	300,000		—		300,000		4/10/2028	300,000		—
Facility 11(1)(3)	—		150,000		150,000		N/A	—		—

Total	$	1,251,000	$	2,899,000	$	4,150,000		$	2,902,539	$	2,377,127

(1)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.

(2)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.

(3)This is an early funding facility with an Agency. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party by written notice.

(4)In February 2026, the maturity date was extended to February 2027.

The following table presents certain information on warehouse and other lines of credit:


	Year Ended December 31,
	2025			2024			2023
Maximum outstanding balance during the period	$	2,902,539		$	2,621,651		$	2,280,996
Average balance outstanding during the period	2,161,851			1,920,480			1,704,717
Collateral pledged (loans held for sale)	3,106,641			2,544,826			2,065,878
Weighted average interest rate during the period	6.26		%	7.06		%	7.04		%

DEBT OBLIGATIONS

The following table presents the outstanding debt as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Secured debt obligations, net:
Secured credit facilities:
MSR facilities	$	503,556	$	762,319
Securities financing facilities	79,215		82,465
Servicing advance facilities	77,627		72,530
Total secured credit facilities	660,398		917,314
Term Notes	544,899		200,000
Other secured financings	87,953		97,767
Total secured debt obligations, net	1,293,250		1,215,081

Other debt obligations, net:


Senior Notes	807,053		812,122

Total debt obligations, net	$	2,100,303	$	2,027,203

Certain of the Company’s secured debt obligations require the Company to satisfy financial covenants, including minimum levels of profitability, tangible net worth, liquidity, and maximum levels of consolidated leverage. The Company was in compliance with all such financial covenants as of December 31, 2025.

Secured Credit Facilities

Secured credit facilities are revolving facilities collateralized by MSRs, trading securities, and servicing advances.

MSR Facilities

In August 2017, the Company established the loanDepot GMSR Master Trust to finance its Ginnie Mae mortgage servicing rights through the issuance of variable funding and/or term notes, each of which are secured by participation certificates representing beneficial interests in the Company’s Ginnie Mae mortgage servicing rights. In January 2024, the Company secured a new facility to re-issue a variable funding note that accrues interest at SOFR plus a margin per annum, providing an aggregate $150.0 million in borrowing capacity as of December 31, 2025 (including variable funding notes secured by servicing advances, see Servicing Advance Facilities below). In January 2025, the maturity date of the variable funding notes was extended to July 2026. As of December 31, 2025, the fair value of the mortgage servicing rights was $661.5 million. As of December 31, 2025, the Company had $94.2 million in outstanding variable funding notes and $0.7 million in unamortized deferred financial costs. In May 2025, the loanDepot GMSR Master Trust issued the Series 2025-

GT1 term notes in the aggregate principal amount of $200.0 million. The Series 2025-GT1 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in May 2030, or, if extended, to May 2032. The proceeds of Series 2025-GT1 Notes offering were used to prepay in full the Series 2018-GT1 Term Notes which had an outstanding principal balance of $200.0 million as of the date of prepayment. In July 2025, the loanDepot GMSR Master Trust issued the Series 2025-GT2 term notes in the aggregate principal amount of $150.0 million. The Series 2025-GT2 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in July 2030.

In January 2025, the Company entered into a credit facility agreement to provide for $400.0 million in borrowing capacity to replace a previous credit facility that was originally entered into in December 2021. This facility is secured by Freddie Mac mortgage servicing rights with a fair value of $482.1 million as of December 31, 2025. This facility bears interest at SOFR, plus a margin per annum and matures in January 2027. At December 31, 2025, there was $313.5 million outstanding on this facility and $1.1 million in unamortized deferred financing costs.

In May 2025, the Company amended its facility that was secured by Fannie Mae mortgage servicing rights to appoint a new administrative agent and to assign to the administrative agent 100% of the commitment under its credit agreement originally dated December 15, 2023, as amended restated and supplemented from time to time. This revolving line of credit provided for up to $300.0 million in borrowing capacity until it was terminated in November 2025. In November 2025, the Company and the loanDepot FAMSR Master Trust entered into a new facility to finance its Fannie Mae mortgage servicing rights through the issuance of term notes and variable funding notes, each of which are secured by a participation certificate representing beneficial interests in the Company’s Fannie Mae mortgage servicing rights. In November 2025, the loanDepot FAMSR Master issued up to $300.0 million of variable funding notes, the Series 2025-VF1 Notes. The Series 2025-VF1 Notes bear interest at SOFR, plus a margin per annum and mature in May 2026. In December 2025, the loanDepot FAMSR Master Trust issued a series of term notes, the Series 2025-FT1 Notes, in the aggregate principal amount of $200.0 million. Upon issuance of the Series 2025-FT1 Notes, the maximum principal balance of the Series 2025-VF1 Notes was reduced to $125.0 million. The Series 2025-FT1 Notes are priced at a variable rate based on SOFR plus a margin per annum and are expected to mature in December 2030. As of December 31, 2025 this facility was secured by Fannie Mae mortgage servicing rights with a fair value of $412.6 million. At December 31, 2025, there was $99.5 million outstanding on this facility and $1.7 million in unamortized deferred financing costs.

Securities Financing Facilities

The Company has entered into master repurchase agreements to finance retained interest securities related to its securitizations. The securities financing facilities have an advance rate between 50% and 85% based on classes of the securities and accrue interest at a rate of 90-day SOFR, plus a margin. The securities financing facilities are secured by the trading securities, which represent retained interests in the credit risk of the assets collateralizing certain securitization transactions. As of December 31, 2025, the trading securities had a fair value of $85.6 million on the consolidated balance sheets and there were $79.2 million in securities financing facilities outstanding.

Servicing Advance Facilities

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust can issue up to $100.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at SOFR plus a margin per annum. In September 2024, the 2020-VF1 Notes were extended to mature in September 2026 (unless earlier redeemed in accordance with their terms). At December 31, 2025, there was $34.8 million in 2020-VF1 Notes outstanding, with pledged servicing advances of $40.9 million.

In November 2021, the Company, through the GMSR Trust, issued variable funding notes secured by principal and interest advance receivables and servicing advance receivables related to residential mortgage loans serviced on behalf of Ginnie Mae. These variable funding notes bear interest at SOFR plus a margin per annum. As disclosed in MSR Facilities above, the Company secured a new facility in January 2024 to issue variable funding notes and to extend their maturity to July

2026. As of December 31, 2025, there was $42.8 million outstanding on the variable funding notes, secured by servicing advances of $58.4 million.

Term Notes

In May 2025, the Company, through the GMSR Trust issued the Series 2025-GT1 Term Notes (“GT1 Term Notes”). The GT1 Term Notes mature in May 2030 or if extended pursuant to the terms of the Series 2025-GT1 Indenture Supplement, May 2032 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $200.0 million in GT1 Term Notes outstanding and $1.8 million of unamortized deferred financing costs. In July 2025, the Company, through the GMSR Trust issued the Series 2025-GT2 Term Notes (“GT2 Term Notes”). The GT2 Term Notes mature in July 2030 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $150.0 million in GT2 Term Notes outstanding and $1.3 million of unamortized deferred financing costs.

In December 2025, the Company, through the FAMSR Trust issued the Series 2025-FT1 Term Notes (“FT1 Term Notes”). The FT1 Term Notes mature in December 2030 and accrue interest at SOFR plus a margin per annum. At December 31, 2025, there were $200.0 million in FT1 Term Notes outstanding and $2.0 million of unamortized deferred financing costs.

Other Secured Financings

In April 2024, the Company executed a securitization of a pool of approximately $150.0 million fixed-rate and adjustable-rate, performing, re-performing and non-performing residential mortgage loans, whereby the loans were transferred to statutory trust MMCA 2024-SD1. The Company evaluated the sale of loans according to ASC 860 - Transfers and Servicing and determined that the transaction does not qualify for sale treatment. As a result, the securitization was recorded as a secured borrowing in which the loans remain on the consolidated balance sheet as loans held for investment, at fair value and the securitization debt is also recognized on the consolidated balance sheet in debt obligations, net. The secured financing is collateralized by and indexed to the pool of residential mortgage loans held by a VIE. As of December 31, 2025, there was $88.0 million outstanding in other secured financings, net of $5.1 million in debt discount and $0.8 million in unamortized deferred financing costs.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% unsecured senior notes due November 2025, (the “2025 Senior Notes”). In June 2024, the Company completed an offer to exchange any and all of the outstanding 2025 Senior Notes for newly issued Senior Secured Notes due November 2027 (the “2027 Senior Notes”). The offer was an exchange for a mixed consideration of $1,100 in cash and principal amount of 2027 Senior Notes for each $1,000 principal amount of 2025 Senior Notes tendered at or prior to the expiration date. At the time of expiration, the Company 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. Interest on the 2027 Senior Notes accrues at a rate of 8.750% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. The Company may redeem the 2027 Senior Notes, in whole or in part, at various redemption prices. The 2027 Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of LD Holding’s wholly-owned restricted subsidiaries, and secured by a first priority security interest (subject to permitted liens) in (1) a securities account holding certain risk retention securities (trading securities) held by MCS, a guarantor of the 2027 Senior Notes, (2) certain unencumbered non-agency mortgage servicing rights held by LDLLC, a guarantor of the 2027 Senior Notes, with a fair value of up to $60.0 million, and (3) a securities account holding $100.6 million aggregate principal amount of LD Holding’s 6.125% 2028 Senior Notes that were previously repurchased by LD Holdings held by ART, a guarantor of the 2027 Senior Notes.

The Company evaluated the debt exchange under the guidance in ASC 470-50 Debt - Modifications and Extinguishments. As the present value of the cash flows under the 2027 Senior Notes differed by more than 10% from the present value of the remaining cash flows under the terms of the 2025 Senior Notes, it was determined that the debt was substantially different, and therefore, the transaction was accounted for as a debt extinguishment. In November 2025, the 2025 Senior Notes matured and the remaining principal balance of $19.8 million was redeemed. As of December 31, 2025, there

were $340.6 million in 2027 Senior Notes outstanding, $26.8 million of unamortized debt discount and $3.8 million in unamortized deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% unsecured senior notes due April 2028 (the “2028 Senior Notes” and together with the 2027 Senior Notes, the "Senior Notes"). Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The Company may redeem the 2028 Senior Notes at various redemption prices. As of December 31, 2025, there were $499.4 million in 2028 Senior Notes outstanding and $2.4 million in unamortized deferred financing costs.

Interest Expense

Interest expense on all outstanding debt obligations with variable rates is paid based on SOFR, or other alternative base rate, plus a margin ranging from 0.75% - 4.25%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES

Accounts payable, accrued expenses, and other liabilities consist of the following:


	December 31,
	2025		2024
Accounts payable	$	112,754	$	116,093
Deferred tax liability	4,372		25,332
Loan loss obligation for sold loans	16,116		18,417
Accrued compensation and benefits	68,084		63,659
TRA liability	109,052		80,207
Joint ventures	9,242		10,517
Servicing rights, at fair value	20,517		18,151
Dividends and dividend equivalents payable	88		669
Accrued pricing adjustments on sold loans	1,083		1,159

Income tax payable	23		—
Margin call payable	69		10,179
Other	7,950		35,056
Total	$	349,350	$	379,439

EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

EQUITY

The Company consolidates the financial results of LD Holdings and reports noncontrolling interest related to the interests held by the Continuing LLC Members. The noncontrolling interest of $151.5 million and $233.7 million as of December 31, 2025 and December 31, 2024, respectively, represented the economic interest in LD Holdings held by the Continuing LLC Members. The Continuing LLC Members have the right to exchange one Holdco Unit and one share of Class B common stock or Class C common stock, as applicable, together for cash or one share of Class A common stock at the Company’s election, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. As Continuing LLC Members convert shares, noncontrolling interest is adjusted to proportionately reduce the economic interest in LD Holdings with an offset to additional paid-in-capital on the consolidated statements of equity. The following table summarizes the ownership of LD Holdings.


	As of December 31,
	2025		2024
Holding Member Interests:	Holdco Units	Ownership Percentage	Holdco Units	Ownership Percentage
loanDepot, Inc.	226,624,444	67.82%	196,120,244	59.87%
Continuing LLC Members	107,515,082	32.18%	131,432,929	40.13%
Total	334,139,526	100.00%	327,553,173	100.00%

On February 11, 2026, pursuant to the Company’s Amended and Restated Certificate of Incorporation dated February 11, 2021, each outstanding share of the Company’s Class C common stock was converted into one share of Class B common stock, and each outstanding share of Class D common stock was converted into one share of Class A common stock. All outstanding Class C and Class D shares converted automatically and without further action on the part of the Company or any holder of Class C or Class D common stock. As of February 11, 2026, immediately following the conversion, there were 228,569,593 shares of Class A common stock outstanding, and 106,207,433 shares of Class B common stock outstanding. There are no shares of Class C or Class D common stock outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

The following table sets forth the calculation of basic and diluted loss per share for Class A common stock and Class D common stock:


	For the year ended December 31,
	2025				2024				2023
	Class A		Class D		Total		Class A		Class D		Total		Class A		Class D		Total





Net loss allocated to common stockholders	$	(33,842)	$	(28,804)	$	(62,646)	$	(46,938)	$	(51,393)	$	(98,331)	$	(49,042)	$	(61,100)	$	(110,142)


Weighted average shares - basic and diluted	113,994,450		97,026,671		211,021,121		88,615,004		97,026,671		185,641,675		77,879,392		97,026,671		174,906,063

Loss per share:
Basic	$	(0.30)	$	(0.30)	$	(0.30)	$	(0.53)	$	(0.53)	$	(0.53)	$	(0.63)	$	(0.63)	$	(0.63)













Diluted	$	(0.30)	$	(0.30)	$	(0.30)	$	(0.53)	$	(0.53)	$	(0.53)	$	(0.63)	$	(0.63)	$	(0.63)

There was no Class B common stock outstanding for any periods presented. The potential dilutive effect of the exchange of Class C common stock for Class A common stock is evaluated under the if-converted method. Reallocation of net income or loss attributable to the dilutive impact of the exchange of Class C common stock for Class A common stock was tax-effected using the combined federal and state rate (less federal benefit) of 25.8%, 25.2%, and 26.2% for the years ended December 31, 2025, 2024, and 2023, respectively. The potential dilutive effect of stock options, restricted stock units, and ESPP shares is evaluated under the treasury stock method. The following table summarizes the shares that were anti-dilutive for the periods and excluded from the computation of diluted earnings or loss per share.


	For the year ended December 31,
	2025	2024	2023
Class C common stock	119,701,749	140,148,860	147,789,060
Stock options, restricted stock units, ESPP shares(1)	12,693,203	10,974,241	16,919,589
Total	132,394,952	151,123,101	164,708,649

(1)Stock options, restricted stock units, and ESPP shares are weighted for the portion of the period for which they were outstanding.

COMPENSATION PLANS

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

COMPENSATION PLANS

Stock -Based Compensation

The Company’s 2021 Plan and 2022 Plan provide for the grant of incentive and non-qualified stock options, restricted stock, restricted stock units, and stock appreciation rights of the Company’s Class A common stock. Options to purchase shares of the Company’s Class A common stock generally vest over predetermined periods and expire ten years after the date of grant. Service-based restricted stock units (“Service RSUs”) of the Company’s Class A common stock generally vest over predetermined periods, typically two to four years after the date of grant. Market-based restricted stock units (“Market RSUs”) of the Company’s Class A common stock generally vest over two to five years based on a combination of service and market conditions. The actual number of shares issued will be determined based upon the proportionate achievement of specified hurdles of the Company’s stock price. Performance-based restricted stock units (“Performance RSUs”) of the Company’s Class A common stock generally vest over three years based on a combination of service and performance metrics within a specified time period. The actual number of shares vested each year is determined based upon the timing and achievement of the performance metric. The initial number of the Company’s Class A common stock authorized for issuance under the 2021 Plan and 2022 Plan were 16.5 million and 5.0 million shares, respectively.

The Company also had an ESPP Plan which allowed eligible employees to purchase shares of the Company's Class A common stock at 85% of the lower of the fair market value on the effective date of the subscription or the date of purchase. Under the ESPP, employees could authorize the Company to withhold up to 10% of their compensation for common stock purchases, subject to certain limitations. During the first quarter of 2024, the Company discontinued the ESPP Plan.

The stock-based compensation expense recognized on all share-based awards was $12.2 million, $24.9 million, and $22.0 million, for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, there was $34.9 million of unrecognized compensation related to all unvested stock options, restricted stock units, and employee stock purchase subscriptions which will be amortized over the weighted-average remaining requisite service period of 2.08 years.

The fair value of each option and ESPP subscription is estimated on the date of grant using the Black-Scholes option valuation model. The risk-free interest rate is estimated using term commensurate United States Treasury yields. The expected life of option awards is estimated from the vesting period. Since the Company does not have an extended history of actual exercises, the Company has estimated the expected life using a simplified method which calculates the expected term as the average of the time-to-vesting and the contractual life of the awards. The expected volatility was based on the historical and implied volatility of a public peer group of Companies’ stock price and options in the most recent period that was equal to, as available, the expected term of the unit grants that were being valued.

The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted. There were no options granted during the year ended December 31, 2025 and 2024.

For the year ended December 31,

2025

2024

2023

Average risk-free interest rate

N/A

4.19%

Expected dividend yield

N/A

Expected volatility

N/A

62%

Expected life

N/A

5.74 years

Fair value per share

N/A

$1.25

The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions. The ESPP Plan was discontinued during the first quarter of 2024.

For the year ended December 31,

2025

2024

2023

Average risk-free interest rate

N/A

4.61%

Expected dividend yield

N/A

Expected volatility

N/A

64%

Expected life

N/A

0.50 years

Fair value per share

N/A

$1.75

The fair value of market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The following weighted-average assumptions were used to determine the fair value of market-based restricted stock units. There were no market-based restricted stock units granted during the year ended December 31, 2024.


	For the year ended December 31,
	2025	2024	2023
Average risk-free interest rate	4.36%	—%	4.37%
Expected volatility	78%	—%	62%

Stock option activity during the year ended December 31, 2025 under the 2022 Plan and 2021 Plan was as follows:


	Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2024	5,350,000	$	1.82	3.9 years	$	1,884
Granted	—	—
Exercised	(3,225,000)	1.84			7,392
Forfeited/Cancelled	(250,000)	2.72
Outstanding as of December 31, 2025	1,875,000	$	1.67	1.3 years	$	770
Exercisable as of December 31, 2025	1,841,666	$	1.66	1.2 years	$	767
Vested and Expected to Vest as of December 31, 2025	33,334	$	2.00	7.6 years	$	2

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Restricted stock unit activity during the year ended December 31, 2025 under the 2022 Plan and 2021 Plan was as follows:




	Market RSUs	Weighted Average Grant Date Fair Value		Performance RSUs	Weighted Average Grant Date Fair Value		Service RSUs	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	9,474,595	$	1.68	1,641,842	$	2.35	11,969,464	$	2.67
Granted	4,700,000	2.41		4,051,084	1.37		13,972,588	1.93
Vested	—	—		(765,958)	2.35		(5,759,240)	2.68
Forfeited/Cancelled	(8,607,892)	1.68		(1,716,204)	1.50		(5,219,729)	1.97
Unvested as of December 31, 2025	5,566,703	$	2.30	3,210,764	$	1.57	14,963,083	$	2.23

The total fair value of shares granted during the years ended December 31, 2025, 2024, and 2023 was $43.9 million, $21.8 million, and $14.1 million, respectively. The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $17.2 million, $16.6 million, and $17.2 million, respectively.

Restricted stock unit activity during the year ended December 31, 2025 for Holdco Units was as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	348,840	$	0.50

Vested	(344,986)	0.50
Forfeited/Cancelled	(3,854)	0.50
Unvested as of December 31, 2025	—	$	—

401(k) Plan

The Company’s employees are eligible to participate in a defined contribution plan (“401(k) Plan”). Effective July 2023, the Company reinstated its matching of 50% of participant contributions, up to 6% of each participant’s total eligible gross compensation, after temporarily suspending the program in October 2022. Matching contributions totaled approximately $9.2 million, $8.2 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table details the Company’s provision for income taxes:


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	(3,616)	$	4,952	$	240
State	(2,522)		2,434		139
Total current	(6,138)		7,386		379
Deferred
Federal	(13,740)		(29,825)		(27,512)
State	6,877		(18,259)		(15,663)
Total deferred	(6,863)		(48,084)		(43,175)
Total
Federal	(17,356)		(24,873)		(27,272)
State	4,355		(15,825)		(15,524)
Total income tax benefit	$	(13,001)	$	(40,698)	$	(42,796)

The following table is a reconciliation of the estimated provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective tax rate:


	Year Ended December 31,
	2025				2024				2023
Federal income tax at statutory rate	$	(25,312)	21.0	%	$	(50,998)	21.0	%	$	(58,445)	21.0	%
State and local income taxes (net of federal benefit)(1)	3,258		(2.7)		(6,996)		2.9		(7,669)		2.8

State rate change	—		—		(2,409)		1.0		(5,308)		1.9
Change in valuation allowance	1,749		(1.5)		(112)		0.1		(139)		0.1
Change in unrecognized tax benefits	764		(0.6)		72		—		142		(0.1)
Tax credits	(23)		—		(538)		0.2		101		—
Nontaxable or nondeductible items:
Disallowed executive compensation	1,904		(1.6)		913		(0.4)		333		(0.1)
Other	(379)		0.3		1,239		(0.5)		1,113		(0.4)
Other reconciling items:
Return to provision	(1,793)		1.5		57		—		745		(0.3)
Deferred true-up	(2,595)		2.2		(3,728)		1.5		3		—
Non-controlling interests	9,426		(7.8)		21,802		(9.0)		26,328		(9.5)
Effective income tax rate	$	(13,001)	10.8	%	$	(40,698)	16.8	%	$	(42,796)	15.4	%

(1) State taxes in California, New York, New Jersey, and Illinois make up the majority of the tax effect in this category for 2025. State taxes in California, Illinois, and New Jersey make up the majority of the tax effect in this category for 2024. State taxes in California and New York make up the majority of the tax effect in this category for 2023.

The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to income passed through to noncontrolling interests. Prior to the IPO, income taxes for LD Holdings at the consolidated level were primarily federal, state, and local taxes for ACT, a C Corporation. Subsequent to the IPO, the Company became a C Corporation subject to federal, state, and local income taxes with respect to its share of net taxable income of LD Holdings.

Income taxes paid (refunds received) by jurisdiction are as follows:


	Year Ended December 31,
	2025		2024		2023
Federal	$	(403)	$	5,643	$	(5,311)
State (1)	(2,510)		3,381		(3,559)



Total	$	(2,913)	$	9,024	$	(8,870)

(1) During the year ended December 31, 2025, the Company received income tax refunds of $2.6 million, $0.3 million, and $0.2 million in California, New Jersey, and Pennsylvania, respectively, and paid income taxes of $0.8 million in New York. The Company paid income taxes of $2.5 million and received an income tax refund of $3.4 million in the state of California for the years ended December 31, 2024 and 2023, respectively.

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are comprised of the following:


	December 31,
	2025		2024
Deferred tax assets:
Accrued compensation	$	12	$	12
Net operating loss(1)	124,770		67,042
Tax credits(2)	2,322		172
Depreciation	6		7
State taxes	—		331
Acquired intangible assets	120		138
Charitable contributions carryover	—		162
Gross deferred tax assets before valuation allowance	127,230		67,864
Valuation allowance	(7,305)		(172)
Net deferred tax assets	119,925		67,692

Deferred tax liabilities:
Outside basis difference	124,297		90,635


Total deferred tax liabilities	124,297		90,635
Net deferred tax liabilities	$	(4,372)	$	(22,943)

(1) Federal net operating loss carryforwards begin to expire in 2042; State net operating loss carryforwards begin to expire in 2030 through 2045 with some state providing indefinite carryforwards.

(2) Tax credits begin to expire in 2042.

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The deferred tax liability as of December 31, 2025 relates to temporary outside basis differences in the book basis as compared to the tax basis of loanDepot, Inc.’s investment in LD Holdings, net of tax benefits from future deductions for payments made under the TRA as a result of the offering transaction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective tax rate in the future. Deferred income taxes are measured using the applicable tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on the tax rates that have been enacted at the reporting date. The Company measured its deferred tax assets and liabilities at December 31, 2025 and 2024 using the combined federal and state rate (less federal benefit) of 25.8% and 25.8%, respectively. The Company establishes a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company considered all negative and positive evidence. Based on this evaluation, the Company concluded that it is more likely than not that a portion of the state deferred tax assets will not be realized due to insufficient expected future taxable income in certain state jurisdictions. Accordingly, the Company recorded a partial valuation

allowance of $5.0 million against its state deferred tax assets, and a full valuation allowance on ACT's federal and state net deferred tax assets of $2.3 million as of December 31, 2025. The Company will continue to assess the realizability of its deferred tax assets each reporting period and will adjust the valuation allowance as necessary if new information indicates a change in expectations. The Company recognized a TRA liability of $109.1 million and $80.2 million as of December 31, 2025 and 2024, respectively, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA as a result of the offering transaction. The increase in the TRA liability was due to the number of LLC units exchanged for Class A common stock during the year ended December 31, 2025. Refer to Note 20 - Commitments and Contingencies, for further information on the TRA liability.

Uncertain tax positions relate to various federal and state income tax matters. The income tax returns for 2020-2024 are subject to examination by the relevant taxing authorities. There were no interest or penalties related to uncertain tax positions for the years ended December 31, 2025, 2024, and 2023, respectively. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows:


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	352	$	639	$	497
Increases related to positions taken during prior years	951		—		—
Increases related to positions taken during the current year	—		181		—
(Decrease) increase related to positions settled with tax authorities	—		(359)		212
Decreases due to a lapse of applicable statute of limitations	(115)		(109)		(70)
Ending balance	$	1,188	$	352	$	639

- Definition

The entire disclosure for income tax.

+ References

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+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

In conjunction with its joint ventures, the Company entered into agreements to provide loan processing and administrative services to the joint ventures for which it receives fees. The Company also originates eligible mortgage loans referred by its joint ventures for which the Company pays the joint ventures a broker fee.

Fees earned and costs incurred from joint ventures were as follows:


	Year Ended December 31,
	2025		2024		2023
Loan processing and administrative services fee income	$	17,124	$	19,676	$	21,970
Loan origination broker fees expense	80,022		110,892		132,345

Net amounts payable to or receivable from joint ventures were as follows:


	December 31,
	2025		2024
Amounts payable to joint ventures, net	$	4,926	$	6,021

The Company has entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members. A payment of $2.9 million was made under the TRA during the year ended December 31, 2025. There were no payments made under the TRA during the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Escrow Services

In conducting its operations, the Company, through its wholly-owned subsidiaries, LDSS and ACT, routinely hold customers' assets in escrow pending completion of real estate financing transactions. These amounts are maintained in segregated bank accounts and are offset with the related liabilities resulting in no amounts reported in the accompanying consolidated balance sheets. The balances held for the Company’s customers totaled $78.2 million and $17.5 million at December 31, 2025 and 2024, respectively.

Legal Proceedings

The Company is a defendant in, or a party to, legal actions related to matters that arise in connection with the conduct of the Company’s business. The Company operates in a highly regulated industry and is routinely subject to examinations, investigations, subpoenas, inquiries and reviews by various governmental and regulatory agencies. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal and regulatory proceedings utilizing the latest information available. The Company accrues for estimated losses when they are probable to occur and such losses are reasonably estimable. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The actual costs of resolving these proceedings may be substantially higher or lower than the amounts accrued. Based on the Company’s current understanding of pending legal and regulatory actions and proceedings, management does not believe that possible losses in excess of the amounts accrued arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, unfavorable resolutions could affect the Company’s consolidated financial position, results of operations or cash flows for the period in which they are resolved.

Cybersecurity Incident

The Company is cooperating with various state regulators and attorneys general regarding ongoing investigations into the Cybersecurity Incident. While the ultimate dispositions of the investigations are not yet determinable, the Company does not believe that a loss is reasonably estimable in these matters at this time.

Employment Litigation

On September 21, 2021, a former senior operations officer filed a complaint, as subsequently amended, with the Superior Court of the State of California, County of Orange. The complaint originally named the Company, an executive officer, and a former executive officer as defendants, and alleged loan origination noncompliance and various employment-related claims, including hostile work environment and gender discrimination. The claims against the two executive officers were dismissed by the court in 2022. Plaintiff's claims regarding improper origination of loan documents, gender discrimination and several other ancillary employment claims were dismissed as a result of several pre-trial motions filed on behalf of the Company. On February 7, 2025, a unanimous jury returned a verdict in favor of loanDepot regarding the remaining claims in the litigation. Plaintiff filed a notice of appeal of the jury verdict on April 15, 2025. To date, including $571,000 on February 2, 2026, the court has awarded loanDepot approximately $750,000 for attorneys’ fees and other costs as sanctions against the plaintiff and her counsel for bringing frivolous claims and engaging in other inappropriate conduct. The Company does not believe that a loss is probable or that the amount of loss is reasonably estimable in this matter at this time.

Telephone Consumer Protection Act Class Actions

The Company is a defendant in multiple putative class action lawsuits alleging violations of the Telephone Consumer Protection Act, 47 U.S.C. § 227 (“TCPA”), related to marketing and customer communications. Of these actions, Jeffrey Kearns v. loanDepot.com, LLC (“Kearns”), filed in June 2022 has been certified as a class action and is pending in the in the United States District Court for the Central District of California. The remaining actions are in various stages of litigation and have not been certified as classes. Absent class certification, the Company believes these other actions are ordinary routine litigation matters incidental to our business. Kearns seeks actual and statutory damages under the TCPA, injunctive relief, and

attorneys’ fees and costs. The Company believes it has substantial defenses to the Kearns lawsuit and it continues to vigorously defend against it. The Company does not believe that a loss is reasonably estimable in Kearns at this time.

Truth in Lending Act Class Action

In July 2025, five loanDepot borrowers filed a putative class action lawsuit in the United States District Court for the District of Maryland. The lawsuit alleges that the Company violated the Truth in Lending Act (“TILA”) by requiring loan officers to transfer retail borrowers’ loans to Internal Loan Consultants in certain circumstances and reducing the compensation those loan officers received on those loans. The Company believes it has substantial defenses to this lawsuit, and it continues to vigorously defend against it. The Company does not believe that a loss is probable or that the amount of loss is reasonably estimable in this matter at this time.

Antitrust Class Action

In October 2025, a group of borrowers, none of which have loans with loanDepot.com, LLC, filed a putative class action lawsuit in the United States District Court for the Middle District of Tennessee against mortgage technology software provider Optimal Blue and 29 lender-users of its software, including loanDepot.com, LLC. The lawsuit alleges that the defendants violated Section 1 of the Sherman Act by conspiring with each other to exchange competitively sensitive information through the use of such software, allegedly reducing competition and in turn increasing mortgage costs. On February 23, 2026, the plaintiffs filed an amended complaint that did not name loanDepot.com, LLC.

Privacy Class Action

In December 2025, a putative class action lawsuit was filed in the Superior Court of California, County of Alameda, against loanDepot.com, LLC, alleging that certain cookies and other “tracking technologies” collected website activity data even if visitors declined consent using the “Cookie Preferences” tool. The lawsuit alleges violations of the California Invasion of Privacy Act (“CIPA”), breach of contract, and violation of the California Unfair Competition Law. The complaint seeks actual and statutory damages under the CIPA, equitable relief, credit monitoring for the class, and attorneys’ fees and costs. The Company believes it has substantial defenses to this lawsuit and will vigorously defend against it. The Company does not believe that a loss is probable or that the amount of loss is reasonably estimable in this matter at this time.

Commitments to Extend Credit

The Company enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the customer does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor’s residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans as of December 31, 2025 and December 31, 2024 approximated $2.5 billion and $1.8 billion, respectively. These loan commitments are treated as derivatives and are carried at fair value, refer to Note 6 - Derivative Financial Instruments and Hedging Activities for further information on derivatives.

Loan Loss Obligation for Sold Loans

When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company establishes a loan repurchase reserve for losses associated with repurchase loan obligations if the Company breached a representation or warranty given to the loan purchaser. Additionally, the Company’s loan loss obligation for sold loans includes an estimate for losses associated with early payoffs and early payment defaults. Charge-offs associated with early payoffs, early payment defaults and losses related to representations, warranties, and other provisions are also included.

The activity related to the loan loss obligation for sold loans is as follows:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	18,417	$	31,980	$	70,797
Provision (recovery) for loan loss obligations	8,734		(6,348)		8,179
Charge-offs	(11,035)		(7,215)		(46,996)
Balance at end of period	$	16,116	$	18,417	$	31,980

Obligation for Sold MSRs

The Company recognizes sales of mortgage servicing rights as sales if title passes, substantially all risks and rewards of ownership have irrevocably passed to the purchaser, and any protection provisions retained by the Company are minor and can be reasonably estimated. If a sale is recognized and only minor protection provisions exist, a liability for the estimated obligation associated with those provisions is recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The Company establishes a reserve related to the reimbursement of the purchase price for any loans that are prepaid in full within 90 days of the MSR sale transaction. The obligation for sold MSRs was $0.6 million and $2.9 million as of December 31, 2025 and December 31, 2024, respectively

TRA Liability

As part of the IPO and reorganization, the Company has entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability with amounts accrued when deemed probable and estimable. The Company recognized a TRA liability of $109.1 million and $80.2 million as of December 31, 2025 and 2024, respectively, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA as a result of the offering transaction. The amounts payable under the TRA will vary depending on several factors including the number of LLC units exchanged for Class A common stock, the amount of taxable income attributable to loanDepot, Inc., and the Company’s ability to realize the tax benefits in a given year. Refer to Note 19 - Related Party Transactions for further detail on the payments.

REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	12 Months Ended
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	Dec. 31, 2025
Mortgage Banking [Abstract]
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS The Company is subject to financial eligibility requirements including minimum capital and liquidity requirements established by HUD, FHFA for Fannie Mae and Freddie Mac seller/servicers, and Ginnie Mae for single family issuers. Failure to maintain minimum capital and liquidity requirements can result in FHFA and Ginnie Mae taking various remedial actions up to and including removing the Company's ability to sell loans to, or securitize loans with, and service loans on behalf of FHFA and Ginnie Mae. The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $343.1 million as of December 31, 2025. As of December 31, 2025, the Company was in compliance with its regulatory capital and liquidity requirements.

- Definition

The entire disclosure for a mortgage banking entity related to capital requirements imposed by secondary market investors or state imposed regulatory mandates. The disclosure may include: (1) a description of the minimum net worth requirements related to (a) secondary market investors and (b) state-imposed regulatory mandates; (2) actual or possible material effects of noncompliance; (3) whether the entity is in compliance with the regulatory capital requirements, including (a) the entity's required and actual net worth amounts, (b) factors that may significantly affect adequacy of net worth such as potentially volatile components of capital, qualitative factors, or regulatory mandates; and (4) possible affects of noncompliance on amounts and disclosures in the notes to the financial statements. Servicers with net worth requirements from multiple sources may disclose (1) significant servicing covenants with secondary market investors with commonly defined servicing requirements (2) any other secondary market investor where violation of the requirement would have a significant adverse effect and (3) the most restrictive third party agreement, if not included above. The disclosure may also include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

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+ Details

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2025
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company’s organizational structure is currently comprised of one operating segment. This determination is based on the organizational structure which reflects how the chief operating decision maker evaluates the performance of the business. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM evaluates the performance of the business based on the measurement of consolidated net income (loss). The CODM uses this consolidated measure to allocate resources, assess the performance of the business and for making key operating decisions such as, but not limited to, approving operating budgets and forecasts, entering into significant contracts, hiring of key management or executive personnel, making significant capital investment decisions and/or implementing company-wide strategy. As the Company operates as one operating segment, financial data provided in the consolidated financial statements, including total net revenues of $1.2 billion, consolidated net loss of $107.5 million, and total assets of $6.9 billion, represent the performance of our single reportable segment. The consolidated statements of operations reflect the same level of significant expense categories regularly provided to the CODM for decision-making purposes. General and administrative expense reported in the consolidated statements of operations includes office and equipment expense, professional fees such as legal, compliance, consulting, and expenses for audit and tax services, data processing, telecommunications, travel and entertainment and other general expenses. For the year ended December 31, 2025, there was no change in segmentation or measurement methods for segment reporting.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408 of Regulation S-K), except as set forth below.

Name and Title

Type of Plan

Date Plan Adopted/ Terminated

Duration

Aggregate Number of Shares to be Purchased or Sold

Anthony Hsieh, Executive Chairman, Chief Executive Officer and President

Rule 10b5-1 trading arrangement

Adopted December 9, 2025

Earliest first trade date is the third business day following the filing of this Annual Report on Form 10-K and the maximum duration is March 8, 2027

Sell up to 9,600,000 shares of Class A Common Stock, subject to certain conditions

Jeff DerGurahian, Chief Investment Officer and Head Economist

Rule 10b5-1 trading arrangement

Adopted November 25, 2025

Earliest first trade date is the third business day following the filing of this Annual Report on Form 10-K and the maximum duration is February 26, 2027

Sell up to 2,000,000 shares of Class A Common Stock, subject to certain conditions

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jeff DerGurahian [Member]

Trading Arrangements, by Individual

Name

Jeff DerGurahian

Title

Chief Investment Officer and Head Economist

Rule 10b5-1 Arrangement Adopted

true

November 25, 2025

February 26, 2027

458 days

2,000,000

Anthony Hsieh [Member]

Trading Arrangements, by Individual

Name

Anthony Hsieh

Title

Executive Chairman, Chief Executive Officer and President

Rule 10b5-1 Arrangement Adopted

true

December 9, 2025

March 8, 2027

454 days

9,600,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	In the ordinary course of our business, we receive, process, retain, transmit and store proprietary information and sensitive or confidential data, including certain public and nonpublic personal information concerning employees, borrowers and other customers and potential customers. In addition, we enter into relationships with third-party vendors to assist with various aspects of our business, some of which require the exchange of personal employee or customer information. The secure maintenance of this information and our information technology systems is important to our operations and business strategy. To this end, we have implemented processes designed to assess, identify, and manage risks from potential unauthorized occurrences on or through our information technology systems, including those pertaining to third-party service providers, that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein. These processes are managed and monitored by dedicated information security teams, including technology risk, cybersecurity operations, cybersecurity engineering, and identity and access management, led by our Chief Information Security Officer (“CISO”). These teams collectively manage and monitor mechanisms, controls, technologies, systems, and other processes designed to prevent or mitigate data loss, theft, misuse, access, or other security incidents or vulnerabilities affecting our data, digital assets and systems in furtherance of maintaining a secure information technology environment. For example, we conduct penetration and vulnerability testing, data recovery testing, security audits, and ongoing risk assessments, including due diligence on and audits of our key technology vendors, and other contractors and suppliers. We also conduct regular employee training on phishing and other cyber and information security topics, including with the use of simulation exercises. In addition, we consult with outside advisors and experts, when appropriate, to assist with assessing, identifying, and managing cybersecurity risks, including to anticipate future threats and trends, and their impact on the Company’s risk environment. We also utilize a third party for cybersecurity incident monitoring and response. Our CISO, who reports to the Chief Digital Officer and has over twenty years of experience managing information technology and cybersecurity matters, together with our senior leadership team, is responsible for assessing and managing cybersecurity risks. The CISO receives regular reports prepared by experienced information security officers on cybersecurity threats, based on data from the Information Security Department and, in conjunction with management, regularly reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks. Certain risk topics, such as cybersecurity and compliance, are regularly discussed at Enterprise Risk Management Committee (consisting of executive management) meetings, and are included in reports to the Board and Audit Committee. We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management program. While we have identified risks from cybersecurity threats, such risks have not materially affected us, including our business strategy, results of operations or financial condition, with the exception of the Cybersecurity Incident, as disclosed in a Current Report filed by the Company on Form 8-K on January 8, 2024, as amended on January 22, 2024 and February 27, 2024, and in subsequent filings with the SEC. We recognized $1.8 million of expenses related to the Cybersecurity Incident during fiscal 2025 and $24.6 million of related expenses, net of insurance recoveries, during fiscal 2024, including amounts paid to settle lawsuits related to this Cybersecurity Incident. Further, we have engaged with and continue to engage with regulators related to the Cybersecurity Incident. We expect to have additional expenses and other related impacts associated with this Cybersecurity Incident, including costs associated with any related future litigation or regulatory matters, which could have a material effect on our financial condition or on our results of operations. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Cyberattacks, information or security breaches and technology disruptions or failures, including failure of internal operational or security systems or infrastructure, or other cybersecurity incidents of ours or of our third-party vendors, could damage our business operations and increase our costs.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In the ordinary course of our business, we receive, process, retain, transmit and store proprietary information and sensitive or confidential data, including certain public and nonpublic personal information concerning employees, borrowers and other customers and potential customers. In addition, we enter into relationships with third-party vendors to assist with various aspects of our business, some of which require the exchange of personal employee or customer information. The secure maintenance of this information and our information technology systems is important to our operations and business strategy. To this end, we have implemented processes designed to assess, identify, and manage risks from potential unauthorized occurrences on or through our information technology systems, including those pertaining to third-party service providers, that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein. These processes are managed and monitored by dedicated information security teams, including technology risk, cybersecurity operations, cybersecurity engineering, and identity and access management, led by our Chief Information Security Officer (“CISO”). These teams collectively manage and monitor mechanisms, controls, technologies, systems, and other processes designed to prevent or mitigate data loss, theft, misuse, access, or other security incidents or vulnerabilities affecting our data, digital assets and systems in furtherance of maintaining a secure information technology environment.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors, as a whole and at the committee level, oversees our enterprise risk management program, the most significant risks facing us and our processes to identify, prioritize, assess, manage, and mitigate those risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives regularly scheduled and as needed updates on cybersecurity and information technology matters and related risk exposures from our CISO and Chief Digital Officer. The Board also receives periodic updates on cybersecurity risks
Cybersecurity Risk Role of Management [Text Block]	Our CISO, who reports to the Chief Digital Officer and has over twenty years of experience managing information technology and cybersecurity matters, together with our senior leadership team, is responsible for assessing and managing cybersecurity risks. The CISO receives regular reports prepared by experienced information security officers on cybersecurity threats, based on data from the Information Security Department and, in conjunction with management, regularly reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks. Certain risk topics, such as cybersecurity and compliance, are regularly discussed at Enterprise Risk Management Committee (consisting of executive management) meetings, and are included in reports to the Board and Audit Committee
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO, who reports to the Chief Digital Officer and has over twenty years of experience managing information technology and cybersecurity matters, together with our senior leadership team, is responsible for assessing and managing cybersecurity risks. The CISO receives regular reports prepared by experienced information security officers on cybersecurity threats, based on data from the Information Security Department and, in conjunction with management, regularly reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks. Certain risk topics, such as cybersecurity and compliance, are regularly discussed at Enterprise Risk Management Committee (consisting of executive management) meetings, and are included in reports to the Board and Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO, who reports to the Chief Digital Officer and has over twenty years of experience managing information technology and cybersecurity matters, together with our senior leadership team, is responsible for assessing and managing cybersecurity risks
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO, who reports to the Chief Digital Officer and has over twenty years of experience managing information technology and cybersecurity matters, together with our senior leadership team, is responsible for assessing and managing cybersecurity risks. The CISO receives regular reports prepared by experienced information security officers on cybersecurity threats, based on data from the Information Security Department and, in conjunction with management, regularly reviews risk management measures implemented by the Company to help identify and mitigate data protection and cybersecurity risks. Certain risk topics, such as cybersecurity and compliance, are regularly discussed at Enterprise Risk Management Committee (consisting of executive management) meetings, and are included in reports to the Board and Audit Committee. We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management program. While we have identified risks from cybersecurity threats, such risks have not materially affected us, including our business strategy, results of operations or financial condition, with the exception of the Cybersecurity Incident, as disclosed in a Current Report filed by the Company on Form 8-K on January 8, 2024, as amended on January 22, 2024 and February 27, 2024, and in subsequent filings with the SEC. We recognized $1.8 million of expenses related to the Cybersecurity Incident during fiscal 2025 and $24.6 million of related expenses, net of insurance recoveries, during fiscal 2024, including amounts paid to settle lawsuits related to this Cybersecurity Incident. Further, we have engaged with and continue to engage with regulators related to the Cybersecurity Incident. We expect to have additional expenses and other related impacts associated with this Cybersecurity Incident, including costs associated with any related future litigation or regulatory matters, which could have a material effect on our financial condition or on our results of operations. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Cyberattacks, information or security breaches and technology disruptions or failures, including failure of internal operational or security systems or infrastructure, or other cybersecurity incidents of ours or of our third-party vendors, could damage our business operations and increase our costs.” The Board of Directors, as a whole and at the committee level, oversees our enterprise risk management program, the most significant risks facing us and our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives regularly scheduled and as needed updates on cybersecurity and information technology matters and related risk exposures from our CISO and Chief Digital Officer. The Board also receives periodic updates on cybersecurity risks. In addition, we have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to the Audit Committee and the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

Consolidation and Basis of Presentation

The Company's consolidated financial statements are prepared in accordance with GAAP as codified in the FASB’s Accounting Standards Codification (“ASC”). The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. LD Holdings is considered a VIE, and the financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc. The consolidated net earnings or loss are allocated to noncontrolling interests to reflect the entitlement of certain members that still hold Class A holdings units (“Holdco Units”) and Class C common stock, (“Continuing LLC Members”) as of the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. Certain items in prior periods were reclassified to conform to the current presentation.

Basis of Presentation