LDI earnings analysis
What we found in LDI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
loanDepot (LDI) reported Q1 2026 results showing a decline in revenue by 8% from prior quarter and a significant net loss of $54.9 million. The company struggled with high operational costs, leading to a diluted EPS of -$0.146, which fell short of expectations. Management highlighted the ongoing challenges posed by elevated interest rates and geopolitical tensions, while positive trends were noted in gaining market share through strategic partnerships.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 8%
- Revenue for Q1 2026 was $286.39 million, down from the estimated $299.74 million.
- Increased Market Share
- Loan originations rose to $7.66 billion in Q1 2026, compared to $5.17 billion in Q1 2025, up 48.2%.
- Operational Costs Increased
- Personnel expenses jumped 16.8% to $175.37 million, driven by a higher headcount.
- Servicing Portfolio Growth
- Total servicing portfolio reached $120.67 billion, a 3% increase from the previous year.
- Improved Servicing Fee Income
- Servicing fee income rose 4.3% to $108.75 million, reflecting a growing servicing portfolio.
- Strategic Partnership with Figure
- Announced a partnership with Figure Technology to enhance digital transformation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Tensions
- Ongoing geopolitical tensions, particularly in Iran, are impacting mortgage rates and affordability.
- High Net Loss
- Net loss for Q1 was $54.94 million, worsened from $40.7 million in Q1 2025.
- Decline in Interest Income
- Net interest income decreased by 18.3% to $2.7 million due to increased financing costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.146
- Segment
- Loan Origination
- Segment
- Servicing
- Segment
- Other Income
What they said about what is next.
Management anticipates continued challenges with origination volumes, projecting Q2 origination between $7.25 billion and $9.25 billion.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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