LDI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-06

• The decrease in net loss of $18.7 million was primarily due to a $54.8 million increase in total net revenues, partially offset by a $29.1 million increase in total expenses. The increase in total revenues was primarily due to a decrease in loss from change in fair value of servicing rights, net, an…

• General and Administrative Expense. General and administrative expense includes professional fees, data processing expense, communications expense, and other operating expenses. The $7.8 million or 19.6% increase in general and

• administrative expense included a $4.4 million increase in legal expense due to an insurance recovery in the second quarter of the prior year, a $2.2 million increase in office and equipment expenses primarily related to software subscriptions, a $1.6 million loss on disposal of fixed assets, and a …

• Other Interest Expense. The $2.1 million or 4.9% decrease in other interest expense was the result of the $1.2 million gain on debt extinguishment related to the repurchase of senior notes and a $1.0 million decrease in MSR interest expense.

• Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• The increase in net loss of $14.2 million was primarily due to a $21.8 million increase in total expenses, offset by a $12.8 million increase in total net revenues. The increase in total expenses was primarily due an increase in personnel expense driven by an increase in headcount and an increase in…

• Accounts payable, accrued expenses and other liabilities 374,374349,35025,024 7.2

• Cash and Cash Equivalents. The $59.8 million or 17.7% decrease in cash and cash equivalents relates to increases in restricted cash, haircuts on warehouse lines, retained servicing rights, and net losses, offset by an increase in debt obligations.

• Restricted Cash. Restricted cash was $79.8 million as of March 31, 2026 compared to $63.8 million as of December 31, 2025 representing an increase of $16.0 million or 25.1%. The increase was primarily the result of increases in cash collateral associated with derivative activities and debt obligatio…

• Loans Held for Sale, at Fair Value. The $101.2 million or 3.2% increase reflects $7.6 billion in loan originations and $237.9 million in repurchases, partially offset by $7.7 billion in loan sales, $28.8 million in fair value losses, and $14.5 million in principal payments.

Text added vs the prior filing · source: 10-Q · 2026-08-06

• IRLCs represent an agreement to extend credit to a potential customer, whereby the interest rate on the loan is set prior to funding. Both IRLCs and LHFS, are subject to changes in interest rates from the date of the commitment through the sale of the loan into the secondary market. Accordingly, we …

• from the date of the lock commitment through (i) the lock commitment cancellation or expiration date, or (ii) the date of sale into the secondary mortgage market. The average term for outstanding interest rate lock commitments at June 30, 2026 was 34 days; and our average holding period of the loan …

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• IRLCs represent an agreement to extend credit to a potential customer, whereby the interest rate on the loan is set prior to funding. Both IRLCs and LHFS, are subject to changes in interest rates from the date of the commitment through the sale of the loan into the secondary market. Accordingly, we …

Text added vs the prior filing · source: 10-Q · 2026-08-06

• On August 5, 2026, the Compensation Committee of our Board of Directors approved a global amendment (the “Global Amendment”) to all performance restricted stock units (“PSUs”) granted on March 16, 2026, including the 518,867 PSUs granted to David Hayes, our Chief Financial Officer, and the 393,081 P…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• On May 6, 2026, Anthony Hsieh and the Company entered into an Executive Employment Agreement (the “Hsieh Agreement”), effective as of March 1, 2026, with Mr. Hsieh that provides for at-will employment for his services as Chief Executive Officer and President. The Hsieh Agreement provides for (i) an …

• Pursuant to the Hsieh Agreement, Mr. Hsieh would be entitled to receive certain payments and benefits in connection with certain terminations of employment, as follows:

• •In the event Mr. Hsieh is involuntarily terminated without “cause” or resigns for “good reason” not in connection with a “change in control” (each as defined in the Hsieh Agreement) (together, a “Hsieh Covered Termination”), Mr. Hsieh would be entitled to receive the earned, but unpaid portion of h…

• •Upon a Hsieh Covered Termination during the period beginning 3 months prior to a change in control and ending 24 months after a change in control, Mr. Hsieh would be entitled to receive the earned, but unpaid portion of his annual bonus for the prior fiscal year (if applicable) and, subject to his …

• •Upon a Hsieh Covered Termination during the period beginning 3 months prior to a change in control and ending 24 months after a change in control, Mr. Hsieh would be entitled to receive the earned, but unpaid portion of his annual bonus for the prior fiscal year (if applicable) and, subject to his …