United Wholesale Mortgage retained the top spot in mortgage origination volume in 2024, maintaining the lead it claimed over Rocket Mortgage the previous year, according to Home Mortgage Disclosure Act data. Data on 2025 home buying will be released in spring 2026. While thousands of lenders originated mortgages in 2024, most of the activity is concentrated at the top: The 10 largest mortgage lenders accounted for more than 21% of all U.S. home loans originated and nearly 26% of the dollar volume of loans ...

On December 31, 2025, loanDepot, Inc. ( LDI ) shares were trading at $2. As readers can see in the image below, the stock reached $3.14 last Friday, before settling at $2.91 at current levels. This represents a 37% increase from the local high and aAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receivi ...

On December 31, 2025, loanDepot, Inc. ( LDI ) shares were trading at $2. As readers can see in the image below, the stock reached $3.14 last Friday, before settling at $2.91 at current levels. This represents a 37% increase from the local high and aAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receivi ...

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The investment strategy involves seeking deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The strategy also includes identifying wide moat stocks, which are high-quality businesses with sustainable competitive advantages [1] Group 2: Research Service - The research service, Asia Value & Moat Stocks, provides value investors with ideas and monthly updates on potential investment opportunities in the Asian equity market [1] - The service is led by an analyst with over a decade of experience in both buy and sell sides of the market, specializing in Asian equities [1]

Asia Value & Moat Stocks is a research service for value investors seeking Asia-listed stocks with a huge gap between price and intrinsic value, leaning towards deep value balance sheet bargains (i.e. buying assets at a discount e.g. net cash stocks, net-nets, low P/B stocks, sum-of-the-parts discounts) and wide moat stocks (i.e. buying earnings power at a discount in great companies like "Magic Formula" stocks, high-quality businesses, hidden champions and wide moat compounders). Sign up here to get starte ...

Market Overview - Stock futures are modestly higher following the December nonfarm payrolls report and ahead of a Supreme Court decision on President Trump's tariff policy [1] - Major indexes have shown resilience early in 2026 after a strong finish to 2025, but gains have faced headwinds due to cooling tech momentum and uncertainty around labor data affecting Federal Reserve policy expectations [1] Sector Performance - Defensive sectors such as energy and mining have demonstrated relative strength, while value-oriented and cyclical areas are gaining attention amid market rotation [2] - Safe-haven assets like gold have seen increased demand as risk sentiment fluctuates [2] Pre-Market Trading - In pre-market trading, S&P 500 futures rose by 0.33%, Nasdaq futures increased by 0.42%, and Dow futures were up by 0.32% [2] Company Movements - Oklo (OKLO) is up 18% after announcing an agreement with Meta Platforms (META) to develop a 1.2 GW power campus in Pike County, Ohio [5] - Vistra (VST) increased by 17% after entering into 20-year purchase power agreements to provide over 2,600 megawatts of zero-carbon energy from three nuclear plants for Meta's operations [5] - Intel (INTC) rose by 2% following President Trump's positive remarks about a meeting with CEO Lip-Bu Tan [5] - Offerpad Solutions (OPAD) surged by 48%, LoanDepot (LDI) increased by 16%, Opendoor Technologies (OPEN) rose by 11%, Rocket Companies (RKT) was up by 6%, and UWM Holdings (UWMC) also increased by 6% [5] - Conversely, Aquestive Therapeutics (AQST) fell by 37% after the FDA identified deficiencies in its Anaphylm NDA, while AXT Inc. (AXTI) dropped by 14% after cutting its Q4 revenue outlook [5]

Core Insights - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by approximately 200 points on Friday [1] Company Highlights - CG Oncology Inc (NASDAQ:CGON) saw its shares rise by 21.8% to $51.05 after announcing an expedited timeline for topline data from the Phase 3 PIVOT-006 clinical trial, now expected in the first half of 2026 [1][2] - Rich Sparkle Holdings Ltd (NASDAQ:ANPA) surged 113.6% to $51.70 following a $39 million offering of 3 million ordinary shares at $13 per share [3] - NovaBay Pharmaceuticals Inc (NYSE:NBY) increased by 34.4% to $12.81 [3] - Quanterix Corp (NASDAQ:QTRX) gained 29.3% to $8.42 after naming Everett Cunningham as President and CEO, effective January 19 [3] - MoonLake Immunotherapeutics (NASDAQ:MLTX) rose 21.7% to $17.45 after receiving FDA feedback on its clinical evidence strategy for Sonelokimab in Hidradenitis Suppurativa [3] - Enliven Therapeutics Inc (NASDAQ:ELVN) increased by 21.5% to $28.24, sharing positive initial data from its Phase 1b ENABLE trial for ELVN-001 in chronic myeloid leukemia [3] - Aeva Technologies Inc (NASDAQ:AEVA) surged 21.2% to $20.47 [3] - Loandepot Inc (NYSE:LDI) rose 20.1% to $2.93 [3] - ASP Isotopes Inc (NASDAQ:ASPI) increased by 19.7% to $7.71 [3] - Allogene Therapeutics Inc (NASDAQ:ALLO) gained 19.5% to $1.78 [3] - Opendoor Technologies Inc (NASDAQ:OPEN) rose 19.2% to $7.67 following a new housing market proposal by President Donald Trump [3] - Liquidia Corp (NASDAQ:LQDA) jumped 14% to $36.22 after announcing preliminary full-year 2025 YUTREPIA net sales [3] - Vistra Corp (NYSE:VST) gained 13.1% to $170.34 after entering into 20-year power purchase agreements for zero-carbon nuclear energy to support Meta's operations [3] - Oklo Inc (NYSE:OKLO) rose 12.6% to $109.95 after announcing an agreement with Meta for a 1.2 gigawatt power campus [3] - Applied Digital Corp (NASDAQ:APLD) surged 11.8% to $35.72, reporting strong second-quarter results and advanced talks with a new hyperscaler tenant [3] - AST SpaceMobile Inc (NASDAQ:ASTS) gained 10% to $99.65 [3] - SanDisk Corp (NASDAQ:SNDK) increased by 9.6% to $366.93 [3] - Mirion Technologies Inc (NYSE:MIR) rose 9.5% to $26.56 [3] - TTM Technologies Inc (NASDAQ:TTMI) gained 9.1% to $72.94 [3] - SoundHound AI Inc (NASDAQ:SOUN) rose 8.5% to $11.96 [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) gained 8.3% to $112.64, with B. Riley Securities maintaining a Buy rating and raising the price target from $105 to $128 [3]

Company Overview - LoanDepot, Inc. (LDI) is a leading U.S. mortgage originator and refinancer, having issued around $30 billion in loans last year, a decline from approximately $100 billion in 2020 due to rising interest rates rather than fundamental weaknesses [2] - The company operates in 20 countries with roughly 5,000 employees and has a market capitalization near $2 billion [3] Market Dynamics - LDI's business contracts when interest rates rise but expands significantly when they fall, indicating a leveraged upside potential during any sustained easing cycle [2] - The current environment presents a contrarian entry point with asymmetric upside potential once rate pressures subside and refinancing demand rebounds [4] Financial Performance - As of December 1st, LDI's shares were trading at $2.7100, with a forward P/E ratio of 26.95 [1] - The stock previously traded above $30 during the low-rate environment of 2021, suggesting potential for material rerating once macro conditions improve [3] Investor Sentiment - Concerns regarding insider selling are considered overstated, as the CEO's compensation is heavily equity-based and insider ownership remains high at approximately 85%, indicating strong alignment with shareholders [3] - At the end of the second quarter, 8 hedge fund portfolios held LDI, a decrease from 14 in the previous quarter, suggesting a shift in investor interest [6]

Financial Performance - Total net revenues for the three months ended September 30, 2025, were $323.3 million, an increase from $314.6 million in the same period of 2024, representing a growth of 2.3%[15] - Net interest income for the three months ended September 30, 2025, was $3.1 million, compared to a net expense of $0.8 million in the same period of 2024[15] - Gain on origination and sale of loans for the three months ended September 30, 2025, was $201.3 million, up from $198.0 million in the same period of 2024, reflecting a growth of 1.2%[15] - Total expenses for the three months ended September 30, 2025, were $333.6 million, compared to $311.0 million in the same period of 2024, an increase of 7.3%[15] - The net loss attributable to loanDepot, Inc. for the three months ended September 30, 2025, was $4.9 million, compared to a net income of $1.4 million in the same period of 2024[15] - The company reported a net loss of $(8,734,000) for the quarter ending September 30, 2025, compared to a net loss of $(4,882,000) for the previous quarter, indicating a deterioration in financial performance[18] - Net loss for the nine months ended September 30, 2025, was $74,704 thousand, compared to a net loss of $134,685 thousand for the same period in 2024, representing a 44.5% improvement[22] - The Company reported a net loss allocated to common stockholders of $4.882 million for the three months ended September 30, 2025, and $40.166 million for the nine months ended September 30, 2025[112] Assets and Liabilities - Cash and cash equivalents as of September 30, 2025, were $459.2 million, an increase from $421.6 million as of December 31, 2024[13] - Total assets as of September 30, 2025, were $6.245 billion, a slight decrease from $6.344 billion as of December 31, 2024[13] - Total liabilities as of September 30, 2025, were $5.812 billion, down from $5.837 billion as of December 31, 2024[13] - The company reported a retained deficit of $592.4 million as of September 30, 2025, compared to $550.6 million as of December 31, 2024[13] - The total outstanding debt obligations net amounted to $2,090.9 million, an increase from $2,027.2 million as of December 31, 2024, reflecting a growth of approximately 3.1%[93] Equity and Shares - The weighted average shares outstanding for basic earnings per share for the three months ended September 30, 2025, were 211,442,981, compared to 185,385,271 for the same period in 2024[15] - As of September 30, 2024, the total equity of the company stands at $592,049,000, reflecting an increase from $578,938,000 as of June 30, 2024, representing a growth of approximately 2%[18] - The number of common shares outstanding increased from 85,982,810 on June 30, 2024, to 90,509,784 on September 30, 2024, marking an increase of approximately 5.9%[18] - The balance of Class A common stock increased to 90,509,784 shares as of September 30, 2024, from 85,982,810 shares as of June 30, 2024, reflecting a growth of approximately 5.9%[18] Cash Flow and Operating Activities - Cash used in operating activities for the nine months ended September 30, 2025, was $68,850 thousand, significantly reduced from $905,982 thousand in 2024[22] - Total cash and cash equivalents and restricted cash at the end of the period was $525,872 thousand, down from $578,641 thousand at the end of September 2024[24] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $22,892 thousand, a significant decrease from $459,874 thousand in 2024[24] Loan Origination and Sales - Proceeds from sales of loans for the nine months ended September 30, 2025, were $19,079,417 thousand, an increase from $16,742,208 thousand in 2024[22] - The Company originated and purchased loans totaling $6,398,006 during the three months ended September 30, 2025, compared to $6,545,027 in the same period of 2024[52] - The total gain on origination and sale of loans, net for the three months ended September 30, 2025, was $201,304, compared to $198,027 for the same period in 2024[53] Servicing Rights and Fees - The outstanding principal balance of the servicing portfolio increased to $118,228,146 as of September 30, 2025, from $115,971,984 as of December 31, 2024[59] - Total servicing fee income for the nine months ended September 30, 2025, was $324,270, compared to $373,273 for the same period in 2024, a decline of 13.1%[60] - The fair value of servicing rights, net, as of September 30, 2025, was $1,618,259, slightly up from $1,615,510 as of December 31, 2024[61] Risk and Compliance - The Company was in compliance with all financial covenants as of September 30, 2025, including minimum levels of profitability and liquidity[93] - The Company has been named as a defendant in 23 putative class action cases related to a cybersecurity incident, with a settlement agreement granted final approval on August 25, 2025[124] - The Company believes it has substantial defenses against the Telephone Consumer Protection Act class action lawsuit filed in June 2022, which seeks actual and statutory damages[129] Market Conditions and Future Outlook - The Company anticipates that interest rates will remain the primary benchmark for market risk for the foreseeable future, affecting loan origination volumes and margins[227] - Prepayment risk is influenced by interest rates and borrower actions, affecting the carrying value of servicing rights and expected servicing income[234]

Core Insights - loanDepot reported a quarterly loss of $0.01 per share, outperforming the Zacks Consensus Estimate of a loss of $0.04, and compared to earnings of $0.03 per share a year ago, resulting in an earnings surprise of +75.00% [1] - The company posted revenues of $323.32 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 13.61% and showing an increase from $314.6 million year-over-year [2] - loanDepot shares have increased approximately 36.8% since the beginning of the year, outperforming the S&P 500's gain of 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.03 on revenues of $277.8 million, and for the current fiscal year, it is -$0.19 on revenues of $1.12 billion [7] - The estimate revisions trend for loanDepot was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Financial - Mortgage & Related Services industry, to which loanDepot belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]