loanDepot Inc (LDI) 2025 Q3 法說會逐字稿

Good afternoon and welcome to loanDepot's third-quarter 2025 earnings call. (Operator Instructions)

下午好，歡迎參加 loanDepot 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations. Please go ahead.

現在我將把電話交給投資人關係資深副總裁 Gerhard Erdelji。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining our third-quarter 2025 earnings call. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Including but not limited to guidance to our pull-through weight, weighted rate lock volume, origination volume, pull-through weighted gain on sale margin, strategies, capabilities, and financial performance.

謝謝。各位下午好，感謝各位參加我們2025年第三季財報電話會議。在會議開始之前，我想提醒大家，本次電話會議可能包含有關公司未來營運和財務表現的前瞻性陳述。除歷史事實陳述外，所有其他陳述均可被視為前瞻性陳述。包括但不限於對我們的拉動權重、加權利率鎖定量、貸款發放量、拉動加權銷售利潤率、策略、能力和財務表現的指導。

These statements are based on the company's current expectations and available information. Actual results for future periods may differ materially from these forward-looking statements due to risks or other factors that are described in the risk factors section of our filings with the SEC. Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into analyzing and benchmarking the performance and value of our business and facilitating company to company operating performance comparisons.

這些聲明是基於公司目前的預期和現有資訊。由於我們在提交給美國證券交易委員會的文件的風險因素部分中描述的風險或其他因素，未來期間的實際結果可能與這些前瞻性聲明有重大差異。我們今天的簡報包含一些非GAAP財務指標，我們認為這些指標可以為分析和衡量我們業務的績效和價值提供更多見解，並有助於公司之間營運績效的比較。

For more details on these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP measures, please refer to today's earnings release, which is available on our website at investors.loandepot.com. A webcast and a transcript of this call will be posted on our website after the conclusion of this call.

有關這些非GAAP財務指標的更多詳情，包括與最直接可比較的GAAP指標的調節表，請參閱今天發布的收益報告，該報告可在我們的網站 investors.loandepot.com 上查閱。本次電話會議的網路直播和文字記錄將在會議結束後發佈在我們的網站上。

On today's call, we have loanDepot's Founder and Chief Executive Officer, Anthony Hsieh; and Chief Financial Officer, David Hayes. They will provide an overview of our quarter as well as our financial and operational results and outlook. We are also joined by Chief Investment Officer, Jeff DerGurahian; and Dominick Marchetti, Chief Digital Officer, to help answer your questions after our prepared remarks.

在今天的電話會議上，我們邀請了 loanDepot 的創辦人兼執行長 Anthony Hsieh 和財務長 David Hayes。他們將概述我們本季的業績，以及我們的財務和營運結果和展望。首席投資長 Jeff DerGurahian 和首席數位長 Dominick Marchetti 也將加入我們，在我們準備好的演講結束後，幫助回答您的問題。

And with that, I'll turn things over to Anthony to get us started. Anthony?

那麼，接下來就交給安東尼，讓他開始吧。安東尼？

Thank you, Gerhard. I appreciate everyone joining us on the call today. During the five months since I returned to loanDepot as CEO, we made significant changes to our business that aligned with our objective of growing our market share profitably. Before I speak to these achievements, let me first talk about our strategy and positioning in the marketplace today.

謝謝你，格哈德。感謝今天所有參加電話會議的各位。自從我五個月前回到 loanDepot 擔任 CEO 以來，我們對業務進行了重大調整，以實現我們盈利性地擴大市場份額的目標。在談到這些成就之前，我想先談談我們目前在市場上的策略和定位。

We continue to believe strongly in our diversified business model with best-in-class origination capabilities across multiple channels that provide access to purchase, refinance, and home equity lending opportunities across market cycles. These origination capabilities are complemented by our in-house servicing platform and recapture capabilities, all of which are enhanced by our technology assets and our nationally recognized brand.

我們依然堅信我們多元化的商業模式，憑藉一流的跨通路貸款發起能力，能夠在市場週期內提供購屋、再融資和房屋淨值貸款機會。這些業務拓展能力與我們的內部服務平台和業務回收能力相輔相成，所有這些都得益於我們的技術資產和全國知名的品牌。

This diversified strategy enables loanDepot to grow from a de novo startup in 2010 to at one point become the second largest retail lender in the country. We are confident this strategy will win in today's highly fragmented market and are committed to profitably regaining share. The key is execution, and our team is laser focused on our plan. Our actions in the third quarter reflect this focus.

這種多元化的策略使 loanDepot 從 2010 年的一家新創公司發展成為一度成為美國第二大零售貸款機構的公司。我們相信，這項策略將在當今高度分散的市場中取得成功，並致力於以獲利的方式重新奪回市場份額。關鍵在於執行，我們的團隊正全神貫注於我們的計劃。我們在第三季的行動體現了這個重點。

In the third quarter, we initiated a business transformation that included naming new leadership across all of our origination channels, consumer direct, retail, and partnership lending, as well as our in-house servicing platform. We also transformed our technology and innovation functions under new leadership.

第三季度，我們啟動了一項業務轉型，其中包括任命所有貸款發起管道（消費者直接貸款、零售貸款和合作貸款）以及我們內部服務平台的新領導層。在新領導階層的帶領下，我們也對技術和創新職能進行了改革。

In our consumer direct channel, we realigned our sales leadership team to catalyze new sales strategies under our next generation lending initiatives. We also announced the formation of a revenue operations and strategy function to be led by our returning Chief Strategy Officer Rick Calle.

在我們的消費者直銷管道中，我們調整了銷售領導團隊，以推動下一代貸款計畫下的新銷售策略。我們也宣布成立營收營運和策略部門，由回歸的首席策略長里克·卡勒領導。

On the marketing side, in October, our brand lit up on the national stage during the MLB postseason, which through the league Championship Series, enjoyed the highest viewership since 2017, including the ALCS and NLCS postseason viewership, average 4.5 million views per game. Looking beyond the baseball season, loanDepot Park will soon host some of the biggest events in professional sports, including the NHL Winter Classic and the World Baseball Classic, providing our brand with continued strong national exposure.

在行銷方面，10 月份，我們的品牌在 MLB 季後賽期間在全國舞台上大放異彩。 MLB 季後賽（包括美聯冠軍系列賽和國聯冠軍系列賽）的收視率創下了自 2017 年以來的最高紀錄，平均每場比賽的收視人數達到 450 萬。展望棒球賽季之外，loanDepot Park 即將舉辦一些職業運動界最重要的賽事，包括 NHL 冬季經典賽和世界棒球經典賽，這將為我們的品牌帶來持續強大的全國性曝光。

In our retail and partnership channels, we announced new channel Presidents, Tom Fiddler and Dan Peña, respectively. Tom is reigniting the energy of our retail channel, emphasizing profitable organic growth and helping ensure our loan officers have access to the best-in-class products, tools, and operations in the industry. Dan is doubling down on our commitment to providing value to our home builder partners. Most recently, leading a new relationship with Bed and Bob Homes.

在我們的零售和合作夥伴通路中，我們分別宣布了新的通路總裁，湯姆·菲德勒和丹·佩尼亞。Tom 正在重振我們零售通路的活力，強調獲利性有機成長，並幫助確保我們的貸款專員能夠獲得業內一流的產品、工具和營運服務。丹加倍努力，致力於為我們的房屋建築商合作夥伴創造價值。最近，我們與 Bed and Bob Homes 建立了新的合作關係。

In September we announced the addition of Adam Saab to lead our Servicing business. Our Servicing capabilities and portfolio of customers are key parts of our strategy, particularly the flywheel effect of recapturing our existing customers for refinancing or purchase at no additional acquisition cost.

9 月我們宣布任命 Adam Saab 為我們的服務業務負責人。我們的服務能力和客戶組合是我們策略的關鍵組成部分，特別是透過重新吸引現有客戶進行再融資或購買，而無需額外獲取成本，從而產生飛輪效應。

In terms of innovation, our Chief Digital Officer, Dom Marchetti and Chief Innovation Officer, Sean DeJulia, who rejoined the company in August, have already made an impact by introducing AL capabilities to some of our most repeatable and scalable call center functions, both improving performance and driving down costs. Right now, we are pivoting the use of new and emerging technologies across sales, operations, and software engineering. With an expectation that these innovations will improve the customer experience while driving improved productivity and lower our cost of production. We are just scratching the surface of what this team can do.

在創新方面，我們的首席數位長 Dom Marchetti 和首席創新長 Sean DeJulia（於 8 月重新加入公司）已經通過將 AL 功能引入我們一些最可重複和可擴展的呼叫中心功能而產生了影響，既提高了績效，又降低了成本。目前，我們正在調整銷售、營運和軟體工程領域中新興技術的使用方式。我們期望這些創新能改善客戶體驗，同時提高生產效率並降低生產成本。我們目前所看到的只是這支隊伍能力的冰山一角。

And last but certainly not least, in terms of leadership talent, just yesterday we announced Nikul Patel as our Chief Growth Officer. He will be responsible for growth opportunities, acquisition activities, and customer engagement, helping the company capitalize on AL disruption and accelerate our momentum. Nikul is a significant hire that brings a proven track record of success, deep fintech expertise, and a strategic mindset, completing the company's leadership transformation.

最後但同樣重要的是，在領導人才方面，就在昨天，我們宣布尼庫爾·帕特爾 (Nikul Patel) 擔任我們的首席增長官。他將負責成長機會、收購活動和客戶互動，幫助公司利用人工智慧的顛覆性變革，加速發展動能。Nikul 的加入意義重大，他擁有卓越的成功記錄、深厚的金融科技專業知識和策略思維，完成了公司的領導轉型。

To recap, the third quarter was a period of significant change for our organization focused on establishing the leadership team that will execute our plan for profitable market share growth. We believe in our strategy and the positioning of our assets in this highly fragmented market. Our focus is on execution, which we look forward to sharing our progress along the way.

總而言之，第三季是我們組織經歷重大變革的時期，重點是建立領導團隊，以執行我們實現盈利性市場份額成長的計劃。我們對自身的策略以及在這個高度分散的市場中的資產定位充滿信心。我們專注於執行，並期待在過程中與大家分享我們的進展。

With that, I will now turn the call over to Dave, who will take us through our financial results in more detail, David?

接下來，我將把電話交給戴夫，他將更詳細地為我們介紹我們的財務業績，戴夫？

Thanks, Anthony, and good afternoon, everyone. The third quarter reflected the benefits of higher revenue and contained expense growth from positive operating leverage. We reported an adjusted net loss of $3 million in the third quarter compared to an adjusted net loss of $16 million in the second quarter of 2025 due primarily to higher loss volume, higher pull-through weighted gain on sale margin, higher servicing revenue offset somewhat by higher expenses.

謝謝你，安東尼，大家下午好。第三季受益於更高的收入和積極的經營槓桿作用，控制了支出成長。我們報告稱，第三季經調整後的淨虧損為 300 萬美元，而 2025 年第二季經調整後的淨虧損為 1,600 萬美元，這主要是由於損失量增加、銷售加權收益利潤率提高、服務收入增加，但部分被更高的支出所抵消。

During the third quarter, pull-through weighted rate locks volume was $7 billion which represented a 10% increase from the prior quarter's volume of $6.3 billion. Whole through weighted rate lock volume came in within the guidance we issued last quarter of $5.25 billion to $7.25 billion and contributed to adjusted total revenue of $325 million which compared to $292 million in the second quarter of 2025.

第三季度，拉動式加權利率鎖定交易額為 70 億美元，比上一季的 63 億美元成長了 10%。整體加權利率鎖定交易量符合我們上季發布的 52.5 億美元至 72.5 億美元的預期，並為調整後的總收入貢獻了 3.25 億美元，而 2025 年第二季為 2.92 億美元。

Our pull-through weight gain on sale margin for the third quarter came in at 339 basis points, within our guidance range of 325 to 350 basis points and compared to 330 basis points in the prior quarter. Our higher gain on sale margin primarily reflected a channel mix shift with a higher contribution from our direct channel and a lower contribution from our joint venture channel compared to the prior quarter. Our loan origination volume was $6.5 billion for the quarter, a decrease of 3% from the prior quarter's volume of $6.7 billion. This was also within the guidance we issued last quarter of between $5 billion and $7 billion.

第三季度，我們的銷售利潤率（拉動式增重）為 339 個基點，在我們 325 至 350 個基點的指導範圍內，而上一季為 330 個基點。與上一季相比，我們較高的銷售利潤率主要反映了通路組合的變化，其中直銷通路的貢獻增加，而合資通路的貢獻減少。本季我們的貸款發放額為 65 億美元，比上一季的 67 億美元減少了 3%。這也符合我們上季發布的 50 億至 70 億美元的預期。

Servicing fee income increased from $108 million in the second quarter of 2025 to $112 million in the third quarter of 2025 and primarily reflects the increase in our unpaid principal balance of our servicing portfolio and interest earned on the seasonal increase in custodial balances. We hedge our servicing portfolio, so we do not record the full impact of the changes in fair value and the results of our operations. We believe this strategy helps protect against volatility in our earnings and liquidity. Our strategy for hedging the servicing portfolio is dynamic, and we adjust our hedge positions in reaction to the changing interest rate environments.

服務費收入從 2025 年第二季的 1.08 億美元增加到 2025 年第三季的 1.12 億美元，主要反映了我們服務組合中未償還本金餘額的增加以及託管餘額季節性成長所賺取的利息。我們對服務組合進行了對沖，因此我們沒有記錄公允價值變動和我們經營績效的全部影響。我們相信，這項策略有助於抵禦獲利和流動性方面的波動。我們針對服務組合的避險策略是動態的，我們會根據不斷變化的利率環境調整避險部位。

Our total expenses for the third quarter of 2025 increased by $19 million or 6% from the prior quarter. The primary drivers of the increase were due to one-time benefits in salary, in general, and administrative expenses recognized in the prior quarter. Recall that during the second quarter, salaries benefited from approximately $8 million in lower stock-based compensation from equity surrenders.

2025 年第三季總支出比上一季增加了 1,900 萬美元，增幅為 6%。此次成長的主要原因是上一季確認的一次性薪資福利和行政費用。回想一下，在第二季度，由於股權轉讓導致股票選擇權補償減少約 800 萬美元，薪資也因此受益。

And G&A benefited from $5 million insurance recovery of legal fees related to the successful outcome of litigation. Excluding these non-recurring items, our total expenses would have increased by approximately 2%, demonstrating the positive operating leverage we are striving for as volumes and revenues increase.

G&A公司從與訴訟成功相關的法律費用保險賠償中獲益500萬美元。如果排除這些非經常性項目，我們的總支出將增加約 2%，這表明隨著銷售和收入的成長，我們正在努力實現積極的營運槓桿效應。

Looking ahead to the fourth quarter, we expect pull-through weighted lock volume of between $6 billion and $8 billion and origination volume of between $6.5 billion and $8.5 billion. We expect our third quarter pull-through weighted gain on sale margin to be between 300 and 325 basis points. Our guidance reflects market volatility, seasonality and purchase volume, affordability and availability of new and resale homes, and the level of mortgage interest rates.

展望第四季度，我們預計拉動加權鎖定額將在 60 億至 80 億美元之間，新增額將在 65 億至 85 億美元之間。我們預計第三季拉動式加權銷售利潤率將在 300 至 325 個基點之間。我們的指導意見反映了市場波動性、季節性和購買量、新房和二手房的可負擔性和供應情況，以及抵押貸款利率水準。

Our total expenses are expected to increase in the fourth quarter, primarily driven by higher volume-related expenses from the increase in funded volume as we close the pipeline that started growing through the third quarter. We remain laser focused on our commitment to profitability and continue to work with the discipline to grow revenue and manage costs while maintaining ample cash and a strong balance sheet. We ended the quarter with $459 million in cash, increasing by $51 million from the second quarter.

預計第四季總支出將增加，主要原因是隨著第三季開始成長的項目數量增加，資金投入量增加，與數量相關的支出也會增加。我們始終專注於獲利，並持續秉持嚴謹的工作作風，在維持充足現金和穩健資產負債表的同時，努力提高收入、控製成本。本季末，我們持有現金 4.59 億美元，比第二季增加了 5,100 萬美元。

With our reshaped management team focused on leveraging loanDepot's unique collection of assets, high-quality in-house servicing, scalable origination capabilities, and operating leverage, we are positioned to profitably grow volume and market share in the current environment. Assuming a sustained decrease in mortgage rates, we believe we will materially improve our bottom line as the benefits of our scaled, branded direct origination platform comes to bear, while our investments in technology-enabled, efficiency generating initiatives will provide the foundation for additional momentum into 2026 and beyond.

我們重組後的管理團隊專注於利用 loanDepot 獨特的資產組合、高品質的內部服務、可擴展的貸款發起能力和營運槓桿，我們有能力在當前環境下實現業務量和市場份額的盈利增長。假設抵押貸款利率持續下降，我們相信隨著我們規模化、品牌化的直接貸款發放平台的優勢顯現，我們的盈利狀況將得到實質性改善；同時，我們對技術賦能、提高效率的舉措的投資，將為2026年及以後的發展奠定基礎。

With that, we're ready to turn it back over to the operator for Q&A. Operator?

這樣，我們就可以把問答環節交還給操作員了。操作員？

(Operator Instructions) Doug Harter, UBS.

（操作說明）道格·哈特，瑞銀集團。

Thanks. I was hoping you could talk about your outlook for the ability to fund the growth with capital given the upcoming debt maturities and kind of the upfront capital that that some growth might take, and just how you're thinking about that in the current environment?

謝謝。我希望您能談談您對利用資本為成長提供資金的前景，考慮到即將到期的債務以及成長可能需要的前期資本，以及您在當前環境下是如何考慮這個問題的？

Yeah, we feel really good about the opportunity to fund additional growth opportunities. We -- largely, we've already worked our way through sort of our renewal season for our warehouse lines. We've got a great lender group there that have been very supportive of the business and we also think there's opportunities to upsize as needed.

是的，我們對有機會為額外的成長機會提供資金感到非常樂觀。我們——基本上——已經完成了倉庫產品的更新換代工作。我們在那裡有一個很棒的貸款機構，他們一直非常支持我們的業務，我們也認為如果需要，有機會擴大規模。

So from the daily funding of the warehouse lines, we're in great shape from our perspective. From a capital structure perspective, we do have an opportunity or the need to take a look at that capital structure in the coming 12 to 18 months, and that's what we're focused on, but nothing that's really going to impact how we operate day to day as we sit now.

因此，從倉庫日常營運資金的角度來看，我們的狀況非常好。從資本結構的角度來看，我們確實有機會或有必要在未來 12 到 18 個月內審視資本結構，這也是我們關注的重點，但這不會對我們目前的日常營運產生任何實際影響。

Yeah, hey, Doug, it's Anthony Hsieh. Let me just add to what Dave is saying, and that is once we return to the standard of operations that has led this organization since 2010, we're very confident that we'll be able to grow market share profitably.

嗨，道格，我是謝家華。我只想補充一下戴夫所說的，那就是，一旦我們恢復到自 2010 年以來一直引領本組織發展的營運標準，我們非常有信心能夠獲利地擴大市場份額。

I just want to remind the audience that we started this company with $70 billion of capital and have grown 38% year over year for the first 11 years of our life. So we understand what it takes to grow market share and grow profitably. This market is still highly fragmented. There is a ton of room chasing the leader in the space. So we're very enthusiastic and we are laser focused to stay on plan to get back into a standard of operations that allows us to be an industry leading mortgage bank.

我只想提醒各位，我們創辦這家公司時擁有 700 億美元的資本，在公司成立的頭 11 年裡，每年都實現了 38% 的成長。因此，我們了解如何擴大市場份額並實現獲利成長。這個市場仍然高度分散。在這個領域，還有很多空間可以追趕領先者。因此，我們充滿熱情，並全神貫注於按計劃恢復運營，以期成為行業領先的抵押貸款銀行。

At which point the mortgage IQ here and the origination IQ here and then having a fully-diversified origination muscle. In bulk builder, joint venture, in-market retail, and direct lending direct to consumer model really gives us an edge to scale up, particularly as we all hope that there'll be some growth in volume due to a more favorable interest rate cycle next year.

這時，抵押貸款智商和貸款發放智商就都得具備了，然後才能擁有全面多元化的貸款發放能力。在批量建設、合資、市場零售和直接面向消費者的貸款模式方面，我們確實擁有擴大規模的優勢，尤其是在我們都希望明年由於更有利的利率週期而實現交易量增長的情況下。

Thanks for that. And I guess how do you think about the size of the MSR servicing book, in that context, is that something that you would look to grow over time -- regrow over time?

謝謝。那麼，在這種背景下，您如何看待 MSR 服務業務的規模？您會考慮隨著時間的推移而成長，還是會考慮隨著時間的推移而重新成長？

Yeah, this is one of our strategic advantages, Doug. The fact that we made an investment to bring servicing in-house, in my mind, his eyes, what that was five years ago, so we made that investment to bring it in-house because having a direct to the consumer model. Our retention recapture is at an industry leading number. So any time we put a loan in our servicing portfolio, there's an opportunity for us to double dip or have a second bite of the apple without any marketing cost or acquisition cost. So our desire is to continue to mount and increase our MSRs.

是的，這是我們的策略優勢之一，道格。在我看來，五年前我們投資將售後服務納入公司內部，而他當時也這麼認為，所以我們進行了這項投資，將其納入公司內部，因為我們採用了直接面向消費者的模式。我們的客戶留存率在業界處於領先地位。因此，每當我們把一筆貸款納入我們的服務組合時，我們就有機會再次獲利，或者說，無需任何行銷成本或獲客成本就能再次獲得收益。因此，我們希望繼續建造並增加我們的MSR。

But at the same time that is, that puts pressure on cash. So in order for us to do so, we're going to have to be able to drive down the cost of our production while waiting for the volume of this market to return.

但同時，這也給現金流帶來了壓力。因此，為了實現這一目標，我們必須在等待市場規模恢復的同時，降低生產成本。

Eric Hagen, BTIG.

Eric Hagen，BTIG。

Hey, thanks, hope you guys are well. Maybe following up on that last point because there's all these moving pieces, have you guys sensitized the portfolio to what the minimum level of originations might be in order to return to profitability?

嘿，謝謝，希望你們一切都好。或許可以接著上一點繼續討論，因為其中牽涉到很多變數，你們是否已經對投資組合進行了調整，使其了解為了恢復盈利所需的最低貸款發放量是多少？

So let me just make sure I have your question right. Can you rephrase your question again, please?

讓我確認一下我是否理解了您的問題。請您重新表達一下您的問題好嗎？

Yeah, have you guys sensitized the portfolio or your business to what the minimum level of originations would be in order to return to profitability?

是的，你們是否已經讓投資組合或業務部門意識到，要恢復獲利，最低貸款發放量是多少？

Well, a lot of that has to do with margins, right? Margins are highly dynamic. And in our industry, soon as that volume returns, then your margins will widen out.

嗯，這很大程度上與利潤率有關，對吧？利潤率是動態變化的。在我們這個產業，一旦銷售恢復，利潤空間就會擴大。

So if you look at our Q3 performance, it doesn't take much. So not only does when margins return, when volumes return, we're going to get both the benefit of increased volume and increased margin. So it doesn't take much at all. So we are well positioned for any sort of return.

所以，如果你看看我們第三季的業績，你會發現其實不需要太多。因此，當利潤率恢復，銷售恢復時，我們不僅會獲得銷售增加的好處，還會獲得利潤率增加的好處。所以根本不需要太多東西。因此，我們已做好充分準備迎接任何形式的回報。

Yeah. Okay, that's helpful. Hey, when the stock got up to, $44.50 back in September, did you guys consider any sort of capital raising to help maybe stabilize the capital structure a little bit more? And then if the stock got back up to that level in the future, I mean, are you prepared to put an ATM in place? Or how would you think about potentially raising capital in order to again stabilize the capital structure a little bit more?

是的。好的，這很有幫助。嘿，9 月股價漲到 44.50 美元的時候，你們有沒有考慮過籌集資金來幫助穩定一下資本結構？如果未來股價回升到那個水平，我的意思是，你準備好安裝自動櫃員機了嗎？或者，您會如何考慮籌集資金，以便再次稍微穩定資本結構？

Eric, it's David Hayes. So yeah, of course, when the stock traded up, the valuations were at those levels. It was obviously an attractive place to look at raising capital. So we're actively looking at all sorts of ways to shore up the capital structure from potential debt refinances down the road to opportunities for an ATM to follow on. But those discussions are in flight, so nothing we can share at this point.

艾瑞克，我是大衛·海耶斯。所以，當然，當股價上漲時，估值也達到了那些水準。顯然，這裡是一個很有吸引力的融資場所。因此，我們正在積極尋找各種方法來鞏固資本結構，從未來可能的債務再融資到後續推出自動櫃員機的機會。但這些討論仍在進行中，所以目前我們無法透露任何資訊。

Yeah, and it's Anthony Hsieh. So I mean, the best way to combat that is with profitable market share growth. We're just going to get back to our level of comfort, and what we've done in this company since 2010. So the market is well positioned for loanDepot to continue to capture market share.

對，他是謝家華。所以我的意思是，應對這種情況的最佳方法是實現盈利性的市場份額成長。我們只是想回到我們熟悉的舒適區，以及我們自 2010 年以來在這家公司所做的一切。因此，市場情勢有利於 loanDepot 繼續擴大市場份額。

And we are obviously always looking at opportunities for capital. But as we continue to reposition our organization for increased originations, I think that will solve a lot of our issues going forward.

我們顯然一直在尋找融資機會。但隨著我們不斷調整組織架構以增加貸款發放量，我認為這將解決我們未來面臨的許多問題。

(Operator Instructions) There are no further questions at this time. I will turn the call back over to Anthony Hsieh for closing remarks.

（操作說明）目前沒有其他問題。我將把電話轉回給謝家華先生，請他作總結發言。

Thank you. On behalf of Dave, Jeff, Dom, and the rest of our team, I want to thank you for joining us today. The pieces are in place. We're executing a bold strategy to compete at the highest levels by returning to our core strength. Our approach is centered on retaining top talent with exceptional attitudes, deploying leading edge technology, and drive operational efficiency and innovation, delivering superior product and service levels to our customers and leveraging these assets to drive profitable market share growth.

謝謝。我謹代表戴夫、傑夫、多姆以及我們團隊的其他成員，感謝您今天蒞臨現場。一切就緒。我們正在執行一項大膽的策略，透過回歸我們的核心優勢，在最高水準的賽事中競爭。我們的方法以留住具有卓越態度的頂尖人才、部署領先技術、提高營運效率和創新為中心，為客戶提供卓越的產品和服務水平，並利用這些資產推動盈利性市場份額成長。

This is how we win. The disciplined focus positions us to create sustainable value for our shareholders while accelerating growth in a competitive landscape. So thanks again, everybody, and I appreciate your support.

這就是我們取勝之道。這種嚴謹的專注使我們能夠在競爭激烈的環境中加速成長，同時為股東創造可持續的價值。再次感謝大家，感謝你們的支持。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。