loanDepot, Inc.

Good afternoon, everyone, and welcome to Loans Depot's year-end and fourth quarter 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the call over to Gerhard Erdaly, Senior Vice President, Investor Relations. Please go ahead.

Good afternoon, everyone, and thank you for joining our year-end and fourth 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. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued earlier today, which is available on our website at investors.loandepot.com. 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. 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. A webcast and a transcript of this call will be posted on our website after the conclusion of this call. On today's call, we have Loan Depot's founder and chief executive officer, Anthony Shea, 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 DeGurion, and chief digital officer, Dominic Marchetti, to help answer your questions after our prepared remarks. With that, I'll turn things over to Anthony to get us started. Anthony?

Thank you, Gerhard. Hello, everybody. I appreciate everyone joining us on the call today. I am pleased with the early results of our work to increase our scale and market penetration. While the fourth quarter is typically a seasonally slow quarter, we originated the most volume since 2022, gained share in an expanding market and achieved a 71% recapture rate from our in-house servicing platform. These results reflect progress and a return to the core competencies that enable the scaling to become the second largest retail lender nationally during our first decade. Not only did we fund the largest volume of loan origination since 2022, but we also increased our market share. We expect to continue this trend as the market consolidates and large-scale diversified customer-facing originators like Loan Depot benefit. While the third-party origination MSR markets have consolidated around scale and operating efficiency, the consumer-facing marketplace remains highly fragmented and inefficient. Post-financial crisis and Dodd-Frank, no retail lender currently controls more than 5% market share, which presents a significant opportunity for a customer-facing scaled originator. Furthermore, I believe the digital migration of the customer will continue to accelerate, particularly the purchase customer as more digital advancements make the entire home buying process more automated. We believe our assets and strategy provide us with unique competitive advantages to meet the customer as they migrate to a more digital experience, as well as consolidating the market fragmentation, leveraging the most differentiated customer acquisition and retention business model in today's marketplace. First, our distribution model consisting of visually enabled direct-to-consumer nationwide in-market retail and partnership with home builders bring new customers into our ecosystem across a diversity of transactions and geographies. Combining these best-in-class origination capabilities, we provide our customers access to purchase, refinance, and home equity lending opportunities across market cycles. Second, vertical integration means we control the consumer experience from end to end, turning the flywheel from application to closing to servicing and back again through our industry-leading recapture capabilities, which are enhanced by our technology assets, relentless pursuit of customer service, and our nationally recognized brand. Said simply, our primary strategy focuses on being one of the only scaled originators primarily creating and servicing our own customers, as opposed to acquiring customers from third parties. As we look ahead with expectation of a larger refinance market, a top of the funnel customer acquisition advantage uniquely positions us to outperform our competition in a rapidly evolving and consolidating marketplace. Behind the scenes, we remain focused on reducing unit costs through operating leverage and automation, while investing in our marketing engine to drive more opportunities to the top of the funnel. In terms of innovation, our digital team led by Dom and Sean have made positive impact by introducing AI capabilities to some of our most repeatable and scalable functions that improve the performance of lead acquisition and conversions, loan officer CRA management, and new underwriting processes. Each of these initiatives are having positive impact on the business with wide user acceptance, including buyer customers, and should thrive positive operating efficiencies as volume increase. I am proud of the work that have been accomplished since my return to a full-time operating role We are just scratching the surface of what this team can do. As digital migration continues to gain momentum, the companies capable of deploying AL applications directly to consumers will define the productivity and efficiency standards for our industry. We plan to continue investing and growing our top of the funnel customer acquisition and origination capabilities, leveraging our brand and marketing muscle along with introducing contemporary technologies, including AI, which will lower our costs and increase our operating efficiency. Ultimately, our goal are to deliver profitable market share growth, improve the customer experience, drive customer retention, and deliver long-term shareholder value. This is our opportunity and what we are working towards every day. With that, I will now turn the call over to Dave, who will take us through our financial results in more detail. David?