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Randian Capital calls on loanDepot to review strategic alternatives
The activist investor cited a wider Q1 2026 net loss of $54.9 million and said the stock traded near $1.12 after dropping more than 90% from its 2021 IPO price.
HousingWire reports that Randian Capital, a retail activist investor, has urged loanDepot’s board to launch a formal review of strategic alternatives, including a potential sale, citing prolonged losses and a sharp drop in the share price.
In an open letter, Randian said it has economic exposure to more than 250,000 shares of loanDepot through common stock and options. The lender’s stock, which fell after the company’s February 2021 IPO at $14 per share, recently traded around $1.12, a decline of more than 90% based on the Tuesday close.
The investor pointed to profitability strain in loanDepot’s latest results, saying the company posted a $54.9 million net loss in Q1 2026, wider than the $32.8 million loss in Q4 2025 and the $40.7 million loss a year earlier. Randian also argued that macro headwinds alone do not account for the company’s underperformance, saying peers have adjusted cost structures and strategies to the higher rate, lower volume environment.
Randian further highlighted loanDepot’s scale concerns as the mortgage industry consolidates through mergers, servicing sales, and exits from origination. It said loanDepot originated $7.7 billion in loans during the quarter, while the pull-through weighted gain-on-sale margin fell to 2.71% from 3.24% in Q4 2025.