[Form 4] loanDepot, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Anthony Li Hsieh, Executive Chair, CEO & President of loanDepot, Inc. (LDI), reported reorganization exchanges and Rule 10b5-1 sales. On 08/22/2025 the reporting person elected exchanges of LD Holdings Class A Common Units for Issuer shares that will be effective 09/01/2025, resulting in 4,000,000 Class A shares acquired and 4,000,000 Class C shares cancelled for no consideration. The report shows indirect ownership across several entities, including 31,845,633 Class C shares and 66,404,880 Class A-equivalent units held indirectly by affiliates.

Separately, sales under a Rule 10b5-1 plan executed on 08/22/2025 and 08/25/2025 reduced beneficial Class A holdings held via the JLSSAA Trust by 1,184,108 shares at a weighted average price of $2.038 and 1,017,198 shares at a weighted average price of $2.043, respectively. The filing discloses voting and investment power over shares held by Trilogy-related entities and trustee authority over the JLSSAA Trust.

Positive

• None.

Negative

• Insider sales totaling 2,201,306 Class A shares were executed under a Rule 10b5-1 plan at weighted average prices near $2.04, reducing trust-held Class A ownership.
• Significant indirect concentration of ownership remains: entities controlled by the reporting person hold large blocks (e.g., 31,845,633 Class C-equivalents and 66,404,880 Class A-equivalents), which may concentrate voting power.

Insights

Financial Analyst

TL;DR: Insider executed planned exchanges and sold roughly 2.2M Class A shares under a 10b5-1 plan, modestly reducing trust-held Class A exposure.

The transactions combine organizational exchanges tied to the issuer's IPO reorganization with pre-arranged open-market sales under a 10b5-1 plan. The 4,000,000 Class A shares recorded as acquired via exchange are offset by the cancellation of corresponding Class C shares. Material sales from the JLSSAA Trust totaled 2,201,306 Class A shares at weighted average prices near $2.04, lowering the trust's reported beneficial ownership from 12,782,222 to 10,580,916 shares. Holdings remain substantially concentrated across related entities, indicating continued significant indirect ownership despite the dispositions.

Corporate Governance Expert

TL;DR: Transactions reflect internal reorganization mechanics and rule-compliant insider selling, not an unexpected governance change.

The filing documents standard conversion mechanics from LD Holdings Common Units to issuer Class A shares and cancelation of Class C shares, per the LLC agreement and board-determined election. Sales were effected pursuant to a 10b5-1 plan adopted 11/20/2024, providing an affirmative defense to insider trading claims. Reporting highlights concentrated indirect control via Trilogy entities and trustee arrangements, which remains relevant for governance and voting influence even after the disclosed sales.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hsieh Anthony Li

(Last) (First) (Middle)

C/O LOANDEPOT, INC.

6561 IRVINE CENTER DR.

(Street)

IRVINE CA 92618

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
loanDepot, Inc. [ LDI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chair, CEO & Pres.

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Common Stock(1)	08/22/2025(2)		J(3)		4,000,000	D	$0	31,845,633	I	By Trilogy Mortgage Holdings, Inc.(4)
Class A Common Stock	08/22/2025(2)		C(3)		4,000,000	A	$0	12,782,222	I	By JLSSAA Trust(5)
Class A Common Stock	08/22/2025		S(6)		1,184,108	D	$2.038(7)	11,598,114	I	By JLSSAA Trust(5)
Class A Common Stock	08/25/2025		S(6)		1,017,198	D	$2.043(8)	10,580,916	I	By JLSSAA Trust(5)
Class A Common Stock								119,071	D
Class C Common Stock(1)								4,310,497	I	By JLSA, LLC(4)
Class C Common Stock(1)								3,114,521	I	By JLSSAA Trust(5)
Class C Common Stock(1)								66,404,880	I	By Trilogy Management Investors Six, LLC(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Units	(1)	08/22/2025(2)		C(3)			4,000,000	(1)	(1)	Class A Common Stock	4,000,000	$0(1)	31,845,633	I	Trilogy Mortgage Holdings, Inc.(4)
Common Units	(1)							(1)	(1)	Class A Common Stock	4,310,497		4,310,497	I	By JLSA, LLC(4)
Common Units	(1)							(1)	(1)	Class A Common Stock	3,114,521		3,114,521	I	By JLSSAA Trust(5)
Common Units	(1)							(1)	(1)	Class A Common Stock	66,404,880		66,404,880	I	By Trilogy Management Investors Six, LLC(4)

Explanation of Responses:

1. In the reorganization transactions related to Issuer's IPO, shares of Issuer's Class C Common Stock, par value $0.001 ("Class C Common Stock"), were issued to certain holders of LD Holdings Group LLC ("LD Holdings") Class A Common Units ("Common Units") equal to the number of Common Units held by such holders. Pursuant to the Fourth Amended and Restated Limited Liability Company Agreement of LD Holdings, holders of Common Units may, subject to certain exceptions, from time to time require LD Holdings to redeem all or a portion of their Common Units (together with an equal number of shares of Class C Common Stock) in exchange for, at the Issuer's election (determined solely by a majority of the Issuer's directors who are disinterested), newly issued shares of Class A Common Stock, par value $0.001 ("Class A Common Stock") of the Issuer on a one-for-one basis or a cash payment equal to an average market price of one share of Class A Common Stock for each Common Unit so redeemed.

2. The transaction date is the date the Reporting Person elected to make the exchange described in footnotes 1 and 3, which exchange will occur effective as of September 1, 2025.

3. The reporting person elected to cause Trilogy Mortgage Holdings, Inc. to exchange a portion of the Common Units held for the reporting person's benefit by such entity for an equal number of shares of Class A Common Stock. The shares of Class C Common Stock corresponding to the Common Units that were exchanged for Class A Common Stock were cancelled for no consideration.

4. The reporting person has voting and investment power over the shares of Class C Common Stock held by Trilogy Mortgage Holdings, Inc., JLSA, LLC and Trilogy Management Investors Six, LLC.

5. As trustee, Anthony Hsieh has voting and investment power over the assets of The JLSSAA Trust ("JLSSAA Trust").

6. Effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 20, 2024.

7. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.00 to $2.15. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, specific trade amounts and pricing within the ranges set forth in this footnote of this Form 4 at which the respective transactions were affected.

8. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $2.00 to $2.145. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, specific trade amounts and pricing within the ranges set forth in this footnote of this Form 4 at which the respective transactions were affected.

Remarks:

	/s/ Greg Smith, as Attorney-in-Fact for Anthony Li Hsieh	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What transactions did Anthony Li Hsieh report on Form 4 for LDI?

He reported exchanges of LD Holdings Common Units into 4,000,000 Class A shares effective 09/01/2025 and Rule 10b5-1 sales of 1,184,108 and 1,017,198 Class A shares on 08/22/2025 and 08/25/2025.

How many shares were sold and at what prices in the reported LDI trades?

Total sales: 2,201,306 Class A shares; weighted average prices reported were $2.038 (range $2.00–$2.15) and $2.043 (range $2.00–$2.145).

Were the sales part of a Rule 10b5-1 plan for LDI insider Anthony Hsieh?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 20, 2024.

Does the filing indicate continued indirect control after these transactions?

Yes. The filing discloses voting and investment power over large holdings through Trilogy entities and trustee arrangements, leaving substantial indirect ownership.

When will the exchanges of Common Units for Class A shares be effective?

The reporting person elected the exchanges on 08/22/2025 and the exchanges will be effective as of 09/01/2025.