[Form 4] loanDepot, Inc. Insider Trading Activity

Rhea-AI Filing Summary

AST SpaceMobile (ASTS) filed an 8-K to disclose two capital-raising moves and preliminary liquidity data. The company will: (i) launch a private offering of $500 million convertible senior notes due 2032 to Rule 144A buyers; and (ii) conduct a concurrent registered direct equity offering that will partly fund the repurchase of up to $135 million of its outstanding 4.25% convertible notes.

Balance-sheet snapshot (unaudited, 30 Jun 25):

• Cash, cash equivalents & restricted cash ≈ $939.4 million
• Total debt ≈ $278.6 million (of which $235 million convertible notes; $43.6 million subsidiary secured debt)

The company emphasises that these figures are preliminary.

ATM program update: Between 13 May and 16 Jul 25 ASTS sold ~13.6 million Class A shares, generating $488.7 million in net proceeds and essentially exhausting the $500 million at-the-market facility, which was terminated on 23 Jul 25.

The new note offering will be paired with capped-call transactions designed to limit dilution upon conversion. None of the disclosures constitute an offer to sell securities.

Positive

• $939.4 million cash provides substantial liquidity for satellite deployment plans
• $500 million new convertible notes expected to extend runway while only modestly increasing leverage
• Partial $135 million repurchase of higher-coupon converts may lower future debt service
• Capped call transactions aim to mitigate dilution from the 2032 notes
• ATM program successfully raised $488.7 million in equity capital

Negative

• Recent and upcoming equity issuances dilute existing shareholders
• Reliance on capital markets signals continuing cash burn before revenue generation
• Preliminary figures are unaudited and subject to revision

Insights

Equity Analyst

TL;DR: Deal adds liquidity but raises dilution risk; net impact neutral.

ASTS ends Q2 with an estimated $939 M cash—sizable for a pre-revenue satellite operator. The $500 M convertible deal plus direct equity sale extend its runway through BlueBird constellation build-out while partially retiring higher-coupon converts. However, cumulative share issuance (13.6 M ATM shares plus new direct offering) pressures per-share upside, and the 2032 converts, even with capped calls, embed future dilution. Overall the filing shows proactive liability management yet signals continued reliance on capital markets until commercial service ramps, giving it a neutral risk-reward profile.

Credit Analyst

TL;DR: Leverage remains modest; new notes extend maturity profile.

Pro-forma debt is only ~$279 M versus nearly $1 B cash, so gross leverage is low. Issuing additional senior converts to repay a portion of existing notes lengthens tenor to 2032 and limits cash interest expense. Secured debt at subs is minimal. Credit quality benefits from strong liquidity, though noteholders face equity-linked risk typical for converts. Planned capped calls protect against excessive strike dilution, supporting bondholder economics.

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
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

Walsh Jeff Alexander

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, LDI Mortgage

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

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 A Common Stock	07/22/2025		S(1)		37,514	D	$2.0021(2)	4,103,237	D

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

Explanation of Responses:

1. Effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2025.

2. 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 $2.01. 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 Jeff Alexander Walsh	07/24/2025
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much cash does ASTS report as of 30 June 2025?

Preliminary cash, cash equivalents and restricted cash total $939.4 million.

What is the size and term of the new convertible note offering?

ASTS plans a private offering of $500 million convertible senior notes due 2032.

Why is ASTS issuing new equity?

Proceeds from the registered direct offering will help fund the repurchase of up to $135 million of existing 4.25% convertible notes.

How much capital was raised through the 2025 ATM program?

The company sold ~13.6 million shares for $488.7 million in net proceeds and has now terminated the program.

What is ASTS’s total debt after recent actions?

Total consolidated indebtedness is preliminarily estimated at $278.6 million, including $235 million of existing converts.

Do these announcements affect current financial statements?

The 8-K states the data are supplemental and not yet audited; they are not considered ‘filed’ under Exchange Act Section 18.