loanDepot, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>loanDepot, Inc. submitted its Q1 2024 10-Q filing on May 9, 2024, detailing financial data and stock information.</b>

AI Summary

loanDepot, Inc. (LDI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. loanDepot, Inc. filed a 10-Q report on May 9, 2024, for the quarterly period ending March 31, 2024. The filing includes data related to common stock, treasury stock, additional paid-in capital, and retained earnings as of various dates in 2022, 2023, and 2024. Specific class members of common stock (Class A, B, C, D) are detailed for March 31, 2024, and December 31, 2023. Information on assets pledged as collateral is provided for March 31, 2024, and December 31, 2023. The report covers the period from January 1, 2024, to March 31, 2024, and comparative periods in 2023 and 2022.

Why It Matters

For investors and stakeholders tracking loanDepot, Inc., this filing contains several important signals. This filing provides a snapshot of loanDepot's financial position and equity structure as of the end of the first quarter of 2024, crucial for investors assessing recent performance. The detailed breakdown of common stock classes and assets pledged as collateral offers insights into the company's capital structure and potential financial commitments.

Risk Assessment

Risk Level: low — loanDepot, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Monitor future filings for trends in equity structure and pledged assets to understand loanDepot's financial strategy.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly period of report)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 2023-12-31 — Previous Balance Sheet Date (Comparative balance sheet date)
• 2022-12-31 — Prior Year Balance Sheet Date (Comparative balance sheet date)

Key Players & Entities

• loanDepot, Inc. (company) — Filer of the 10-Q report
• 0001831631 (company) — Central Index Key for loanDepot, Inc.
• 2024-05-09 (date) — Filing date of the 10-Q
• 2024-03-31 (date) — Period of report for the 10-Q
• 2023-12-31 (date) — Comparative balance sheet date
• 2022-12-31 (date) — Comparative balance sheet date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and position during the quarter.)

Common Stock

Securities that represent ownership in a corporation. (Key component of the company's equity structure, detailed in the filing.)

Assets Pledged as Collateral

Assets that a borrower offers to a lender to secure a loan. (Indicates potential financial commitments or encumbrances on company assets.)

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 per value per share LDI The New York St

Filing Documents

• ldi-20240331.htm (10-Q) — 1761KB
• a311-q12024.htm (EX-31.1) — 10KB
• a312-q12024.htm (EX-31.2) — 10KB
• a321-q12024.htm (EX-32.1) — 6KB
• a322-q12024.htm (EX-32.2) — 6KB
• 0001831631-24-000112.txt (&nbsp;) — 10415KB
• ldi-20240331.xsd (EX-101.SCH) — 71KB
• ldi-20240331_cal.xml (EX-101.CAL) — 83KB
• ldi-20240331_def.xml (EX-101.DEF) — 395KB
• ldi-20240331_lab.xml (EX-101.LAB) — 733KB
• ldi-20240331_pre.xml (EX-101.PRE) — 582KB
• ldi-20240331_htm.xml (XML) — 1968KB

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 3 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4

Notes to Consolidated Financial Statements 6

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk 42

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures 45

Item 4. Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 45

Item 1. Legal Proceedings 45

Risk Factors 45

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds 45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities 46

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures 46

Item 4. Mine Safety Disclosures 46

Other Information 46

Item 5. Other Information 46

Exhibits 46

Item 6. Exhibits 46 Signatures 49

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements loanDepot, Inc. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, 2024 December 31, 2023 ASSETS (Unaudited) Cash and cash equivalents $ 603,663 $ 660,707 Restricted cash 74,346 85,149 Loans held for sale, at fair value (includes $ 505,222 and $ 510,080 pledged to creditors in securitization trusts at March 31, 2024 and December 31, 2023, respectively) 2,300,058 2,132,880 Derivative assets, at fair value 64,055 93,574 Servicing rights, at fair value (includes $ 585,041 and $ 617,878 pledged to creditors in securitization trusts at March 31, 2024 and December 31, 2023, respectively) 1,985,948 1,999,763 Trading securities, at fair value 91,545 92,901 Property and equipment, net 66,160 70,809 Operating lease right-of-use assets 27,409 29,433 Loans eligible for repurchase 748,476 711,371 Investments in joint ventures 17,849 20,363 Other assets 213,761 254,098 Total assets $ 6,193,270 $ 6,151,048 LIABILITIES AND EQUITY Warehouse and other lines of credit $ 2,069,619 $ 1,947,057 Accounts payable, accrued expenses and other liabilities 367,457 379,971 Derivative liabilities, at fair value 11,233 84,962 Liability for loans eligible for repurchase 748,476 711,371 Operating lease liability 45,324 49,192 Debt obligations, net 2,313,819 2,274,011 Total liabilities 5,555,928 5,446,564 Commitments and contingencies (Note 14) Class A common stock, $ 0.001 par value, 2,500,000,000 authorized, 88,246,796 and 87,377,147 issued at March 31, 2024 and December 31, 2023, respectively $ 88 $ 87 Class B common stock, $ 0.001 par value, 2,500,000,000 authorized, none issued at March 31, 2024 and December 31, 2023, respectively — — Class C common stock, $ 0.001 par value, 2,500,000,000 authorized, 141,499,389 and 141,234,529 issued at March 31, 2024 and December 31, 2023, respectively 142 141 Class D common stock, $ 0.001 par value, 2,500,000,000 authorized, 97,026,671 and 97,026,671 issued at March 31, 2024 an

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ($ are in thousands, unless otherwise indicated) (Unaudited) NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements were prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation were included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of loanDepot, Inc. on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"). Nature of Operations loanDepot, Inc. (together with its consolidated subsidiaries, the "Company") was incorporated in Delaware on November 6, 2020 to facilitate the initial public offering ("IPO") of its Class A common stock and related transactions in order to carry on the business of LD Holdings Group LLC ("LD Holdings") and its consolidated subsidiaries. loanDepot, Inc.'s common stock began trading on the New York Stock Exchange on February 11, 2021 under the ticker symbol "LDI." loanDepot, Inc. is a holding company and its sole material asset is its equity interest in LD Holdings. As of March 31, 2024, the consolidated subsidiaries of LD Holdings included loanDepot.com, LLC, ("LDLLC"), Artemis Management LLC ("ART"), LD Settlement Services, LLC ("LDSS"), mello Holdings, LLC ("Mello"), and mello Credit Strategies LLC ("MCS"). The Company engages in the o