loanDepot Files Q2 2024 10-Q

Ticker: LDI · Form: 10-Q · Filed: 2024-08-08T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

loanDepot's Q2 10-Q is in: financials and stock details updated.

AI Summary

loanDepot, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented, including information on common stock classes and assets pledged as collateral.

Why It Matters

This filing provides crucial financial insights into loanDepot's performance and position, helping investors assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and market conditions can introduce varying levels of risk.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 8, 2024.

What is the company's Central Index Key (CIK)?

The Central Index Key for loanDepot, Inc. is 0001831631.

What is the company's fiscal year end?

loanDepot, Inc.'s fiscal year ends on December 31.

What are some of the common stock classes mentioned in the filing?

The filing mentions Common Class A, Common Class B, Common Class C, and Common Class D members.

Filing Stats: 4,757 words · 19 min read · ~16 pages · Grade level 17.1 · Accepted 2024-08-08 16:20:12

Key Financial Figures

Filing Documents

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5

Notes to Consolidated Financial Statements 7

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk 49

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 52

Item 1. Legal Proceedings 52

Risk Factors 52

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds 52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities 52

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures 52

Item 4. Mine Safety Disclosures 52

Other Information 52

Item 5. Other Information 52

Exhibits 54

Item 6. Exhibits 54 Signatures 55

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements loanDepot, Inc. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) June 30, 2024 December 31, 2023 ASSETS (Unaudited) Cash and cash equivalents $ 533,153 $ 660,707 Restricted cash 98,057 85,149 Loans held for sale, at fair value (includes $ 495,731 and $ 510,080 pledged to creditors in securitization trusts at June 30, 2024 and December 31, 2023, respectively) 2,377,987 2,132,880 Loans held for investment, at fair value (pledged to creditors in a securitization trust) 120,287 — Derivative assets, at fair value 59,779 93,574 Servicing rights, at fair value (includes $ 596,140 and $ 617,878 pledged to creditors in securitization trusts at June 30, 2024 and December 31, 2023, respectively) 1,583,128 1,999,763 Trading securities, at fair value 89,477 92,901 Property and equipment, net 64,631 70,809 Operating lease right-of-use assets 24,549 29,433 Loans eligible for repurchase 740,238 711,371 Investments in joint ventures 17,905 20,363 Other assets 233,586 254,098 Total assets $ 5,942,777 $ 6,151,048 LIABILITIES AND EQUITY Warehouse and other lines of credit $ 2,213,128 $ 1,947,057 Accounts payable, accrued expenses and other liabilities 375,319 379,971 Derivative liabilities, at fair value 17,856 84,962 Liability for loans eligible for repurchase 740,238 711,371 Operating lease liability 41,896 49,192 Debt obligations, net 1,975,402 2,274,011 Total liabilities 5,363,839 5,446,564 Commitments and contingencies (Note 15) Class A common stock, $ 0.001 par value, 2,500,000,000 authorized, 89,986,725 and 87,377,147 issued at June 30, 2024 and December 31, 2023, respectively $ 90 $ 87 Class B common stock, $ 0.001 par value, 2,500,000,000 authorized, none issued at June 30, 2024 and December 31, 2023, respectively — — Class C common stock, $ 0.001 par value, 2,500,000,000 authorized, 141,540,233 and 141,234,529 issued at June 30, 2024 and December 31, 2023, respectively 142 141 Class D common stock, $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ($ are in thousands, except per share amounts, or 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 and six months ended June 30, 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. The Company engages in the originating, financing, selling, and servicing of residential mortgage loans, and engages in title, escrow, and settlement services for mortgage loan transactions. The Company derives income primarily from gains on

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