loanDepot Files Q3 2024 10-Q

TL;DR

loanDepot's Q3 2024 10-Q is in, check the financials.

AI Summary

loanDepot, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Specific financial figures and operational metrics are presented, reflecting the company's standing in the finance services sector.

Why It Matters

This filing provides investors and analysts with a detailed look at loanDepot's financial health and strategic direction during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the finance sector can be subject to significant market and regulatory risks.

Key Numbers

• Q3 2024 — Reporting Period (The financial results cover the third quarter of 2024.)
• 2024-09-30 — As of Date (Indicates the specific date for which financial data is reported.)
• 2024-11-12 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• loanDepot, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-12 (date) — Date of filing
• 6561 Irvine Center Drive (address) — Business and mailing address of loanDepot, Inc.
• Irvine, CA (location) — City and State of loanDepot, Inc.'s address

FAQ

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-20240930.htm (10-Q) — 2382KB
• a311-q32024.htm (EX-31.1) — 10KB
• a312-q32024.htm (EX-31.2) — 10KB
• a321-q32024.htm (EX-32.1) — 6KB
• a322-q32024.htm (EX-32.2) — 6KB
• 0001831631-24-000285.txt ( ) — 12578KB
• ldi-20240930.xsd (EX-101.SCH) — 80KB
• ldi-20240930_cal.xml (EX-101.CAL) — 93KB
• ldi-20240930_def.xml (EX-101.DEF) — 410KB
• ldi-20240930_lab.xml (EX-101.LAB) — 802KB
• ldi-20240930_pre.xml (EX-101.PRE) — 621KB
• ldi-20240930_htm.xml (XML) — 2459KB

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the nine months ended September 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 34

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk 51

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 54

Item 1. Legal Proceedings 54

Risk Factors 54

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds 54

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54

Defaults Upon Senior Securities 54

Item 3. Defaults Upon Senior Securities 54

Mine Safety Disclosures 54

Item 4. Mine Safety Disclosures 54

Other Information 54

Item 5. Other Information 54

Exhibits 55

Item 6. Exhibits 55 Signatures 57

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements loanDepot, Inc. CONSOLIDATED BALANCE SHEETS (Dollars in thousands) September 30, 2024 December 31, 2023 ASSETS (Unaudited) Cash and cash equivalents $ 483,048 $ 660,707 Restricted cash 95,593 85,149 Loans held for sale, at fair value (includes $ 306,286 and $ 510,080 pledged to creditors in securitization trusts at September 30, 2024 and December 31, 2023, respectively) 2,790,284 2,132,880 Loans held for investment, at fair value (pledged to creditors in a securitization trust) 122,066 — Derivative assets, at fair value 68,647 93,574 Servicing rights, at fair value (includes $ 590,764 and $ 617,878 pledged to creditors in securitization trusts at September 30, 2024 and December 31, 2023, respectively) 1,542,720 1,999,763 Trading securities, at fair value 92,324 92,901 Property and equipment, net 62,974 70,809 Operating lease right-of-use assets 23,020 29,433 Loans eligible for repurchase 860,300 711,371 Investments in joint ventures 17,899 20,363 Other assets 258,752 254,098 Total assets $ 6,417,627 $ 6,151,048 LIABILITIES AND EQUITY Warehouse and other lines of credit $ 2,565,713 $ 1,947,057 Accounts payable, accrued expenses and other liabilities 381,543 379,971 Derivative liabilities, at fair value 22,143 84,962 Liability for loans eligible for repurchase 860,300 711,371 Operating lease liability 38,538 49,192 Debt obligations, net 1,957,341 2,274,011 Total liabilities 5,825,578 5,446,564 Commitments and contingencies (Note 15) Class A common stock, $ 0.001 par value, 2,500,000,000 authorized, 94,976,150 and 87,377,147 issued at September 30, 2024 and December 31, 2023, respectively $ 95 $ 87 Class B common stock, $ 0.001 par value, 2,500,000,000 authorized, none issued at September 30, 2024 and December 31, 2023, respectively — — Class C common stock, $ 0.001 par value, 2,500,000,000 authorized, 138,282,236 and 141,234,529 issued at September 30, 2024 and December 31, 2023, respectively 138

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 nine months ended September 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 ga