Form 4: loanDepot CEO sells 1.30M shares under 10b5-1

Executive Chair and CEO Anthony Hsieh sold 1,300,000 Class A shares around $2.50 via a pre-set Rule 10b5-1 plan, leaving 143,677 direct shares.

Summary

• Anthony Hsieh (Executive Chair, CEO, President, Director, and 10% owner of loanDepot, Inc., ticker LDI) executed insider sales totaling 1,300,000 Class A shares in two transactions under a Rule 10b5-1 plan.
• On 11/14/2025, 1,121,499 shares were sold at a weighted average price of $2.499 (individual trades ranged from $2.435 to $2.61).
• On 11/17/2025, 178,501 shares were sold at a weighted average price of $2.505 (individual trades ranged from $2.475 to $2.54).
• The transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on 11/20/2024.
• Following these transactions, direct beneficial ownership stands at 143,677 Class A shares.
• Indirect holdings via The JLSSAA Trust decreased to 0 shares after the 11/17/2025 sale; Hsieh, as trustee, had voting and investment power over this trust.
• The report was signed by Greg Smith, as Attorney-in-Fact for Anthony Li Hsieh, on 11/18/2025.

Sentiment

Score: 3

Explanation: Large insider sale by the CEO/Executive Chair and 10% owner is a negative signal, partially mitigated by execution under a pre-adopted Rule 10b5-1 plan; no operational or financial performance data provided.

Positives

• Sales were executed under a pre-established Rule 10b5-1 trading plan adopted on 11/20/2024, supporting a non-discretionary, pre-scheduled process.
• Weighted-average price ranges and an offer to provide detailed trade data upon request enhance transparency.
• The insider retains 143,677 Class A shares under direct ownership after the transactions.

Negatives

• Significant insider disposition: 1,300,000 Class A shares sold across two trading days.
• The JLSSAA Trust’s indirect holdings were reduced to 0, indicating a complete exit of that indirect position.
• Sales were executed by the company’s Executive Chair, CEO, President, Director, and 10% owner, which can be perceived negatively by the market.

Future Outlook

No forward-looking statements or guidance provided.

Management Comments

• Transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on November 20, 2024.
• Reported prices are weighted averages; detailed trade amounts and prices are available upon request.

Industry Context

Insider sales executed under Rule 10b5-1 plans are common across U.S. financial services and mortgage lenders; such pre-scheduled transactions often reflect portfolio diversification or liquidity planning and do not, on their own, indicate operational changes.

Comparison to Industry Standards

• Use of a Rule 10b5-1 plan aligns with best-practice governance among U.S.-listed financial services issuers and mortgage peers.
• The magnitude of the sale by a key insider is material; peers in mortgage lending (e.g., Rocket Companies, UWM, Mr. Cooper) also utilize 10b5-1 plans for periodic insider transactions; absent market cap context, precise benchmarking of size impact is not determinable.
• Disclosure of weighted-average prices with a commitment to provide granular trade data upon request is consistent with SEC norms for Form 4 reporting.

Related Party Transactions

• Sales involved The JLSSAA Trust, for which Anthony Hsieh serves as trustee and holds voting and investment power.

Stakeholder Impact

• Shareholders: Potential for negative sentiment due to significant insider selling by the CEO and 10% owner.
• Market liquidity: 1.3M shares sold around $2.50 across two trading days may create short-term supply pressure.
• Governance: Use of a Rule 10b5-1 plan enhances transparency and reduces concerns regarding discretionary timing.

Key Dates

Recommendation

Maintain a neutral stance. While the sale is sizable and by a key insider, it was executed under a pre-established Rule 10b5-1 plan and does not provide information on business fundamentals or performance. Await fundamental updates before revising the investment view.

Keywords

loanDepot, LDI, Anthony Hsieh, Form 4, insider selling, Rule 10b5-1, Class A common stock, JLSSAA Trust, executive transaction, mortgage lending