Form 4: loanDepot Director Anthony Hsieh Executes Unit Exchange for Class A Common Stock

Anthony Hsieh, a director and 10% owner of loanDepot, Inc., executed a transaction involving the exchange of Common Units for Class A Common Stock on September 18, 2024.

Summary

• On September 18, 2024, Anthony Hsieh, a director and 10% owner of loanDepot, Inc. (LDI), engaged in a transaction involving the exchange of Common Units for Class A Common Stock.
• Hsieh, through the JLSSAA Trust, exchanged 1,500,000 Common Units for 1,500,000 shares of Class A Common Stock.
• The corresponding 1,500,000 shares of Class C Common Stock were cancelled without consideration.
• Following the transaction, Hsieh indirectly owns 3,365,727 shares of Class A Common Stock and 3,114,521 Common Units through the JLSSAA Trust.
• Hsieh also indirectly owns significant amounts of Class C Common Stock through Trilogy Mortgage Holdings, Inc., JLSA, LLC, and Trilogy Management Investors Six, LLC.
• The exchange was conducted under the terms of the Fourth Amended and Restated Limited Liability Company Agreement of LD Holdings Group LLC, allowing unit holders to redeem units for Class A Common Stock or cash.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Form 4 filings are a routine part of corporate governance and are required by the SEC to ensure transparency in insider trading.
• Similar filings are made by executives and major shareholders of companies like Rocket Companies (RKT) and United Wholesale Mortgage (UWMC) when they trade their company's stock.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding insider activity.
• The exchange of units for stock does not have an immediate impact on employees, customers, suppliers, or creditors.

Key Dates