loanDepot, Inc. 8-K

What Happened

• loanDepot, Inc. (through indirect subsidiary loanDepot.com, LLC and issuer loanDepot FAMSR Master Trust) filed an 8-K reporting entry into the Series 2025-FT1 Indenture Supplement on December 19, 2025 and the issuance of Series 2025-FT1 term notes in the aggregate principal amount of $200 million.
• The Series 2025-FT1 Indenture Supplement is to the Base Indenture (dated November 14, 2025, as amended by Amendment No. 1 on December 19, 2025) and involves Citibank, N.A. as indenture trustee and Nomura Corporate Funding Americas, LLC as administrative agent. Amendment No. 1 amends the definition of “Borrowing Base Deficiency” among other items.

Key Details

• Amount issued: $200,000,000 in Series 2025-FT1 term notes.
• Security: Primarily secured by a participation certificate representing a participation interest in the portfolio excess spread related to Fannie Mae mortgage servicing rights (MSRs) owned by loanDepot.
• Pricing & maturity: Variable rate tied to SOFR plus a margin per annum; expected maturity date is December 19, 2030.
• Payments & sale: Payments due monthly on the 25th (or next business day); notes were sold in an offering exempt from Securities Act registration and resold to purchasers reasonably believed to be qualified institutional buyers under Rule 144A.
• Related reporting: Filing also notes the creation of a direct financial obligation (Item 2.03).

Why It Matters

• This filing documents a new $200M secured financing that changes loanDepot’s debt profile by adding a term obligation backed by MSR-related cash flows.
• The notes are variable-rate (SOFR-based), which exposes interest expense to movements in short-term rates, and they mature in 2030, which sets a medium-term repayment timeline.
• Investors should be aware this transaction affects liquidity and secured leverage metrics and ties repayment to the performance of Fannie Mae MSR-related excess spread (as stated in the filing). The company amended the Base Indenture definitions (including “Borrowing Base Deficiency”), which relate to how collateral and borrowing metrics are defined under the indenture.