PCP MANAGERS, L.P. 4

What Happened
PCP Managers GP, LLC (identified as a 10% owner) converted 97,026,671 shares of the issuer's Class D Common Stock into 97,026,671 shares of Class A Common Stock on February 11, 2026. The Form 4 records both an acquisition and a corresponding disposition of 97,026,671 shares at $0.00, reflecting a non‑cash conversion rather than a market purchase or sale.

Key Details

• Transaction date: February 11, 2026. Filing date: February 13, 2026 (filed within the typical 2‑business‑day window).
• Reported entries: Acquired 97,026,671 shares @ $0.00; Disposed 97,026,671 shares @ $0.00 (conversion of derivative security).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes: The conversion was automatic under the issuer’s Amended and Restated Certificate of Incorporation (one Class D share → one Class A share). The reported securities are held by funds and entities managed or controlled by PCP Managers GP, LLC (Parthenon-related funds). The filing includes customary disclaimers that the GP and certain reporting persons disclaim beneficial ownership except to the extent of pecuniary interest; two named partners serve as loanDepot directors.

Context
This was a structural reclassification (Class D → Class A) tied to the company’s charter provisions, not an open‑market trade or a cash transaction. For retail investors, such conversions are administrative and reflect changes in share class/status for an institutional holder (a 10% owner via affiliated funds) rather than a buy/sell signal by an individual executive.