Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue        
Loan origination fees and gain on sale of loans, net $ 205,848 $ 136,925 $ 339,908 $ 229,576
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,134 2,306 5,364 2,306
Loan servicing and other fees 67,709 60,211 133,497 120,298
Valuation adjustment of mortgage servicing rights 2,134 27,890 22,912 (26,981)
Interest income 36,219 26,584 60,947 44,829
Interest expense (28,647) (17,329) (45,188) (29,591)
Other income, net 288 224 27 259
Net revenue 285,685 236,811 517,467 340,696
Expenses        
Salaries, incentive compensation and benefits 188,938 144,903 329,005 256,023
General and administrative 28,398 20,448 57,609 41,331
Occupancy, equipment and communication 20,348 18,402 40,163 35,832
Depreciation and amortization 3,970 3,661 7,724 7,399
(Reversal of) provision for foreclosure losses (496) (1,044) (104) 470
Total expenses 241,158 186,370 434,397 341,055
Income (loss) before income taxes 44,527 50,441 83,070 (359)
Income tax expense (benefit) 6,936 13,505 17,079 (100)
Net income (loss) 37,591 36,936 65,991 (259)
Net income (loss) attributable to non-controlling interests 8 0 (90) (5)
Net income (loss) attributable to Guild $ 37,583 $ 36,936 $ 66,081 $ (254)
Earnings (loss) per share attributable to Class A and Class B Common Stock:        
Basic (in dollars per share) $ 0.61 $ 0.61 $ 1.08 $ 0
Diluted (in dollars per share) $ 0.60 $ 0.60 $ 1.06 $ 0
Weighted average shares outstanding of Class A and Class B Common Stock:        
Basic (in shares) 61,337 60,962 61,223 60,931
Diluted (in shares) 62,393 61,801 62,275 60,931