Guild Holdings Company Quarterly report pursuant to Section 13 or 15(d)

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

The following table presents the financial performance and results by segment for the three months ended June 30, 2024:


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	206,218	$	(370)	$	205,848	$	—	$	205,848
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	2,134		—		2,134		—		2,134
Loan servicing and other fees	—		67,709		67,709		—		67,709
Valuation adjustment of mortgage servicing rights	—		2,134		2,134		—		2,134
Interest (expense) income, net	(119)		11,910		11,791		(4,219)		7,572
Other income (expense), net	535		45		580		(292)		288
Net revenue	208,768		81,428		290,196		(4,511)		285,685
Expenses
Salaries, incentive compensation and benefits	169,037		8,518		177,555		11,383		188,938
General and administrative	21,798		2,855		24,653		3,745		28,398
Occupancy, equipment and communication	17,876		735		18,611		1,737		20,348
Depreciation and amortization	3,162		270		3,432		538		3,970
Reversal of foreclosure losses	—		(496)		(496)		—		(496)
Total expenses	211,873		11,882		223,755		17,403		241,158
Income tax expense	—		—		—		6,936		6,936
Net (loss) income	$	(3,105)	$	69,546	$	66,441	$	(28,850)	$	37,591

The following table presents the financial performance and results by segment for the six months ended June 30, 2024:


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	339,882	$	26	$	339,908	$	—	$	339,908
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	5,364		—		5,364		—		5,364
Loan servicing and other fees	—		133,497		133,497		—		133,497
Valuation adjustment of mortgage servicing rights	—		22,912		22,912		—		22,912
Interest income (expense), net	545		22,366		22,911		(7,152)		15,759
Other income (expense), net	899		67		966		(939)		27
Net revenue	346,690		178,868		525,558		(8,091)		517,467
Expenses
Salaries, incentive compensation and benefits	290,142		16,663		306,805		22,200		329,005
General and administrative	42,346		6,717		49,063		8,546		57,609
Occupancy, equipment and communication	34,811		1,701		36,512		3,651		40,163
Depreciation and amortization	6,653		411		7,064		660		7,724
Reversal of foreclosure losses	—		(104)		(104)		—		(104)
Total expenses	373,952		25,388		399,340		35,057		434,397
Income tax expense	—		—		—		17,079		17,079
Net (loss) income	$	(27,262)	$	153,480	$	126,218	$	(60,227)	$	65,991

The following table presents the financial performance and results by segment for the three months ended June 30, 2023:


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	136,499	$	426	$	136,925	$	—	$	136,925
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	2,306		—		2,306		—		2,306
Loan servicing and other fees	—		60,249		60,249		(38)		60,211
Valuation adjustment of mortgage servicing rights	—		27,890		27,890		—		27,890
Interest income (expense), net	1,331		10,266		11,597		(2,342)		9,255
Other income, net	168		49		217		7		224
Net revenue	140,304		98,880		239,184		(2,373)		236,811
Expenses
Salaries, incentive compensation and benefits	127,024		7,495		134,519		10,384		144,903
General and administrative	15,061		2,240		17,301		3,147		20,448
Occupancy, equipment and communication	16,187		1,223		17,410		992		18,402
Depreciation and amortization	3,364		218		3,582		79		3,661
Reversal of foreclosure losses	—		(1,044)		(1,044)		—		(1,044)
Total expenses	161,636		10,132		171,768		14,602		186,370
Income tax expense	—		—		—		13,505		13,505
Net (loss) income	$	(21,332)	$	88,748	$	67,416	$	(30,480)	$	36,936

The following table presents the financial performance and results by segment for the six months ended June 30, 2023:


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	228,775	$	801	$	229,576	$	—	$	229,576
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	2,306		—		2,306		—		2,306
Loan servicing and other fees	—		120,336		120,336		(38)		120,298
Valuation adjustment of mortgage servicing rights	—		(26,981)		(26,981)		—		(26,981)
Interest income (expense), net	2,631		17,676		20,307		(5,069)		15,238
Other income (expense), net	166		101		267		(8)		259
Net revenue	233,878		111,933		345,811		(5,115)		340,696
Expenses
Salaries, incentive compensation and benefits	220,281		15,069		235,350		20,673		256,023
General and administrative	29,555		5,120		34,675		6,656		41,331
Occupancy, equipment and communication	31,361		2,481		33,842		1,990		35,832
Depreciation and amortization	6,763		360		7,123		276		7,399
Provision for foreclosure losses	—		470		470		—		470
Total expenses	287,960		23,500		311,460		29,595		341,055
Income tax benefit	—		—		—		(100)		(100)
Net (loss) income	$	(54,082)	$	88,433	$	34,351	$	(34,610)	$	(259)