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

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

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


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	220,365	$	246	$	220,611	$	—	$	220,611
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	2,367		—		2,367		—		2,367
Loan servicing and other fees	—		70,951		70,951		—		70,951
Valuation adjustment of mortgage servicing rights	—		(145,776)		(145,776)		—		(145,776)
Interest income (expense), net	708		14,686		15,394		(4,925)		10,469
Other income (expense), net	657		70		727		(92)		635
Net revenue	224,097		(59,823)		164,274		(5,017)		159,257
Expenses
Salaries, incentive compensation and benefits	175,922		9,219		185,141		13,864		199,005
General and administrative	19,742		3,788		23,530		3,188		26,718
Occupancy, equipment and communication	18,708		1,004		19,712		2,289		22,001
Depreciation and amortization	3,290		161		3,451		302		3,753
Provision for foreclosure losses	—		613		613		—		613
Total expenses	217,662		14,785		232,447		19,643		252,090
Income tax benefit	—		—		—		(25,882)		(25,882)
Net income (loss)	$	6,435	$	(74,608)	$	(68,173)	$	1,222	$	(66,951)

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


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	560,247	$	272	$	560,519	$	—	$	560,519
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	7,731		—		7,731		—		7,731
Loan servicing and other fees	—		204,448		204,448		—		204,448
Valuation adjustment of mortgage servicing rights	—		(122,864)		(122,864)		—		(122,864)
Interest income (expense), net	1,253		37,052		38,305		(12,077)		26,228
Other income (expense), net	1,556		137		1,693		(1,031)		662
Net revenue	570,787		119,045		689,832		(13,108)		676,724
Expenses
Salaries, incentive compensation and benefits	466,064		25,882		491,946		36,064		528,010
General and administrative	62,088		10,505		72,593		11,734		84,327
Occupancy, equipment and communication	53,519		2,705		56,224		5,940		62,164
Depreciation and amortization	9,943		572		10,515		962		11,477
Provision for foreclosure losses	—		509		509		—		509
Total expenses	591,614		40,173		631,787		54,700		686,487
Income tax benefit	—		—		—		(8,803)		(8,803)
Net (loss) income	$	(20,827)	$	78,872	$	58,045	$	(59,005)	$	(960)

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


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	158,812	$	(686)	$	158,126	$	—	$	158,126
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	2,755		—		2,755		—		2,755
Loan servicing and other fees	—		61,941		61,941		—		61,941
Valuation adjustment of mortgage servicing rights	—		22,077		22,077		—		22,077
Interest income (expense), net	1,388		13,208		14,596		(2,642)		11,954
Other income, net	341		49		390		14		404
Net revenue	163,296		96,589		259,885		(2,628)		257,257
Expenses
Salaries, incentive compensation and benefits	123,978		8,104		132,082		10,555		142,637
General and administrative	12,696		2,953		15,649		3,160		18,809
Occupancy, equipment and communication	15,995		1,406		17,401		1,135		18,536
Depreciation and amortization	3,435		17		3,452		212		3,664
Provision for foreclosure losses	—		84		84		—		84
Total expenses	156,104		12,564		168,668		15,062		183,730
Income tax expense	—		—		—		19,284		19,284
Net income (loss)	$	7,192	$	84,025	$	91,217	$	(36,974)	$	54,243

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


(in thousands)	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	387,587	$	115	$	387,702	$	—	$	387,702
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net	5,061		—		5,061		—		5,061
Loan servicing and other fees	—		182,277		182,277		(38)		182,239
Valuation adjustment of mortgage servicing rights	—		(4,904)		(4,904)		—		(4,904)
Interest income (expense), net	4,019		30,884		34,903		(7,711)		27,192
Other income, net	507		150		657		6		663
Net revenue	397,174		208,522		605,696		(7,743)		597,953
Expenses
Salaries, incentive compensation and benefits	344,259		23,173		367,432		31,228		398,660
General and administrative	42,251		8,073		50,324		9,816		60,140
Occupancy, equipment and communication	47,356		3,887		51,243		3,125		54,368
Depreciation and amortization	10,198		377		10,575		488		11,063
Provision for foreclosure losses	—		554		554		—		554
Total expenses	444,064		36,064		480,128		44,657		524,785
Income tax expense	—		—		—		19,184		19,184
Net (loss) income	$	(46,890)	$	172,458	$	125,568	$	(71,584)	$	53,984