Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue        
Loan origination fees and gain on sale of loans, net $ 136,925 $ 207,972 $ 229,576 $ 450,611
Gain on reverse mortgage loans held for investment 2,306 0 2,306 0
Loan servicing and other fees 60,211 54,595 120,298 107,772
Valuation adjustment of mortgage servicing rights 27,890 21,074 (26,981) 205,675
Interest income 26,584 14,823 44,829 30,086
Interest expense (17,329) (10,949) (29,591) (25,087)
Other income, net 224 22 259 242
Net revenue 236,811 287,537 340,696 769,299
Expenses        
Salaries, incentive compensation and benefits 144,903 178,192 256,023 365,521
General and administrative 20,448 6,371 41,331 741
Occupancy, equipment and communication 18,402 18,973 35,832 37,285
Depreciation and amortization 3,661 3,808 7,399 7,721
(Reversal of) provision for foreclosure losses (1,044) 1,796 470 1,475
Total expenses 186,370 209,140 341,055 412,743
Income (loss) before income tax expense (benefit) 50,441 78,397 (359) 356,556
Income tax expense (benefit) 13,505 20,108 (100) 90,294
Net income (loss) 36,936 58,289 (259) 266,262
Net income (loss) attributable to non-controlling interest 0 17 (5) 32
Net income (loss) attributable to Guild $ 36,936 $ 58,272 $ (254) $ 266,230
Net income (loss) per share attributable to Class A and Class B Common Stock:        
Basic (in dollars per share) $ 0.61 $ 0.95 $ 0 $ 4.36
Diluted (in dollars per share) $ 0.60 $ 0.95 $ 0 $ 4.31
Weighted average shares outstanding of Class A and Class B Common Stock:        
Basic (in shares) 60,962 61,064 60,931 61,060
Diluted (in shares) 61,801 61,650 60,931 61,779