Originations of $6.5 Billion
Net Revenue of $285.7 Million
Net Income Attributable to Guild of $37.6 Million
Adjusted Net Income of $30.7 Million
Return on Equity of 12.3% and Adjusted Return on Equity of 10.1%
Gain on Sale Margin on Originations of 326 bps
92% of Originations were Purchase Originations
Paid Special Dividend of $0.50 per share

Guild Holdings Company (NYSE:GHLD) ("Guild" or the "Company"), a growth-oriented mortgage company that employs a relationship-based loan sourcing strategy to execute on its mission of delivering the promise of homeownership, today announced results for the second quarter ended June 30, 2024.

"Our second quarter results demonstrate Guild's highly successful strategy to increase market share, by investing in people and technology, to drive growth in our originations and servicing portfolio. Our continued ability to execute effectively in a challenging market environment is illustrated by our origination volume increasing 69% quarter-over-quarter, compared to 14% for the industry, a strong indicator of our ability to take market share. We are also pleased to produce strong adjusted net income of $30.7 million as we continued to ramp up and integrate the acquisition of Academy Mortgage," stated Terry Schmidt, Guild Chief Executive Officer. "Additional highlights of the quarter include the launch and integration of our internal, proprietary artificial intelligence model, GuildGPT, with our sales team. Our ongoing technology investments, deep product offerings, extensive customer database, and unwavering commitment to local relationships through origination and servicing, positions the Guild platform to continue to drive organic growth as market conditions improve. We will also maintain our pursuit of selective acquisitions that align with our model and culture, as we seek to deliver meaningful growth and value for our shareholders over time."

Second Quarter 2024 Highlights		Total originations of $6.5 billion compared to $3.9 billion in the prior quarter
		Originated 92% of closed loan origination volume from purchase business, compared to the Mortgage Bankers Association industry estimate of 78% for the same period
		Net revenue of $285.7 million compared to $231.8 million in the prior quarter
		Net income attributable to Guild of $37.6 million compared to net income of $28.5 million in the prior quarter
		Servicing portfolio unpaid principal balance of $89.1 billion as of June 30, 2024, up 3% compared to $86.3 billion as of March 31, 2024
		Adjusted net income and adjusted EBITDA totaled $30.7 million and $41.6 million, respectively, compared to $8.0 million and $16.0 million, respectively, in the prior quarter
		Return on equity of 12.3% and adjusted return on equity of 10.1%, compared to 9.5% and 2.7%, respectively, in the prior quarter

Year-To-Date 2024 Highlights		Total originations of $10.4 billion compared to $7.3 billion in the prior year
		Originated 92% of closed loan origination volume from purchase business, compared to the Mortgage Bankers Association estimate of 78% for the same period
		Net revenue of $517.5 million compared to $340.7 million in the prior year
		Net income attributable to Guild of $66.1 million compared to net loss of $0.3 million in the prior year
		Servicing portfolio unpaid principal balance of $89.1 billion as of June 30, 2024, up 9% compared to $82.0 billion as of June 30, 2023
		Adjusted net income and adjusted EBITDA totaled $38.8 million and $57.5 million, respectively, compared to $6.4 million and $17.7 million, respectively, in the prior year
		Return on equity of 11.0% and adjusted return on equity of 6.4%, compared to 0.0% and 1.0%, respectively, in the prior year

Second Quarter Summary

Please refer to "Key Performance Indicators" and "GAAP to Non-GAAP Reconciliations" elsewhere in this release for a description of the key performance indicators and definitions of the non-GAAP measures and reconciliations to the nearest comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").

($ amounts in millions, except per share amounts)	2Q'24	1Q'24	%∆	YTD'24	YTD'23	%∆
Total originations	$6,525.9	$3,852.5	69%	$10,378.4	$7,292.5	42%
Gain on sale margin on originations (bps)	326	364	(10)%	340	323	5%
Gain on sale margin on pull-through adjusted locked volume (bps)	315	290	9%	305	299	2%
UPB of servicing portfolio (period end)	$89,092.9	$86,319.1	3%	$89,092.9	$82,030.4	9%
Net revenue	$285.7	$231.8	23%	$517.5	$340.7	52%
Total expenses	$241.2	$193.2	25%	$434.4	$341.1	27%
Net income (loss) attributable to Guild	$37.6	$28.5	32%	$66.1	($0.3)	NM
Return on equity	12.3%	9.5%	30%	11.0%	—%	NM
Adjusted net income	$30.7	$8.0	282%	$38.8	$6.4	507%
Adjusted EBITDA	$41.6	$16.0	161%	$57.5	$17.7	225%
Adjusted return on equity	10.1%	2.7%	274%	6.4%	1.0%	527%
Earnings (loss) per share	$0.61	$0.47	30%	$1.08	$—	NM
Diluted earnings (loss) per share	$0.60	$0.46	30%	$1.06	$—	NM
Adjusted earnings per share	$0.50	$0.13	285%	$0.63	$0.10	530%
Adjusted diluted earnings per share	$0.49	$0.13	277%	$0.62	$0.10	520%

__________________________
NM—Not meaningful.

Origination Segment Results

Origination segment net loss was $3.1 million in the second quarter compared to net loss of $24.2 million in the prior quarter primarily driven by higher origination volumes. Gain on sale margins on originations decreased 38 bps quarter-over-quarter to 326 bps. Gain on sale margins on pull-through adjusted locked volume increased 25 bps quarter-over-quarter to 315 bps and total pull-through adjusted locked volume was $6.5 billion compared to $4.6 billion in the prior quarter.

($ amounts in millions)	2Q'24	1Q'24	%∆	YTD'24	YTD'23	%∆
Total originations	$6,525.9	$3,852.5	69%	$10,378.4	$7,292.5	42%
Total origination units (000's)	19.2	11.9	61%	31.1	22.4	39%
Net revenue	$208.8	$137.9	51%	$346.7	$233.9	48%
Total expenses	$211.9	$162.1	31%	$374.0	$288.0	30%
Net loss allocated to origination	($3.1)	($24.2)	87%	($27.3)	($54.1)	50%

Servicing Segment Results

Servicing segment net income was $69.5 million in the second quarter compared to net income of $83.9 million in the prior quarter. The Company retained mortgage servicing rights ("MSRs") for 68% of total loans sold in the second quarter of 2024.

In the second quarter of 2024, valuation adjustments with respect to the Company's MSRs totaled a gain of $2.1 million, compared to a gain of $20.8 million in the prior quarter. Guild's purchase recapture rate was 27% in the second quarter of 2024, which aligns with the Company's focus on customer service and its customer for life strategy.

($ amounts in millions)	2Q'24	1Q'24	%∆	YTD'24	YTD'23	%∆
UPB of servicing portfolio (period end)	$89,092.9	$86,319.1	3%	$89,092.9	$82,030.4	9%
# Loans serviced (000's) (period end)	358	349	3%	358	335	7%
Loan servicing and other fees	$67.7	$65.8	3%	$133.5	$120.3	11%
Valuation adjustment of MSRs	$2.1	$20.8	(90)%	$22.9	($27.0)	185%
Net revenue	$81.4	$97.4	(16)%	$178.9	$111.9	60%
Total expenses	$11.9	$13.5	(12)%	$25.4	$23.5	8%
Net income allocated to servicing	$69.5	$83.9	(17)%	$153.5	$88.4	74%

Share Repurchase Program and Dividends

During the three months ended June 30, 2024, the Company repurchased and subsequently retired 14,221 shares of Guild's Class A common stock at an average purchase price of $14.09 per share. As of June 30, 2024, $10.7 million remains available for repurchase under the Company's share repurchase program.

On May 8, 2024, the Company's Board of Directors declared a special cash dividend of $0.50 per share on the Company's Class A common stock and Class B common stock, payable on June 6, 2024, to stockholders of record at the close of business on May 20, 2024.

Balance Sheet and Liquidity Highlights

The Company's cash and cash equivalents position was $102.2 million as of June 30, 2024. The Company's unutilized loan funding capacity was $375.9 million based on total facility size and borrowing limitations, while the unutilized MSR lines of credit was $214.0 million, based on total committed amounts and borrowing base limitations. The Company's leverage ratio was 1.9x, defined as recourse debt divided by tangible stockholders' equity.

(in millions, except per share amounts)	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	102.2	$	120.3
Mortgage servicing rights, at fair value	$	1,292.7	$	1,161.4
Warehouse lines of credit, net	$	1,616.6	$	833.8
Notes payable	$	271.0	$	148.8
Total stockholders' equity	$	1,222.4	$	1,183.5

Tangible net book value per share⁽¹⁾	$	16.15	$	15.90

_________________
⁽¹⁾		See "GAAP to Non-GAAP Reconciliation" for a description of this non-GAAP measure and reconciliation to the nearest comparable financial measures calculated and presented in accordance with GAAP.

Webcast and Conference Call

The Company will host a webcast and conference call on Thursday, August 8, 2024 at 5 p.m. Eastern Time to discuss the Company's results for the second quarter ended June 30, 2024.

The conference call will be available on the Company's website at https://ir.guildmortgage.com/. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. The conference call can also be accessed by the following dial-in information:

1-877-407-0789 (Domestic)
1-201-689-8562 (International)

A replay of the call will be available on the Company's website at https://ir.guildmortgage.com/ approximately two hours after the live call through August 22, 2024. The replay is also available by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (international). The replay pin number is 13746929.

About Guild Holdings Company

Guild Mortgage Company, a wholly owned subsidiary of Guild Holdings Company (NYSE:GHLD), was founded in 1960 and is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild employs a relationship-based loan sourcing strategy to execute on its mission of delivering the promise of home ownership in neighborhoods and communities across 49 states and the District of Columbia. Guild's highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. For more information visit https://www.guildmortgage.com/.

Forward-Looking Statements

This press release and a related presentation by management of Guild Holdings Company (the "Company") contains forward-looking statements, including statements about the Company's growth strategies, the Company's future revenue, operating performance or capital position, ongoing pursuit of M&A opportunities, expectations for benefits from recent acquisitions, such as increased market share and origination volume, expectations regarding home sales and mortgage activity, the impact of future interest rate environments and any other statements that are not historical facts. These forward-looking statements reflect our current expectations and judgments about future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.

Important factors that could cause our actual results to differ materially from those expressed in or implied by forward-looking statements include, but are not limited to, the following: any disruptions in the secondary home loan market and their effects on our ability to sell the loans that we originate; any changes in macroeconomic and U.S. residential real estate market conditions; any changes in certain U.S. government-sponsored entities and government agencies, and any organizational or pricing changes in these entities, their guidelines or their current roles; any changes in prevailing interest rates or U.S. monetary policies; the effects of any termination of our servicing rights; we depend on our loan funding facilities to fund mortgage loans and otherwise operate our business; the effects of our existing and future indebtedness on our liquidity and our ability to operate our business; any disruption in the technology that supports our origination and servicing platform; our failure to identify, develop and integrate acquisitions of other companies or technologies; pressure from existing and new competitors; any failure to maintain or grow our historical referral relationships with our referral partners; any delays in recovering service advances; any failure to adapt to and implement technological changes; any cybersecurity breaches or other vulnerability involving our computer systems or those of certain of our third-party service providers; our inability to secure additional capital, if needed, to operate and grow our business; the impact of operational risks, including employee or consumer fraud, the obligation to repurchase sold loans in the event of a documentation error, and data processing system failures and errors; any repurchase or indemnification obligations caused by the failure of the loans that we originate to meet certain criteria or characteristics; the seasonality of the mortgage origination industry; any non-compliance with the complex laws and regulations governing our mortgage loan origination and servicing activities; material changes to the laws, regulations or practices applicable to reverse mortgage programs; our control by, and any conflicts of interest with, McCarthy Capital Mortgage Investors, LLC; our dependence, as a holding company, upon distributions from Guild Mortgage Company LLC to meet our obligations; and the other risks, uncertainties and factors set forth under Item IA. – Risk Factors and all other disclosures appearing in Guild's Annual Report on Form 10-K for the year ended December 31, 2023 as well as other documents Guild files from time to time with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we undertake no obligation to update any forward-looking statement made in this press release or any related presentation by Company management.

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our GAAP financial results, we disclose certain financial measures for our consolidated and operating segment results on both a GAAP and a non-GAAP (adjusted) basis. The non-GAAP financial measures disclosed should be viewed in addition to, and not as an alternative to, results prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.

Adjusted net income. Net income (loss) is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted net income, a non-GAAP measure. We define adjusted net income as earnings or loss attributable to Guild excluding (i) the change in the fair value measurements related to our MSRs due to changes in model inputs and assumptions, (ii) change in the fair value of contingent liabilities related to completed acquisitions, net of change in the fair value of notes receivable related to acquisitions, (iii) amortization of acquired intangible assets and (iv) stock-based compensation. We exclude these items because we believe they are non-cash expenses that are not reflective of our core operations or indicative of our ongoing operations. Adjusted net income is also adjusted by applying an estimated effective tax rate to these adjustments. We exclude the change in the fair value of MSRs due to changes in model inputs and assumptions from adjusted net income and adjusted EBITDA below because we believe this non-cash, non-realized adjustment to net revenues is not indicative of our operating performance or results of operations but rather reflects changes in model inputs and assumptions (e.g., prepayment speed, discount rate and cost to service assumptions) that impact the carrying value of our MSRs from period to period.

Adjusted earnings per share—Basic and Diluted. Earnings per share is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted earnings per share, a non-GAAP measure. We define adjusted earnings per share as our adjusted net income divided by the basic and diluted weighted average shares outstanding of our Class A and Class B common stock. Diluted weighted average shares outstanding is adjusted to include potential shares of Class A common stock related to unvested RSUs that were excluded from the calculation of GAAP diluted loss per share because they were anti-dilutive due to the net loss, when applicable.

Adjusted EBITDA. Net income (loss) is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted EBITDA, a non-GAAP measure. We define adjusted EBITDA as earnings before (i) interest expense on non-funding debt (without adjustment for net warehouse interest related to loan fundings and payoff interest related to loan prepayments), (ii) taxes, (iii) depreciation and amortization and (iv) net income attributable to the non-controlling interests and excluding (v) any change in the fair value measurements of our MSRs due to valuation assumptions, (vi) change in the fair value of contingent liabilities related to completed acquisitions, net of change in the fair value of notes receivable related to acquisitions and (vii) stock-based compensation. We exclude these items because we believe they are not reflective of our core operations or indicative of our ongoing operations.

Adjusted return on equity. Return on equity is the most directly comparable financial measure calculated and presented in accordance with GAAP for adjusted return on equity, a non-GAAP measure. We define adjusted return on equity as annualized adjusted net income as a percentage of average beginning and ending stockholders' equity during the period.

Tangible net book value per share. Book value per share is the most directly comparable financial measure calculated and presented in accordance with GAAP for tangible net book value per share, a non-GAAP measure. We define tangible net book value per share as total stockholders' equity attributable to Guild, less goodwill and intangible assets, net divided by the total shares of our Class A and Class B common stock outstanding.

We use these non-GAAP financial measures (other than tangible net book value per share) to evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. These non-GAAP financial measures are designed to evaluate operating results exclusive of fair value and other adjustments that are not indicative of our business's operating performance. Accordingly, we believe that these financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. In addition, management uses the non-GAAP financial measure of tangible net book value per share to evaluate the adequacy of our stockholders' equity and assess our capital position and believes tangible net book value provides useful information to investors in assessing the strength of our financial position.

For more information on these non-GAAP financial measures, please see the "GAAP to Non-GAAP Reconciliations" included at the end of this release.


Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except share and per share amounts)	Jun 30, 2024		Dec 31, 2023
Assets
Cash and cash equivalents	$	102,185	$	120,260
Restricted cash		5,620		7,121
Mortgage loans held for sale, at fair value		1,729,007		901,227
Reverse mortgage loans held for investment, at fair value		376,182		315,912
Ginnie Mae loans subject to repurchase right		568,176		699,622
Mortgage servicing rights, at fair value		1,292,662		1,161,357
Advances, net		53,640		64,748
Property and equipment, net		16,262		13,913
Right-of-use assets		72,562		65,273
Goodwill and intangible assets, net		230,452		211,306
Other assets		133,096		115,981
Total assets	$	4,579,844	$	3,676,720
Liabilities and stockholders' equity
Warehouse lines of credit, net	$	1,616,569	$	833,781
Home Equity Conversion Mortgage-Backed Securities ("HMBS") related borrowings		358,101		302,183
Ginnie Mae loans subject to repurchase right		574,707		700,120
Notes payable		271,000		148,766
Accounts payable and accrued expenses		80,253		63,432
Operating lease liabilities		82,780		75,832
Deferred tax liabilities		244,722		225,021
Other liabilities		129,276		144,092
Total liabilities		3,357,408		2,493,227
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding		—		—
Class A common stock, $0.01 par value; 250,000,000 shares authorized; 21,061,207 and 20,786,814 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		211		208
Class B common stock, $0.01 par value; 100,000,000 shares authorized; 40,333,019 shares issued and outstanding at June 30, 2024 and December 31, 2023		403		403
Additional paid-in capital		51,352		47,158
Retained earnings		1,169,852		1,135,387
Non-controlling interests		618		337
Total stockholders' equity		1,222,436		1,183,493
Total liabilities and stockholders' equity	$	4,579,844	$	3,676,720


Condensed Consolidated Statements of Operations
(unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share amounts)	Jun 30, 2024			Mar 31, 2024			Jun 30, 2024			Jun 30, 2023
Revenue
Loan origination fees and gain on sale of loans, net	$	205,848		$	134,060		$	339,908		$	229,576
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net		2,134			3,230			5,364			2,306
Loan servicing and other fees		67,709			65,788			133,497			120,298
Valuation adjustment of mortgage servicing rights		2,134			20,778			22,912			(26,981	)
Interest income		36,219			24,728			60,947			44,829
Interest expense		(28,647	)		(16,541	)		(45,188	)		(29,591	)
Other income (expense), net		288			(261	)		27			259
Net revenue		285,685			231,782			517,467			340,696
Expenses
Salaries, incentive compensation and benefits		188,938			140,067			329,005			256,023
General and administrative		28,398			29,211			57,609			41,331
Occupancy, equipment and communication		20,348			19,815			40,163			35,832
Depreciation and amortization		3,970			3,754			7,724			7,399
(Reversal of) provision for foreclosure losses		(496	)		392			(104	)		470
Total expenses		241,158			193,239			434,397			341,055
Income (loss) before income taxes		44,527			38,543			83,070			(359	)
Income tax expense (benefit)		6,936			10,143			17,079			(100	)
Net income (loss)		37,591			28,400			65,991			(259	)
Net income (loss) attributable to non-controlling interests		8			(98	)		(90	)		(5	)
Net income (loss) attributable to Guild	$	37,583		$	28,498		$	66,081		$	(254	)

Earnings (loss) per share attributable to Class A and Class B Common Stock:
Basic	$	0.61		$	0.47		$	1.08		$	—
Diluted	$	0.60		$	0.46		$	1.06		$	—
Weighted average shares outstanding of Class A and Class B Common Stock:
Basic		61,337			61,109			61,223			60,931
Diluted		62,393			62,157			62,275			60,931

Key Performance Indicators

Management reviews several key performance indicators to evaluate our business results, measure our performance and identify trends to inform our business decisions. Summary data for these key performance indicators is listed below.

	Three Months Ended						Six Months Ended
($ and units in thousands)	Jun 30, 2024			Mar 31, 2024			Jun 30, 2024			Jun 30, 2023
Origination Data
Total originations⁽¹⁾	$	6,525,898		$	3,852,539		$	10,378,437		$	7,292,475
Total originations (units)⁽²⁾		19.2			11.9			31.1			22.4
Gain on sale margin (bps)⁽³⁾		326			364			340			323
Pull-through adjusted locked volume⁽⁴⁾	$	6,528,825		$	4,618,203		$	11,147,028		$	7,675,669
Gain on sale margin on pull-through adjusted locked volume (bps)⁽⁵⁾		315			290			305			299
Purchase recapture rate⁽⁶⁾		27	%		25	%		27	%		28	%
Refinance recapture rate⁽⁷⁾		22	%		26	%		25	%		26	%
Purchase origination %		92	%		91	%		92	%		93	%
Servicing Data
UPB (period end)⁽⁸⁾	$	89,092,933		$	86,319,074		$	89,092,933		$	82,030,408
Loans serviced (period end)⁽⁹⁾		358			349			358			335

_________________
⁽¹⁾		Total originations includes retail forward and reverse, brokered, wholesale and correspondent loans.
⁽²⁾		Total origination units excludes second lien mortgages originated at the same time as the first mortgage or shortly thereafter.
⁽³⁾		Represents loan origination fees and gain on sale of loans, net plus gain on reverse mortgage loans held for investment and HMBS-related borrowings, net divided by total originations, excluding brokered and wholesale loans, to derive basis points.
⁽⁴⁾		Pull-through adjusted locked volume is equal to total locked volume, which excludes reverse loans, multiplied by pull-through rates of 88.0%, 88.0% and 85.4% as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively. We estimate the pull-through rate based on changes in pricing and actual borrower behavior using a historical analysis of loan closing data and "fallout" data with respect to the number of commitments that have historically remained unexercised.
⁽⁵⁾		Represents loan origination fees and gain on sale of loans, net divided by pull-through adjusted locked volume.
⁽⁶⁾		Purchase recapture rate is calculated as the ratio of (i) UPB of our clients that originated a new mortgage with us for the purchase of a home in a given period, to (ii) total UPB of our clients that paid off their existing mortgage as a result of selling their home in a given period.
⁽⁷⁾		Refinance recapture rate is calculated as the ratio of (i) UPB of our clients that originated a new mortgage loan for the purpose of refinancing an existing mortgage with us in a given period, to (ii) total UPB of our clients that paid off their existing mortgage as a result of refinancing their home in the same period.
⁽⁸⁾		Excludes subserviced forward and reverse mortgage loans, which had UPB of $2.0 billion, $320.7 million and $34.5 million as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and includes loans held for sale of $1.6 billion, $1.0 billion, and $1.0 billion, respectively.
⁽⁹⁾		Includes loans held for sale, which had period end number of loans serviced of 6,000, 3,000 and 4,000 as of June 30, 2024, March 31, 2024, and June 30, 2023 respectively.


GAAP to Non-GAAP Reconciliations

Reconciliation of Net Income (Loss) to Adjusted Net Income and Earnings (Loss) Per Share to Adjusted Earnings Per Share
(unaudited)

	Three Months Ended						Six Months Ended
(in millions, except per share amounts)	Jun 30, 2024			Mar 31, 2024			Jun 30, 2024			Jun 30, 2023
Net income (loss) attributable to Guild	$	37.6		$	28.5		$	66.1		$	(0.3	)
Add adjustments:
Change in fair value of MSRs due to model inputs and assumption		(20.6	)		(32.9	)		(53.5	)		(0.1	)
Change in fair value of contingent liabilities and notes receivable due to acquisitions, net		6.3			1.1			7.4			1.2
Amortization of acquired intangible assets		2.4			2.2			4.6			4.0
Stock-based compensation		2.7			2.1			4.8			4.1
Tax impact of adjustments⁽¹⁾		2.4			7.0			9.4			(2.6	)
Adjusted net income	$	30.7		$	8.0		$	38.8		$	6.4
Weighted average shares outstanding of Class A and Class B Common Stock:
Basic		61.3			61.1			61.2			60.9
Diluted		62.4			62.2			62.3			60.9
Adjusted diluted⁽²⁾		62.4			62.2			62.3			61.7

Earnings (loss) per share—Basic	$	0.61		$	0.47		$	1.08		$	—
Earnings (loss) per share—Diluted	$	0.60		$	0.46		$	1.06		$	—
Adjusted earnings per share—Basic	$	0.50		$	0.13		$	0.63		$	0.10
Adjusted earnings per share—Diluted	$	0.49		$	0.13		$	0.62		$	0.10

_________________
Amounts may not foot due to rounding
⁽¹⁾		Calculated using the estimated effective tax rate of 25.9%, 25.5%, 25.6% and 28.0% for the three months ended June 30, 2024 and March 31, 2024 and the six months ended June 30, 2024 and June 30, 2023, respectively.
⁽²⁾		Adjusted diluted weighted average shares outstanding of Class A and Class B Common Stock for the six months ended June 30, 2023 includes $0.8 million potential shares of Class A common stock related to unvested RSUs that were excluded from the calculation of GAAP diluted loss per share because they were anti-dilutive. There were no adjustments for the three months ended June 30, 2024 and March 31, 2024 or for the six months ended June 30, 2024.


Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited)

	Three Months Ended						Six Months Ended
(in millions)	Jun 30, 2024			Mar 31, 2024			Jun 30, 2024			Jun 30, 2023
Net income (loss)	$	37.6		$	28.4		$	66.0		$	(0.3	)
Add adjustments:
Interest expense on non-funding debt		4.7			3.3			8.0			5.4
Income tax expense (benefit)		6.9			10.1			17.1			(0.1	)
Depreciation and amortization		4.0			3.8			7.7			7.4
Change in fair value of MSRs due to model inputs and assumptions		(20.6	)		(32.9	)		(53.5	)		(0.1	)
Change in fair value of contingent liabilities and notes receivable due to acquisitions, net		6.3			1.1			7.4			1.2
Stock-based compensation		2.7			2.1			4.8			4.1
Adjusted EBITDA	$	41.6		$	16.0		$	57.5		$	17.7

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Amounts may not foot due to rounding


Reconciliation of Return on Equity to Adjusted Return on Equity
(unaudited)

	Three Months Ended						Six Months Ended
($ in millions)	Jun 30, 2024			Mar 31, 2024			Jun 30, 2024			Jun 30, 2023
Income Statement Data:
Net income (loss) attributable to Guild	$	37.6		$	28.5		$	66.1		$	(0.3	)
Adjusted net income	$	30.7		$	8.0		$	38.8		$	6.4

Average stockholders' equity	$	1,218.3		$	1,198.8		$	1,203.0		$	1,250.4
Return on equity		12.3	%		9.5	%		11.0	%		—	%
Adjusted return on equity		10.1	%		2.7	%		6.4	%		1.0	%


Reconciliation of Book Value Per Share to Tangible Net Book Value Per Share
(unaudited)

(in millions, except per share amounts)	Jun 30, 2024			Dec 31, 2023
Total stockholders' equity	$	1,222.4		$	1,183.5
Less: non-controlling interests		0.6			0.3
Total stockholders' equity attributable to Guild	$	1,221.8		$	1,183.2
Adjustments:
Goodwill		(198.7	)		(186.2	)
Intangible assets, net		(31.7	)		(25.1	)
Tangible common equity	$	991.4		$	971.9

Ending shares of Class A and Class B common stock outstanding		61.4			61.1

Book value per share	$	19.90		$	19.36
Tangible net book value per share⁽¹⁾	$	16.15		$	15.90

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Amounts may not foot due to rounding
⁽¹⁾		Tangible net book value per share uses the same denominator as book value per share.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808346174/en/

Guild Holdings Company Reports Second Quarter 2024 Results