Guild Company (GHLD) Q2 2025 earnings summary

Executive summary

• Originated $7.5B in mortgage loans in Q2 2025, up 43.6% sequentially and 15% year-over-year, with 89% from purchase originations.

• Net income was $18.7M for Q2 2025, reversing a Q1 2025 loss; adjusted net income was $41.4M and adjusted EBITDA $58.0M, both highest since 2021.

• Pending merger with Gulf MSR HoldCo, LLC/Bayview Asset Management to take company private at $20 per share; special dividend declared and share repurchase program terminated.

• Servicing portfolio UPB reached $96.3B at June 30, 2025, up 8.7% year-over-year.

• Diluted EPS was $0.30 in Q2 2025, compared to $(0.39) in Q1 2025; adjusted EPS (diluted) was $0.66.

Financial highlights

• Q2 2025 revenue: $279.4M, up 40.8% sequentially; H1 2025 revenue: $477.9M, down 7.6% year-over-year.

• Gain on sale margin on originations was 329 bps, down 47 bps sequentially but up 3 bps year-over-year.

• Loan servicing and other fees: $72.7M in Q2 2025, flat sequentially; $145.5M for H1 2025, up 9.0% year-over-year.

• Cash and equivalents: $107.4M at June 30, 2025.

• Tangible net book value per share: $16.01 at June 30, 2025.

Outlook and guidance

• Merger expected to close in Q4 2025; each share to be converted to $20.00 in cash.

• Special cash dividend of $0.25 per share declared, payable September 2, 2025.

• Management expects continued growth through a balanced business model despite market challenges.

• No conference call held due to the pending merger; further updates to be provided as the transaction progresses.

• Interest rates expected to remain volatile; 30-year mortgage rates projected near 7.0% for 2025.