Lending giant LendingTree said in a filing on Wednesday it has $1.2 billion of debt and no debt related to forest services in the fourth quarter, compared with $843 million and $1 billion in the same period last year.
The company said it plans to use the debt to continue operating as part of its plan to develop and commercialize forest services.
Lending Tree is seeking to grow its operations and expand its footprint across the country.
LendingTree, the largest mortgage lender in the U.S., has about 5,000 customers, according to the company’s website.
In the fourth-quarter, Lendingtree had a net loss of $1,073 million, compared to $1 million and a net profit of $0.3 billion for the same periods last year, the company said.
The company reported $934 million in net income for the fourth and full fiscal years.
It also reported $532 million in operating expenses, including $936 million in interest expense and $634 million to $4.3 million in amortization, compared a net income of $917 million and loss of more than $100 million for the first three quarters of 2016.