First Quarter Loan Origination Volume of $32.4 Billion, up 17% Year Over Year, Highest Q1 Originations Since 2022

PONTIAC, Mich., May 06, 2025--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the first quarter ended March 31, 2025. Total loan origination volume was $32.4 billion for the first quarter 2025. The Company also reported 1Q25 total revenue of $613.4 million and a net loss of $247.0 million, inclusive of a decline in fair value of mortgage servicing rights of $388.6 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The first quarter marked another win for UWM. We executed with precision and broker market share grew. When rates briefly dipped, we swiftly capitalized on the refinance opportunity—all while maintaining our best-in-class performance in the purchase market. In both Q4 of 2024 and Q1 of 2025, we once again proved our ability to quickly adapt and scale in response to rate changes, a direct result of the investments and groundwork we've laid over the past three years. Our focus remains on building long-term, sustainable value—not chasing short-term gains—and we're confident in our ability to perform across all market conditions, even amid economic uncertainty and volatility."

First Quarter 2025 Highlights

Originations of $32.4 billion in 1Q25, compared to $38.7 billion in 4Q24 and $27.6 billion in 1Q24 Purchase originations of $21.7 billion in 1Q25, compared to $21.9 billion in 4Q24 and $22.1 billion in 1Q24 Total gain margin of 94 bps in 1Q25 compared to 105 bps in 4Q24 and 108 bps in 1Q24 Total revenue of $613.4 million in 1Q25 compared to $720.6 million in 4Q24 and $585.5 million in 1Q24 Net loss of $247.0 million in 1Q25 compared to net income of $40.6 million in 4Q24 and net income of $180.5 million in 1Q24 Adjusted EBITDA of $57.8 million in 1Q25 compared to $118.2 million in 4Q24 and $101.5 million in 1Q24 Total equity of $1.6 billion at March 31, 2025, compared to $2.1 billion at December 31, 2024, and $2.5 billion at March 31, 2024 Unpaid principal balance of MSRs of $214.6 billion with a WAC of 5.44% at March 31, 2025, compared to $242.4 billion with a WAC of 4.76% at December 31, 2024, and $229.7 billion with a WAC of 4.58% at March 31, 2024 Ended 1Q25 with approximately $2.4 billion of available liquidity, including $485.0 million of cash and available borrowing capacity under our secured and unsecured lines of credit

Story Continues

Production and Income Statement Highlights (dollars in thousands, except per share amounts)  Q1 2025  Q4 2024  Q1 2024 Loan origination volume(1) $ 32,351,776   $ 38,664,357   $ 27,630,535  Total gain margin(1)(2)  0.94 %   1.05 %   1.08 % Total revenue $ 613,370   $ 720,596   $ 585,519  Net income (loss)  (247,028 )   40,613    180,531  Diluted earnings (loss) per share  (0.12 )   0.02    0.09  Adjusted net income (loss)(3)  (195,300 )   33,040    141,121  Adjusted EBITDA(3)  57,803    118,158    101,490   (1) Key operational metric (see discussion below) (2) Represents total loan production income divided by loan origination volume. (3) Non-GAAP metric (see discussion and reconciliations below).

Balance Sheet Highlights as of Period-end (dollars in thousands)  Q1 2025  Q4 2024  Q1 2024 Cash and cash equivalents  $ 485,024   $ 507,339   $ 605,639  Mortgage loans at fair value   8,402,211    9,516,537    7,338,135  Mortgage servicing rights   3,321,457    3,969,881    3,191,803  Total assets   14,048,433    15,671,116    12,797,334  Non-funding debt (1)   3,149,687    3,401,066    2,311,850  Total equity   1,635,349    2,053,848    2,457,058  Non-funding debt to equity (1)   1.93    1.66    0.94   (1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)  Q1 2025  Q4 2024  Q1 2024 Unpaid principal balance  $ 214,615,072   $ 242,405,767   $ 229,706,006  Weighted average interest rate   5.44 %   4.76 %   4.58 % Weighted average age (months)   19    24    22

First Quarter Business and Product Highlights

Sphere LOS Partnership

We partnered with Sphere LOS, providing our brokers with an all-in-one workflow platform. The platform will be offered for free for UWM clients for two years to help with adoption of the software.

TRAC Lite Expansion

TRAC Lite, a cost-effective title option for borrowers, was expanded to additional states. Now available in 14 states, this product is offered for a flat fee ranging from $375 to $475.

Paid Search Accelerator

A UWM tool, designed to help loan officers increase their online visibility and lead generation. For a fixed cost, this tool helps enhance the online presence and brand building for loan officers, increase leads driven to LO’s Mortgage Matchup profiles and raises Google ads to the top of search results.

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)  Purchase:  Q1 2025  Q4 2024  Q1 2024 Conventional  $ 13,179,468  $ 13,841,424  $ 12,160,107 Government   6,673,499   6,069,761   7,567,925 Jumbo and other (1)   1,894,070   1,941,420   2,393,397 Total Purchase  $ 21,747,037  $ 21,852,605  $ 22,121,429  Refinance:  Q1 2025  Q4 2024  Q1 2024 Conventional  $ 4,339,327  $ 8,898,500  $ 1,716,281 Government   4,699,294   6,415,421   2,657,541 Jumbo and other (1)   1,566,118   1,497,831   1,135,284 Total Refinance  $ 10,604,739  $ 16,811,752  $ 5,509,106 Total Originations  $ 32,351,776  $ 38,664,357  $ 27,630,535  (1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens).

Second Quarter 2025 Outlook

We anticipate second quarter production to be in the $38 to $45 billion range, with gain margin from 90 to 115 basis points.

Dividend

Subsequent to March 31, 2025, for the eighteenth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 10, 2025, to stockholders of record at the close of business on June 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 10, 2025.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 6, 2025, at 10:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I746365

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

"Loan origination volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Loan origination volume" is the aggregate principal of the residential mortgage loans originated by the Company during a period. "Total gain margin" represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose "Non-funding debt" and the "Non-funding debt to equity ratio" as a non-GAAP metric. We define "Non-funding debt" as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the "Non-funding debt-to-equity ratio" as total non-funding debt divided by the Company’s total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Adjusted net income  Q1 2025  Q4 2024  Q1 2024 Earnings (loss) before income taxes  $ (260,816 )  $ 42,332   $ 184,264  Adjusted income tax (provision) benefit   65,516    (9,292 )   (43,143 ) Adjusted net income (loss)  $ (195,300 )  $ 33,040   $ 141,121   Adjusted EBITDA  Q1 2025  Q4 2024  Q1 2024 Net income (loss)  $ (247,028 )  $ 40,613   $ 180,531  Interest expense on non-funding debt   50,081    44,882    40,243  Provision (benefit) for income taxes   (13,788 )   1,719    3,733  Depreciation and amortization   11,340    11,094    11,340  Stock-based compensation expense   8,310    8,999    5,876  Change in fair value of MSRs due to valuation inputs or assumptions   250,821    (456,253 )   (141,059 ) Loss on other interest rate derivatives   —    469,538    —  Deferred compensation, net   914    2,191    1,063  Change in fair value of Public and Private Warrants   (685 )   (8,495 )   (686 ) Change in Tax Receivable Agreement liability   (442 )   (110 )   180  Change in fair value of investment securities   (1,721 )   3,980    269  Adjusted EBITDA  $ 57,803   $ 118,158   $ 101,490

Non-funding debt and non-funding debt to equity Q1 2025  Q4 2024  Q1 2024 Senior notes $ 2,786,467   $ 2,785,326   $ 1,989,250  Secured lines of credit  250,000    500,000    200,000  Borrowings against investment securities  88,775    90,646    94,064  Finance lease liability  24,445    25,094    28,536  Total non-funding debt $ 3,149,687   $ 3,401,066   $ 2,311,850  Total equity $ 1,635,349   $ 2,053,848   $ 2,457,058  Non-funding debt to equity  1.93    1.66    0.94

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict" and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our ability to quickly capitalize on the refinance markets and its impact on our market performance; (2) our ability to adapt and scale our business when interest rates move; (3) the launch of our internal servicing; (4) our ability to handle our origination volume while limiting the impact on our fixed costs; (5) our position amongst our competitors and ability to capture market share; (6) our beliefs regarding opportunities in 2025 for our business and the broker channel; (7) our beliefs regarding operational profitability; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) the benefits and liquidity of our MSR portfolio; (11) our beliefs related to the amount and timing of our dividend; (12) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (13) our expectations related to production, gain margin and our overall success in the second quarter of 2025; (14) our performance in shifting market conditions and the comparison of such performance against our competitors; (15) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (16) our position and ability to capitalize on market opportunities and the impacts to our results and (17) our investments in technology and the impact to our operations, ability to scale and financial results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in Presidential Administration that affect interest rates and inflation; (ii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (vii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (viii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (ix) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (x) UWM’s ability to continue to attract and retain its broker relationships; (xi) UWM’s ability to implement technological innovation, such as AI in our operations; (xii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiii) the occurrence of data breaches or other cybersecurity failures at our third-party sub- servicers or other third-party vendors; (xiv) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xv) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for ten consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)  March 31,

2025   December 31,

2024 Assets   (Unaudited)  Cash and cash equivalents  (includes restricted cash of $16.1 million and $16.0 million, respectively)  $ 485,024  $ 507,339 Mortgage loans at fair value   8,402,211   9,516,537 Derivative assets   43,958   99,964 Investment securities at fair value, pledged   102,982   103,013 Accounts receivable, net   472,299   417,955 Mortgage servicing rights   3,321,457   3,969,881 Premises and equipment, net   153,855   146,199 Operating lease right-of-use asset  (includes $91,208 and $92,553 with related parties)   92,450   93,730 Finance lease right-of-use asset, net  (includes $22,221 and $22,737 with related parties)   22,464   23,193 Loans eligible for repurchase from Ginnie Mae   750,769   641,554 Other assets   200,964   151,751 Total assets  $ 14,048,433  $ 15,671,116 Liabilities and Equity  Warehouse lines of credit  $ 7,573,139  $ 8,697,744 Derivative liabilities   27,922   35,965 Secured line of credit   250,000   500,000 Borrowings against investment securities   88,775   90,646 Accounts payable, accrued expenses and other   652,701   580,736 Accrued distributions and dividends payable   159,856   159,827 Senior notes   2,786,467   2,785,326 Operating lease liability  (includes $97,768 and $99,199 with related parties)   99,010   100,376 Finance lease liability  (includes $24,182 and $24,608 with related parties)   24,445   25,094 Loans eligible for repurchase from Ginnie Mae   750,769   641,554 Total liabilities   12,413,084   13,617,268 Equity:  Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024   —   — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 200,781,659 and 157,940,987 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   20   16 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024   —   — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024   —   — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,397,782,620 and 1,440,332,098 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   140   144 Additional paid-in capital   4,298   3,523 Retained earnings   160,407   157,837 Non-controlling interest   1,470,484   1,892,328 Total equity   1,635,349   2,053,848 Total liabilities and equity  $ 14,048,433  $ 15,671,116

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)  For the three months ended March 31,

2025  December 31,

2024  March 31,

2024 Revenue (Unaudited)  (Unaudited)  (Unaudited) Loan production income $ 304,751   $ 407,229   $ 298,954  Loan servicing income  190,517    173,300    184,702  Interest income  118,102    140,067    101,863  Total revenue  613,370    720,596    585,519  MSR valuation adjustments  Change in fair value of mortgage servicing rights  (388,585 )   309,149    (15,563 ) Gain (loss) on other interest rate derivatives  —    (469,538 )   —  MSR valuation adjustments, net  (388,585 )   (160,389 )   (15,563 ) Expenses  Salaries, commissions and benefits  192,800    193,155    154,241  Direct loan production costs  43,127    54,958    31,436  Marketing, travel, and entertainment  22,190    30,771    19,111  Depreciation and amortization  11,340    11,094    11,340  General and administrative  68,148    60,314    40,809  Servicing costs  30,434    29,866    30,324  Interest expense  120,410    142,342    98,668  Other expense (income)  (2,848 )   (4,625 )   (237 ) Total expenses  485,601    517,875    385,692  Earnings (loss) before income taxes  (260,816 )   42,332    184,264  Provision (benefit) for income taxes  ...

(13,788 )   1,719    3,733  Net income (loss)  (247,028 )   40,613    180,531  Net income (loss) attributable to non-controlling interest  (233,349 )   31,694    171,801  Net income (loss) attributable to UWMC $ (13,679 )  $ 8,919   $ 8,730   Earnings (loss) per share of Class A common stock:  Basic $ (0.08 )  $ 0.06   $ 0.09  Diluted $ (0.12 )  $ 0.02   $ 0.09  Weighted average shares outstanding: Basic  164,100,022    155,584,329    94,365,991  Diluted  1,598,383,240    1,598,241,235    1,598,647,205

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2025, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2025, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)  March 31,

2025  December 31,

2024  September 30,

2024  June 30,

2024  March 31,

2024 Assets (Unaudited)    (Unaudited)  (Unaudited)  (Unaudited) Cash and cash equivalents, including restricted cash $ 485,024  $ 507,339  $ 636,327  $ 680,153  $ 605,639 Mortgage loans at fair value  8,402,211   9,516,537   10,141,683   8,236,183   7,338,135 Derivative assets  43,958   99,964   66,977   54,962   34,050 Investment securities at fair value, pledged  102,982   103,013   108,964   105,593   108,323 Accounts receivable, net  472,299   417,955   561,901   516,838   554,443 Mortgage servicing rights  3,321,457   3,969,881   2,800,054   2,650,090   3,191,803 Premises and equipment, net  153,855   146,199   147,981   146,750   145,265 Operating lease right-of-use asset  92,450   93,730   95,123   96,474   97,801 Finance lease right-of-use asset, net  22,464   23,193   24,020   25,061   26,890 Loans eligible for repurchase from Ginnie Mae  750,769   641,554   391,696   279,290   577,487 Other assets  200,964   151,751   145,072   130,247   117,498 Total assets $ 14,048,433  $ 15,671,116  $ 15,119,798  $ 12,921,641  $ 12,797,334 Liabilities and Equity  Warehouse lines of credit $ 7,573,139  $ 8,697,744  $ 9,207,746  $ 7,429,591  $ 6,681,917 Derivative liabilities  27,922   35,965   93,599   26,171   26,918 Secured line of credit  250,000   500,000   300,000   —   200,000 Borrowings against investment securities  88,775   90,646   93,662   91,406   94,064 Accounts payable, accrued expenses and other  652,701   580,736   573,865   486,138   477,765 Accrued distributions and dividends payable  159,856   159,827   159,818   159,766   159,702 Senior notes  2,786,467   2,785,326   1,991,216   1,990,233   1,989,250 Operating lease liability  99,010   100,376   101,833   103,247   104,637 Finance lease liability  24,445   25,094   25,836   26,787   28,536 Loans eligible for repurchase from Ginnie Mae  750,769   641,554   391,696   279,290   577,487 Total liabilities  12,413,084   13,617,268   12,939,271   10,592,629   10,340,276 Equity:  Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented  —   —   —   —   — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024, 113,150,968 as of September 30, 2024, 95,587,806 as of June 30, 2024 and 94,945,635 as of March 31, 2024  20   16   11   10   9 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented  —  Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented  —  Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized; shares issued and outstanding - 1,397,782,620 as of March 31, 2025, 1,440,332,098 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented  140   144   149   150   150 Additional paid-in capital  4,298   3,523   2,644   2,305   2,085 Retained earnings  160,407   157,837   116,561   111,021   111,980 Non-controlling interest  1,470,484   1,892,328   2,061,162   2,215,526   2,342,834 Total equity  1,635,349   2,053,848   2,180,527   2,329,012   2,457,058 Total liabilities and equity $ 14,048,433  $ 15,671,116  $ 15,119,798  $ 12,921,641  $ 12,797,334

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)  For the three months ended March 31,

2025  December 31, 2024  September 30,

2024  June 30,

2024  March 31,

2024 Revenue  Loan production income $ 304,751   $ 407,229   $ 465,548   $ 357,109   $ 298,954  Loan servicing income  190,517    173,300    134,753    143,910    184,702  Interest income  118,102    140,067    145,297    121,394    101,863  Total revenue  613,370    720,596    745,598    622,413    585,519  MSR valuation adjustments  Change in fair value of mortgage servicing rights  (388,585 )   309,149    (446,100 )   (142,485 )   (15,563 ) Gain (loss) on other interest rate derivatives  —    (469,538 )   226,936    27,166    —  MSR valuation adjustments, net  (388,585 )   (160,389 )   (219,164 )   (115,319 )   (15,563 ) Expenses  Salaries, commissions and benefits  192,800    193,155    181,453    160,311    154,241  Direct loan production costs  43,127    54,958    58,398    45,485    31,436  Marketing, travel, and entertainment  22,190    30,771    22,462    24,438    19,111  Depreciation and amortization  11,340    11,094    11,636    11,404    11,340  General and administrative  68,148    60,314    53,664    55,051    40,809  Servicing costs  30,434    29,866    25,009    25,787    30,324  Interest expense  120,410    142,342    141,102    108,651    98,668  Other expense (income)  (2,848 )   (4,625 )   421    (1,105 )   (237 ) Total expenses  485,601    517,875    494,145    430,022    385,692  Earnings (loss) before income taxes  (260,816 )   42,332    32,289    77,072    184,264  Provision (benefit) for income taxes  (13,788 )   1,719    344    786    3,733  Net income (loss)  (247,028 )   40,613    31,945    76,286    180,531  Net income (loss) attributable to non-controlling interest  (233,349 )   31,694    38,240    73,236    171,801  Net income (loss) attributable to UWMC $ (13,679 )  $ 8,919   $ (6,295 )  $ 3,050   $ 8,730   Earnings (loss) per share of Class A common stock:  Basic $ (0.08 )  $ 0.06   $ (0.06 )  $ 0.03   $ 0.09  Diluted $ (0.12 )  $ 0.02   $ (0.06 )  $ 0.03   $ 0.09  Weighted average shares outstanding:  Basic  164,100,022    155,584,329    99,801,301    95,387,609    94,365,991  Diluted  1,598,383,240    1,598,241,235    99,801,301    95,387,609    1,598,647,205

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506538862/en/

Contacts

For inquiries regarding UWM, please contact: INVESTOR CONTACT BLAKE KOLO
[email protected]

MEDIA CONTACT NICOLE ROBERTS
[email protected]

View Comments