EX-99.1 2 q32025ex-991pressrelease.htm EX-99.1 Q3 EARNINGS RELEASE Document



Exhibit 99.1


uwmc_colorlogoa.jpg
UWM Holdings Corporation Announces
Third Quarter 2025 Results

Loan Origination Volume of $41.7 Billion, the Largest Quarterly Originations Since 2021
PONTIAC, MI, November 6, 2025 - UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2025. Total loan origination volume was $41.7 billion for the third quarter 2025. The Company also reported 3Q25 total revenue of $843.3 million, net income of $12.1 million and adjusted EBITDA of $211.1 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution. Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity. We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we’re excited to continue building on this momentum in the quarters ahead."

Third Quarter 2025 Highlights

•Originations of $41.7 billion in 3Q25, compared to $39.7 billion in 2Q25 and $39.5 billion in 3Q24
•Purchase originations of $25.2 billion in 3Q25, compared to $27.3 billion in 2Q25 and $26.2 billion in 3Q24
•Refinance originations of $16.5 billion in 3Q25, compared to $12.4 billion in 2Q25 and $13.3 billion in 3Q24
•Total gain margin of 130 bps in 3Q25 compared to 113 bps in 2Q25 and 118 bps in 3Q24
•Total revenue of $843.3 million in 3Q25 compared to $758.7 million in 2Q25 and $745.6 million in 3Q24
•Net income of $12.1 million in 3Q25 compared to net income of $314.5 million in 2Q25 and net income of $31.9 million in 3Q24
•Adjusted EBITDA of $211.1 million in 3Q25 compared to $195.7 million in 2Q25 and $107.2 million in 3Q24
•Total equity of $1.6 billion at September 30, 2025, compared to $1.7 billion at June 30, 2025, and $2.2 billion at September 30, 2024
•Unpaid principal balance of MSRs of $216.0 billion with a WAC of 5.57% at September 30, 2025, compared to $211.2 billion with a WAC of 5.51% at June 30, 2025, and $212.2 billion with a WAC of 4.56% at September 30, 2024
•Ended 3Q25 with approximately $3.0 billion of available liquidity, including $870.7 million of cash and available borrowing capacity under our secured and unsecured lines of credit

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Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q3 2025Q2 2025Q3 2024
Loan origination volume(1)
$41,742,070$39,744,514$39,509,521
Total gain margin(1)(2)
1.30%1.13%1.18%
Total revenue
$843,252 $758,700 $745,598
Net income12,088314,47931,945
Diluted earnings (loss) per share
(0.01)0.11(0.06)
Adjusted diluted earnings (loss) per share(3)
0.010.160.01
Adjusted net income (loss) (3)
9,621249,42923,334
Adjusted EBITDA(3)
211,073195,683107,180
(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)
Q3 2025Q2 2025Q3 2024
Cash and cash equivalents$870,703 $489,984 $636,327 
Mortgage loans at fair value10,784,461 8,040,310 10,141,683 
Mortgage servicing rights3,308,585 3,445,195 2,800,054 
Total assets17,022,337 13,886,889 15,119,798 
Non-funding debt (1)
3,891,125 3,323,565 2,410,714 
Total equity1,587,078 1,747,982 2,180,527 
Non-funding debt to equity (1)
2.45 1.90 1.11 
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
Q3 2025Q2 2025Q3 2024
Unpaid principal balance$216,028,448 $211,237,964 $212,218,975 
Weighted average interest rate5.57 %5.51 %4.56 %
Weighted average age (months)19 19 25 

Third Quarter Business and Product Highlights

BILT Partnership

•During Q3 UWM entered into a strategic collaboration with BILT, which will allow homeowners to earn rewards on every on-time mortgage payment. This is part of our strategic move to bring servicing in-house and deliver a world-class servicing experience. This collaboration is a creative and innovative approach to providing borrowers with additional benefits when they pay their mortgage, while also providing brokers more tools to stay top of mind with their consumers, long after the loan closes.

National Mortgage Brokers Day

•UWM celebrated National Mortgage Broker Day at the New York Stock Exchange by ringing the closing bell alongside 100 of our mortgage broker partners from across the country.






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Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q3 2025Q2 2025Q3 2024
Conventional$14,677,985 $16,825,147 $15,874,674 
Government8,411,136 8,358,290 7,786,158 
Jumbo and other (1)
2,124,362 2,115,964 2,499,626 
Total Purchase$25,213,483 $27,299,401 $26,160,458 
Refinance:Q3 2025Q2 2025Q3 2024
Conventional$7,193,198 $5,082,559 $3,552,067 
Government7,302,600 5,688,192 8,271,580 
Jumbo and other (1)
2,032,789 1,674,362 1,525,416 
Total Refinance$16,528,587 $12,445,113 $13,349,063 
Total Originations$41,742,070 $39,744,514 $39,509,521 
(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)
Fourth Quarter 2025 Outlook
We anticipate fourth quarter production to be in the $43 to $50 billion range, with gain margin from 105 to 130 basis points.
Dividend
Subsequent to September 30, 2025, for the twentieth 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 January 8, 2026, to stockholders of record at the close of business on December 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around January 8, 2026.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, November 6, 2025, at 10:00 a.m. 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/Q4I515890
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
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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
Q3 2025Q2 2025Q3 2024
Earnings (loss) before income taxes
$12,670 $329,418 $32,289 
Adjusted income tax (provision) benefit
(3,049)(79,989)(8,955)
Adjusted net income (loss)
$9,621 $249,429 $23,334 
Adjusted Diluted EPSQ3 2025Q2 2025Q3 2024
Diluted weighted average Class A Common shares outstanding
221,354,499 202,133,122 99,801,301 
Assumed pro forma conversion of Class D shares(1)
1,378,084,794 1,396,892,510 1,498,013,741 
Adjusted diluted weighted average shares outstanding(1)
1,599,439,293 1,599,025,632 1,597,815,042 
Adjusted Net Income (in thousands)9,621 249,429 23,334 
Adjusted Diluted EPS0.01 0.16 0.01 
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock

Adjusted EBITDAQ3 2025Q2 2025Q3 2024
Net income (loss)
$12,088 $314,479 $31,945 
Interest expense on non-funding debt51,828 50,775 31,544 
Provision (benefit) for income taxes
582 14,939 344 
Depreciation and amortization12,747 12,200 11,636 
Stock-based compensation expense14,732 11,729 5,768 
Change in fair value of MSRs due to valuation inputs or assumptions
158,842 (3,154)263,893 
Gain on other interest rate derivatives
(27,813)(208,904)(226,936)
Deferred compensation, net(11,117)1,773 (11,434)
Change in fair value of Public and Private Warrants
770 (1,309)5,829 
Change in Tax Receivable Agreement liability
41 3,557 — 
Change in fair value of investment securities(1,627)(402)(5,409)
Adjusted EBITDA$211,073 $195,683 $107,180 

Non-funding debt and non-funding debt to equityQ3 2025Q2 2025Q3 2024
Senior notes$3,780,620 $2,787,797 $1,991,216 
Secured lines of credit— 425,000 300,000 
Borrowings against investment securities87,142 86,896 93,662 
Finance lease liability23,363 23,872 25,836 
Total non-funding debt$3,891,125 $3,323,565 $2,410,714 
Total equity$1,587,078 $1,747,982 $2,180,527 
Non-funding debt to equity2.45 1.90 1.11 

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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 strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) our position amongst our competitors and ability to capture market share; (5) the timing of in-house servicing; (6) our beliefs regarding opportunities in the broker channel; (7) our beliefs regarding the refinance market; (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) our beliefs related to the amount and timing of our dividend; (11) our expectations for future market environments, including interest rates, and the timing of such market changes; (12) our expectations related to production, gain margin and our overall success in the fourth quarter of 2025; (13) our performance in shifting market conditions and the comparison of such performance against our competitors; (14) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (15) our position and ability to capitalize on market opportunities, including in the refinance market, and the impacts to our results and (16) our investments in technology, including artificial intelligence, and its 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 ability to successfully implement strategic decisions and product launches; (ii) 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 the Presidential Administration that affect interest rates and inflation; (iii) 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; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) 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; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) 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 (xvi) 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.
For inquiries regarding UWM, please contact:
INVESTOR CONTACTMEDIA CONTACT
BLAKE KOLONICOLE ROBERTS
InvestorRelations@uwm.comMedia@uwm.com
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UWM HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

September 30,
2025		December 31,
2024
Assets
(Unaudited)
Cash and cash equivalents
(includes restricted cash of $21.0 million and $16.0 million, respectively)
$870,703 $507,339 
Mortgage loans at fair value10,784,461 9,516,537 
Derivative assets91,446 99,964 
Investment securities at fair value, pledged101,277 103,013 
Accounts receivable, net548,090 417,955 
Mortgage servicing rights3,308,585 3,969,881 
Premises and equipment, net164,985 146,199 
Operating lease right-of-use asset
(includes $94,947 and $92,553 with related parties)
95,957 93,730 
Finance lease right-of-use asset, net
(includes $21,188 and $22,737 with related parties)
21,219 23,193 
Loans eligible for repurchase from Ginnie Mae749,089 641,554 
Other assets286,525 151,751 
Total assets$17,022,337 $15,671,116 
Liabilities and Equity
Warehouse lines of credit$9,783,664 $8,697,744 
Derivative liabilities41,209 35,965 
Secured line of credit— 500,000 
Borrowings against investment securities 87,142 90,646 
Accounts payable, accrued expenses and other706,993 580,736 
Accrued distributions and dividends payable160,846 159,827 
Senior notes3,780,620 2,785,326 
Operating lease liability
(includes $101,321 and $99,199 with related parties)
102,333 100,376 
Finance lease liability
(includes $23,328 and $24,608 with related parties)
23,363 25,094 
Loans eligible for repurchase from Ginnie Mae749,089 641,554 
Total liabilities15,435,259 13,617,268 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 234,291,930 and 157,940,987 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
23 16 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 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 September 30, 2025 or December 31, 2024
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,365,482,620 and 1,440,332,098 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
137 144 
Additional paid-in capital7,579 3,523 
Retained earnings169,935 157,837 
Non-controlling interest1,409,404 1,892,328 
Total equity1,587,078 2,053,848 
Total liabilities and equity$17,022,337 $15,671,116 

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UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
September 30,
2025		June 30,
2025		September 30,
2024
Revenue
Loan production income$542,144 $447,882 $465,548 
Loan servicing income169,019 178,813 134,753 
Interest income132,089 132,005 145,297 
Total revenue
843,252 758,700 745,598 
Other gains (losses)
Change in fair value of mortgage servicing rights(307,825)(111,421)(446,100)
Gain on other interest rate derivatives
27,813 208,904 226,936 
Other gains (losses), net
(280,012)97,483 (219,164)
Expenses
Salaries, commissions and benefits222,760 211,461 181,453 
Direct loan production costs64,213 46,330 58,398 
Marketing, travel, and entertainment23,410 26,379 22,462 
Depreciation and amortization12,747 12,200 11,636 
General and administrative62,243 59,999 53,664 
Servicing costs33,928 35,083 25,009 
Interest expense132,084 133,467 141,102 
Other expense (income)
(815)1,846 421 
Total expenses550,570 526,765 494,145 
Earnings before income taxes
12,670 329,418 32,289 
Provision for income taxes
582 14,939 344 
Net income
12,088 314,479 31,945 
Net income attributable to non-controlling interest
13,350 291,570 38,240 
Net income (loss) attributable to UWMC$(1,262)$22,909 $(6,295)
Earnings (loss) per share of Class A common stock:
Basic$(0.01)$0.11 $(0.06)
Diluted$(0.01)$0.11 $(0.06)
Weighted average shares outstanding:
Basic221,354,499 202,133,122 99,801,301 
Diluted221,354,499 202,133,122 99,801,301 


















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Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 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)

September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Assets(Unaudited)
(Unaudited)
(Unaudited)(Unaudited)
Cash and cash equivalents, including restricted cash$870,703 $489,984 $485,024 $507,339 $636,327 
Mortgage loans at fair value10,784,461 8,040,310 8,402,211 9,516,537 10,141,683 
Derivative assets91,446 59,356 43,958 99,964 66,977 
Investment securities at fair value, pledged101,277 101,627 102,982 103,013 108,964 
Accounts receivable, net548,090 719,369 472,299 417,955 561,901 
Mortgage servicing rights3,308,585 3,445,195 3,321,457 3,969,881 2,800,054 
Premises and equipment, net164,985 166,460 153,855 146,199 147,981 
Operating lease right-of-use asset95,957 91,004 92,450 93,730 95,123 
Finance lease right-of-use asset, net21,219 21,810 22,464 23,193 24,020 
Loans eligible for repurchase from Ginnie Mae749,089 564,806 750,769 641,554 391,696 
Other assets286,525 186,968 200,964 151,751 145,072 
Total assets$17,022,337 $13,886,889 $14,048,433 $15,671,116 $15,119,798 
Liabilities and Equity
Warehouse lines of credit$9,783,664 $7,254,526 $7,573,139 $8,697,744 $9,207,746 
Derivative liabilities41,209 76,683 27,922 35,965 93,599 
Secured line of credit— 425,000 250,000 500,000 300,000 
Borrowings against investment securities87,142 86,896 88,775 90,646 93,662 
Accounts payable, accrued expenses and other706,993 661,496 652,701 580,736 573,865 
Accrued distributions and dividends payable160,846 160,360 159,856 159,827 159,818 
Senior notes3,780,620 2,787,797 2,786,467 2,785,326 1,991,216 
Operating lease liability102,333 97,471 99,010 100,376 101,833 
Finance lease liability23,363 23,872 24,445 25,094 25,836 
Loans eligible for repurchase from Ginnie Mae749,089 564,806 750,769 641,554 391,696 
Total liabilities15,435,259 12,138,907 12,413,084 13,617,268 12,939,271 
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 - 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024 and 113,150,968 as of September 30, 2024
23 21 20 16 11 
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 - 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented
137 139 140 144 149 
Additional paid-in capital7,579 5,688 4,298 3,523 2,644 
Retained earnings169,935 170,320 160,407 157,837 116,561 
Non-controlling interest1,409,404 1,571,814 1,470,484 1,892,328 2,061,162 
Total equity1,587,078 1,747,982 1,635,349 2,053,848 2,180,527 
Total liabilities and equity$17,022,337 $13,886,889 $14,048,433 $15,671,116 $15,119,798 



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CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Revenue
Loan production income$542,144 $447,882 $304,751 $407,229 $465,548 
Loan servicing income169,019 178,813 190,517 173,300 134,753 
Interest income132,089 132,005 118,102 140,067 145,297 
Total revenue843,252 758,700 613,370 720,596 745,598 
Other gains (losses)
Change in fair value of mortgage servicing rights(307,825)(111,421)(388,585)309,149 (446,100)
Gain (loss) on other interest rate derivatives
27,813 208,904 — (469,538)226,936 
Other gains (losses), net
(280,012)97,483 (388,585)(160,389)(219,164)
Expenses
Salaries, commissions and benefits222,760 211,461 192,800 193,155 181,453 
Direct loan production costs64,213 46,330 43,127 54,958 58,398 
Marketing, travel, and entertainment23,410 26,379 22,190 30,771 22,462 
Depreciation and amortization12,747 12,200 11,340 11,094 11,636 
General and administrative62,243 59,999 68,148 60,314 53,664 
Servicing costs33,928 35,083 30,434 29,866 25,009 
Interest expense132,084 133,467 120,410 142,342 141,102 
Other expense (income)(815)1,846 (2,848)(4,625)421 
Total expenses550,570 526,765 485,601 517,875 494,145 
Earnings (loss) before income taxes12,670 329,418 (260,816)42,332 32,289 
Provision (benefit) for income taxes582 14,939 (13,788)1,719 344 
Net income (loss)12,088 314,479 (247,028)40,613 31,945 
Net income (loss) attributable to non-controlling interest13,350 291,570 (233,349)31,694 38,240 
Net income (loss) attributable to UWMC$(1,262)$22,909 $(13,679)$8,919 $(6,295)
Earnings (loss) per share of Class A common stock:
Basic$(0.01)$0.11 $(0.08)$0.06 $(0.06)
Diluted$(0.01)$0.11 $(0.12)$0.02 $(0.06)
Weighted average shares outstanding:
Basic221,354,499 202,133,122 164,100,022 155,584,329 99,801,301 
Diluted221,354,499 202,133,122 1,598,383,240 1,598,241,235 99,801,301 

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