UWM Holdings Corporation Announces Third Quarter 2025 Results
Loan Origination Volume of
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 $39.7 billion $39.5 billion -
Purchase originations of
$25.2 billion $27.3 billion $26.2 billion -
Refinance originations of
$16.5 billion $12.4 billion $13.3 billion - 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 $758.7 million $745.6 million -
Net income of
$12.1 million $314.5 million $31.9 million -
Adjusted EBITDA of
$211.1 million $195.7 million $107.2 million -
Total equity of
$1.6 billion $1.7 billion $2.2 billion -
Unpaid principal balance of MSRs of
$216.0 billion 5.57% at September 30, 2025, compared to$211.2 billion 5.51% at June 30, 2025, and$212.2 billion 4.56% at September 30, 2024 -
Ended 3Q25 with approximately
$3.0 billion $870.7 million
Production and Income Statement Highlights (dollars in thousands, except per share amounts) |
||||||||||||
|
|
Q3 2025 |
|
Q2 2025 |
|
Q3 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 income |
|
|
12,088 |
|
|
|
314,479 |
|
|
|
31,945 |
|
Diluted earnings (loss) per share |
|
|
(0.01 |
) |
|
|
0.11 |
|
|
|
(0.06 |
) |
Adjusted diluted earnings (loss) per share(3) |
|
|
0.01 |
|
|
|
0.16 |
|
|
|
0.01 |
|
Adjusted net income (loss) (3) |
|
|
9,621 |
|
|
|
249,429 |
|
|
|
23,334 |
|
Adjusted EBITDA(3) |
|
|
211,073 |
|
|
|
195,683 |
|
|
|
107,180 |
|
|
|
|
|
|
|
|
||||||
(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 2025 |
|
Q2 2025 |
|
Q3 2024 |
||||||
Cash and cash equivalents |
|
$ |
870,703 |
|
$ |
489,984 |
|
$ |
636,327 |
|||
Mortgage loans at fair value |
|
|
10,784,461 |
|
|
8,040,310 |
|
|
10,141,683 |
|||
Mortgage servicing rights |
|
|
3,308,585 |
|
|
3,445,195 |
|
|
2,800,054 |
|||
Total assets |
|
|
17,022,337 |
|
|
13,886,889 |
|
|
15,119,798 |
|||
Non-funding debt (1) |
|
|
3,891,125 |
|
|
3,323,565 |
|
|
2,410,714 |
|||
Total equity |
|
|
1,587,078 |
|
|
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 2025 |
|
Q2 2025 |
|
Q3 2024 |
||||||
Unpaid principal balance |
|
$ |
216,028,448 |
|
|
$ |
211,237,964 |
|
|
$ |
212,218,975 |
|
Weighted average interest rate |
|
|
5.57 |
% |
|
|
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.
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) |
|||||||||
Purchase: |
|
Q3 2025 |
|
Q2 2025 |
|
Q3 2024 |
|||
Conventional |
|
$ |
14,677,985 |
|
$ |
16,825,147 |
|
$ |
15,874,674 |
Government |
|
|
8,411,136 |
|
|
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 2025 |
|
Q2 2025 |
|
Q3 2024 |
|||
Conventional |
|
$ |
7,193,198 |
|
$ |
5,082,559 |
|
$ |
3,552,067 |
Government |
|
|
7,302,600 |
|
|
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
Dividend
Subsequent to September 30, 2025, for the twentieth consecutive quarter, the Company's Board of Directors declared a cash dividend of
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
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 |
|
Q3 2025 |
|
Q2 2025 |
|
Q3 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 EPS |
|
Q3 2025 |
Q2 2025 |
Q3 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 EPS |
|
0.01 |
0.16 |
0.01 |
||||||||
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock |
||||||||||||
Adjusted EBITDA |
|
Q3 2025 |
|
Q2 2025 |
|
Q3 2024 |
||||||
Net income (loss) |
|
$ |
12,088 |
|
|
$ |
314,479 |
|
|
$ |
31,945 |
|
Interest expense on non-funding debt |
|
|
51,828 |
|
|
|
50,775 |
|
|
|
31,544 |
|
Provision (benefit) for income taxes |
|
|
582 |
|
|
|
14,939 |
|
|
|
344 |
|
Depreciation and amortization |
|
|
12,747 |
|
|
|
12,200 |
|
|
|
11,636 |
|
Stock-based compensation expense |
|
|
14,732 |
|
|
|
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 equity |
|
Q3 2025 |
|
Q2 2025 |
|
Q3 2024 |
||||||
Senior notes |
|
$ |
3,780,620 |
|
$ |
2,787,797 |
|
$ |
1,991,216 |
|||
Secured lines of credit |
|
|
— |
|
|
425,000 |
|
|
300,000 |
|||
Borrowings against investment securities |
|
|
87,142 |
|
|
86,896 |
|
|
93,662 |
|||
Finance lease liability |
|
|
23,363 |
|
|
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 equity |
|
|
2.45 |
|
|
1.90 |
|
|
1.11 |
|||
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
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in
UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) |
|||||
|
September 30,
|
|
December 31,
|
||
Assets |
(Unaudited) |
|
|
||
Cash and cash equivalents
(includes restricted cash of |
$ |
870,703 |
|
$ |
507,339 |
Mortgage loans at fair value |
|
10,784,461 |
|
|
9,516,537 |
Derivative assets |
|
91,446 |
|
|
99,964 |
Investment securities at fair value, pledged |
|
101,277 |
|
|
103,013 |
Accounts receivable, net |
|
548,090 |
|
|
417,955 |
Mortgage servicing rights |
|
3,308,585 |
|
|
3,969,881 |
Premises and equipment, net |
|
164,985 |
|
|
146,199 |
Operating lease right-of-use asset
(includes |
|
95,957 |
|
|
93,730 |
Finance lease right-of-use asset, net
(includes |
|
21,219 |
|
|
23,193 |
Loans eligible for repurchase from Ginnie Mae |
|
749,089 |
|
|
641,554 |
Other assets |
|
286,525 |
|
|
151,751 |
Total assets |
$ |
17,022,337 |
|
$ |
15,671,116 |
Liabilities and Equity |
|
|
|
||
Warehouse lines of credit |
$ |
9,783,664 |
|
$ |
8,697,744 |
Derivative liabilities |
|
41,209 |
|
|
35,965 |
Secured line of credit |
|
— |
|
|
500,000 |
Borrowings against investment securities |
|
87,142 |
|
|
90,646 |
Accounts payable, accrued expenses and other |
|
706,993 |
|
|
580,736 |
Accrued distributions and dividends payable |
|
160,846 |
|
|
159,827 |
Senior notes |
|
3,780,620 |
|
|
2,785,326 |
Operating lease liability
(includes |
|
102,333 |
|
|
100,376 |
Finance lease liability
(includes |
|
23,363 |
|
|
25,094 |
Loans eligible for repurchase from Ginnie Mae |
|
749,089 |
|
|
641,554 |
Total liabilities |
|
15,435,259 |
|
|
13,617,268 |
Equity: |
|
|
|
||
Preferred stock, |
|
— |
|
|
— |
Class A common stock, |
|
23 |
|
|
16 |
Class B common stock, |
|
— |
|
|
— |
Class C common stock, |
|
— |
|
|
— |
Class D common stock, |
|
137 |
|
|
144 |
Additional paid-in capital |
|
7,579 |
|
|
3,523 |
Retained earnings |
|
169,935 |
|
|
157,837 |
Non-controlling interest |
|
1,409,404 |
|
|
1,892,328 |
Total equity |
|
1,587,078 |
|
|
2,053,848 |
Total liabilities and equity |
$ |
17,022,337 |
|
$ |
15,671,116 |
UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) |
|||||||||||
|
For the three months ended |
||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
Revenue |
|
|
|
|
|
||||||
Loan production income |
$ |
542,144 |
|
|
$ |
447,882 |
|
|
$ |
465,548 |
|
Loan servicing income |
|
169,019 |
|
|
|
178,813 |
|
|
|
134,753 |
|
Interest income |
|
132,089 |
|
|
|
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 benefits |
|
222,760 |
|
|
|
211,461 |
|
|
|
181,453 |
|
Direct loan production costs |
|
64,213 |
|
|
|
46,330 |
|
|
|
58,398 |
|
Marketing, travel, and entertainment |
|
23,410 |
|
|
|
26,379 |
|
|
|
22,462 |
|
Depreciation and amortization |
|
12,747 |
|
|
|
12,200 |
|
|
|
11,636 |
|
General and administrative |
|
62,243 |
|
|
|
59,999 |
|
|
|
53,664 |
|
Servicing costs |
|
33,928 |
|
|
|
35,083 |
|
|
|
25,009 |
|
Interest expense |
|
132,084 |
|
|
|
133,467 |
|
|
|
141,102 |
|
Other expense (income) |
|
(815 |
) |
|
|
1,846 |
|
|
|
421 |
|
Total expenses |
|
550,570 |
|
|
|
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: |
|
|
|
|
|
||||||
Basic |
|
221,354,499 |
|
|
|
202,133,122 |
|
|
|
99,801,301 |
|
Diluted |
|
221,354,499 |
|
|
|
202,133,122 |
|
|
|
99,801,301 |
|
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,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||
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 value |
|
10,784,461 |
|
8,040,310 |
|
8,402,211 |
|
9,516,537 |
|
10,141,683 |
|||||
Derivative assets |
|
91,446 |
|
59,356 |
|
43,958 |
|
99,964 |
|
66,977 |
|||||
Investment securities at fair value, pledged |
|
101,277 |
|
101,627 |
|
102,982 |
|
103,013 |
|
108,964 |
|||||
Accounts receivable, net |
|
548,090 |
|
719,369 |
|
472,299 |
|
417,955 |
|
561,901 |
|||||
Mortgage servicing rights |
|
3,308,585 |
|
3,445,195 |
|
3,321,457 |
|
3,969,881 |
|
2,800,054 |
|||||
Premises and equipment, net |
|
164,985 |
|
166,460 |
|
153,855 |
|
146,199 |
|
147,981 |
|||||
Operating lease right-of-use asset |
|
95,957 |
|
91,004 |
|
92,450 |
|
93,730 |
|
95,123 |
|||||
Finance lease right-of-use asset, net |
|
21,219 |
|
21,810 |
|
22,464 |
|
23,193 |
|
24,020 |
|||||
Loans eligible for repurchase from Ginnie Mae |
|
749,089 |
|
564,806 |
|
750,769 |
|
641,554 |
|
391,696 |
|||||
Other assets |
|
286,525 |
|
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 liabilities |
|
41,209 |
|
76,683 |
|
27,922 |
|
35,965 |
|
93,599 |
|||||
Secured line of credit |
|
— |
|
425,000 |
|
250,000 |
|
500,000 |
|
300,000 |
|||||
Borrowings against investment securities |
|
87,142 |
|
86,896 |
|
88,775 |
|
90,646 |
|
93,662 |
|||||
Accounts payable, accrued expenses and other |
|
706,993 |
|
661,496 |
|
652,701 |
|
580,736 |
|
573,865 |
|||||
Accrued distributions and dividends payable |
|
160,846 |
|
160,360 |
|
159,856 |
|
159,827 |
|
159,818 |
|||||
Senior notes |
|
3,780,620 |
|
2,787,797 |
|
2,786,467 |
|
2,785,326 |
|
1,991,216 |
|||||
Operating lease liability |
|
102,333 |
|
97,471 |
|
99,010 |
|
100,376 |
|
101,833 |
|||||
Finance lease liability |
|
23,363 |
|
23,872 |
|
24,445 |
|
25,094 |
|
25,836 |
|||||
Loans eligible for repurchase from Ginnie Mae |
|
749,089 |
|
564,806 |
|
750,769 |
|
641,554 |
|
391,696 |
|||||
Total liabilities |
|
15,435,259 |
|
12,138,907 |
|
12,413,084 |
|
13,617,268 |
|
12,939,271 |
|||||
Equity: |
|
|
|
|
|
||||||||||
Preferred stock, |
|
— |
|
— |
|
— |
|
— |
|
— |
|||||
Class A common stock, |
|
23 |
|
21 |
|
20 |
|
16 |
|
11 |
|||||
Class B common stock, |
|
— |
|
— |
|
— |
|
|
|||||||
Class C common stock, |
|
— |
|
— |
|
— |
|
|
|||||||
Class D common stock, |
|
137 |
|
139 |
|
140 |
|
144 |
|
149 |
|||||
Additional paid-in capital |
|
7,579 |
|
5,688 |
|
4,298 |
|
3,523 |
|
2,644 |
|||||
Retained earnings |
|
169,935 |
|
170,320 |
|
160,407 |
|
157,837 |
|
116,561 |
|||||
Non-controlling interest |
|
1,409,404 |
|
1,571,814 |
|
1,470,484 |
|
1,892,328 |
|
2,061,162 |
|||||
Total equity |
|
1,587,078 |
|
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 |
|||||
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) |
|||||||||||||||
|
For the three months ended |
||||||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||
Revenue |
|
|
|
|
|
||||||||||
Loan production income |
$ |
542,144 |
|
$ |
447,882 |
|
$ |
304,751 |
|
$ |
407,229 |
|
$ |
465,548 |
|
Loan servicing income |
|
169,019 |
|
|
178,813 |
|
|
190,517 |
|
|
173,300 |
|
|
134,753 |
|
Interest income |
|
132,089 |
|
|
132,005 |
|
|
118,102 |
|
|
140,067 |
|
|
145,297 |
|
Total revenue |
|
843,252 |
|
|
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 benefits |
|
222,760 |
|
|
211,461 |
|
|
192,800 |
|
|
193,155 |
|
|
181,453 |
|
Direct loan production costs |
|
64,213 |
|
|
46,330 |
|
|
43,127 |
|
|
54,958 |
|
|
58,398 |
|
Marketing, travel, and entertainment |
|
23,410 |
|
|
26,379 |
|
|
22,190 |
|
|
30,771 |
|
|
22,462 |
|
Depreciation and amortization |
|
12,747 |
|
|
12,200 |
|
|
11,340 |
|
|
11,094 |
|
|
11,636 |
|
General and administrative |
|
62,243 |
|
|
59,999 |
|
|
68,148 |
|
|
60,314 |
|
|
53,664 |
|
Servicing costs |
|
33,928 |
|
|
35,083 |
|
|
30,434 |
|
|
29,866 |
|
|
25,009 |
|
Interest expense |
|
132,084 |
|
|
133,467 |
|
|
120,410 |
|
|
142,342 |
|
|
141,102 |
|
Other expense (income) |
|
(815 |
) |
|
1,846 |
|
|
(2,848 |
) |
|
(4,625 |
) |
|
421 |
|
Total expenses |
|
550,570 |
|
|
526,765 |
|
|
485,601 |
|
|
517,875 |
|
|
494,145 |
|
Earnings (loss) before income taxes |
|
12,670 |
|
|
329,418 |
|
|
(260,816 |
) |
|
42,332 |
|
|
32,289 |
|
Provision (benefit) for income taxes |
|
582 |
|
|
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 interest |
|
13,350 |
|
|
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: |
|
|
|
|
|
||||||||||
Basic |
|
221,354,499 |
|
|
202,133,122 |
|
|
164,100,022 |
|
|
155,584,329 |
|
|
99,801,301 |
|
Diluted |
|
221,354,499 |
|
|
202,133,122 |
|
|
1,598,383,240 |
|
|
1,598,241,235 |
|
|
99,801,301 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251106230092/en/
For inquiries regarding UWM, please contact:
INVESTOR CONTACT
BLAKE KOLO
InvestorRelations@uwm.com
MEDIA CONTACT
NICOLE ROBERTS
Media@uwm.com
Source: UWM Holdings Corporation
