UWM (NYSE: UWMC) Q4 surge, dividend and Two Harbors stock merger

Rhea-AI Filing Summary

UWM Holdings Corporation reported strong fourth quarter and full-year 2025 results, highlighted by higher loan originations and improved profitability late in the year. Q4 2025 loan originations reached $49.6 billion, with total revenue of $945.2 million and net income of $164.5 million, a sharp rebound from earlier quarters.

For full-year 2025, originations were $163.4 billion, total revenue was $3.2 billion and net income was $244.0 million, while adjusted EBITDA rose to $697.3 million. The company ended the year with total assets of $16.9 billion, total equity of $1.6 billion and approximately $1.8 billion of available liquidity.

Strategically, UWM announced an all-stock merger agreement to acquire Two Harbors Investment Corp., continued rolling out its BILT rewards collaboration, launched an AI-powered income calculator and secured a Mortgage Matchup arena naming rights partnership. The board declared a $0.10 per share cash dividend on Class A common stock, payable on April 9, 2026 to holders of record on March 19, 2026, and guided Q1 2026 total revenue to between $650 million and $850 million.

Insights

Mortgage finance equity analyst

UWM posts strong Q4 rebound, solid 2025 growth and outlines an ambitious strategic roadmap.

UWM delivered a notably stronger Q4 2025, with loan originations of $49.6 billion, up from $41.7 billion in Q3 and $38.7 billion in Q4 2024. Total revenue climbed to $945.2 million, and net income improved to $164.5 million, signaling better profitability as volumes and mix shifted toward refinance activity.

For full-year 2025, originations increased to $163.4 billion from $139.4 billion, while total revenue rose to $3.2 billion. Net income declined to $244.0 million from $329.4 million, but adjusted EBITDA expanded to $697.3 million, reflecting higher operating cash generation despite mark-to-market volatility in mortgage servicing rights and derivatives.

Strategically, the all-stock merger agreement to acquire Two Harbors Investment Corp. aims to deepen UWM’s MSR footprint, though it remains subject to customary closing conditions. The BILT collaboration, AI-enhanced income calculator and Mortgage Matchup arena partnership highlight continued investment in technology and brand. The board maintained a $0.10 quarterly dividend and projected Q1 2026 revenue between $650 million and $850 million, framing expectations for near-term performance.

FALSE000178339800017833982026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 25, 2026

UWM Holdings Corporation

(Exact Name of Registrant as Specified in Charter)

Delaware

001-39189

84-2124167

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

585 South Boulevard E.
Pontiac,			Michigan						48341
(Address of principal executive offices)									(Zip Code)

(800) 981-8898

(Registrant’s telephone number, including area code)

			☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
			☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
			☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
			☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

UWMC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 25, 2026, UWM Holdings Corporation, (the “Company”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On February 25, 2026, the Company announced that its Board of Directors had declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on April 9, 2026, to stockholders of record at the close of business on March 19, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about April 9, 2026. To the extent required by law, the Company will post Form 8937, with respect to the U.S. federal income tax characteristics of this dividend, to its website at investors.uwm.com.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.

Exhibit No.						Description
99.1						Press release dated February 25, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 25, 2026

UWM HOLDINGS CORPORATION
By:						/s/ Rami Hasani
Name:						Rami Hasani
Title:						Executive Vice President, Chief Financial Officer

Exhibit 99.1

UWM Holdings Corporation Announces

Fourth Quarter & Full Year 2025 Results

Loan Origination Volume of $49.6 Billion; Largest Quarterly Originations Since 2021

PONTIAC, MI, February 25, 2026 - 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 fourth quarter and full year ended December 31, 2025. Total loan origination volume was $49.6 billion for the fourth quarter 2025 and $163.4 billion for the full year 2025. The Company reported 4Q25 total revenue of $945.2 million, net income of $164.5 million and adjusted EBITDA of $232.8 million. The Company reported full year 2025 total revenue of $3.2 billion, net income of $244.0 million and adjusted EBITDA of $697.3 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "I am proud of our team. We had another strong quarter financially, and an outstanding year overall. We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform. These moves accelerate broker channel growth, drive borrower retention, and strengthen our leadership position. We’re prepared to win operationally, financially, and strategically in 2026 and remain focused on delivering long-term value for our shareholders, team members, brokers, and consumers."

Fourth Quarter 2025 Highlights

•Originations of $49.6 billion in 4Q25, compared to $41.7 billion in 3Q25 and $38.7 billion in 4Q24

•Purchase originations of $18.9 billion in 4Q25, compared to $25.2 billion in 3Q25 and $21.9 billion in 4Q24

•Refinance originations of $30.7 billion in 4Q25, compared to $16.5 billion in 3Q25 and $16.8 billion in 4Q24

•Total gain margin of 122 bps in 4Q25 compared to 130 bps in 3Q25 and 105 bps in 4Q24

•Total revenue of $945.2 million in 4Q25 compared to $843.3 million in 3Q25 and $720.6 million in 4Q24

•Net income of $164.5 million in 4Q25 compared to net income of $12.1 million in 3Q25 and net income of $40.6 million in 4Q24

•Adjusted EBITDA of $232.8 million in 4Q25 compared to $211.1 million in 3Q25 and $118.2 million in 4Q24

•Total equity of $1.6 billion at December 31, 2025, compared to $1.6 billion at September 30, 2025, and $2.1 billion at December 31, 2024

•Unpaid principal balance of MSRs of $240.8 billion with a WAC of 5.65% at December 31, 2025, compared to $216.0 billion with a WAC of 5.57% at September 30, 2025, and $242.4 billion with a WAC of 4.76% at December 31, 2024

•Ended 4Q25 with approximately $1.8 billion of available liquidity, reflecting $503.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit

Full Year 2025 Highlights

•Originations of $163.4 billion in 2025, compared to $139.4 billion in 2024

•Purchase originations of $93.2 billion in 2025, compared to $96.1 billion in 2024

•Refinance originations of $70.3 billion in 2025, compared to $43.4 billion in 2024

•Net income of $244.0 million in 2025, as compared to net income of $329.4 million in 2024

•Gain margin of 116 bps in 2025, compared to 110 bps in 2024

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Production and Income Statement Highlights (dollars in thousands, except per share amounts)

						Q4 2025						Q3 2025						Q4 2024						FY 2025						FY 2024
Loan origination volume(1)						$	49,608,104					$	41,742,070					$	38,664,357					$	163,446,465					$	139,433,406
Total gain margin(1)(2)						1.22%						1.30%						1.05		%				1.16		%				1.10		%
Total revenue						$	945,247					$	843,252					$	720,596					$	3,160,569					$	2,674,126
Net income						164,484						12,088						40,613						244,023						329,375
Diluted earnings (loss) per share						0.08						(0.01)						0.02						0.12						0.13
Adjusted diluted earnings per share(3)						0.08						0.01						N/A						N/A						0.16
Adjusted net income (3)						130,561						9,621						33,040						194,311						257,303
Adjusted EBITDA(3)						232,778						211,073						118,159						697,336						459,975
(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)

						Q4 2025						Q3 2025						Q4 2024
Cash and cash equivalents						$	503,364					$	870,703					$	507,339
Mortgage loans at fair value						9,932,729						10,784,461						9,516,537
Mortgage servicing rights						4,073,781						3,308,585						3,969,881
Total assets						16,928,676						17,022,337						15,671,116
Non-funding debt (1)						4,292,940						3,891,125						3,401,066
Total equity						1,593,629						1,587,078						2,053,848
Non-funding debt to equity (1)						2.69						2.45						1.66
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)

						Q4 2025						Q3 2025						Q4 2024
Unpaid principal balance						$	240,813,979					$	216,028,448					$	242,405,767
Weighted average interest rate						5.65		%				5.57		%				4.76		%
Weighted average age (months)						18						19						24

Fourth Quarter Business and Product Highlights:

Strategic Acquisition of TWO

•UWM Holdings Corporation and Two Harbors Investment Corp. (“TWO”), an MSR-focused REIT and one of the largest servicers of conventional mortgages in the country announced a definitive merger agreement pursuant to which UWM will acquire TWO in an all stock transaction. The deal remains subject to customary closing conditions, but has the potential to unlock substantial value, a stronger balance sheet, and streamlined operations.

BILT Collaboration

•Continued the rollout of UWM's strategic collaboration with BILT, which allows homeowners to earn rewards on every on-time digital payment. By integrating with BILT, UWM brokers can engage with new and existing consumers earlier and more often, increasing retention yield and lowering consumer acquisition costs.

All-New AI Enhanced Income Calculator

•UWM’s all-new Income Calculator is a game-changer for mortgage brokers looking to streamline the loan approval process. Powered by advanced AI, this tool extracts and analyzes income data with the same precision an underwriter would deliver, eliminating manual math, missed details and second-guessing.

Mortgage Matchup Center

•UWM announced an arena naming rights partnership for our consumer-facing brand, Mortgage Matchup, with the Phoenix Suns and Mercury. The partnership will increase brand awareness and consumer traffic to independent mortgage brokers.

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Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

Purchase:						Q4 2025						Q3 2025						Q4 2024						FY 2025						FY 2024
Conventional						$	10,208,384					$	14,677,985					$	13,841,424					$	54,890,984					$	56,899,265
Government						6,741,182						8,411,136						6,069,761						30,184,108						29,257,856
Jumbo and other (1)						1,970,160						2,124,362						1,941,420						8,104,556						9,924,433
Total Purchase						$	18,919,726					$	25,213,483					$	21,852,605					$	93,179,648					$	96,081,554
Refinance:						Q4 2025						Q3 2025						Q4 2024						FY 2025						FY 2024
Conventional						$	15,042,112					$	7,193,198					$	8,898,500					$	31,657,196					$	17,300,663
Government						13,135,275						7,302,600						6,415,421						30,825,361						20,382,191
Jumbo and other (1)						2,510,991						2,032,789						1,497,831						7,784,260						5,668,998
Total Refinance						$	30,688,378					$	16,528,587					$	16,811,752					$	70,266,817					$	43,351,852
Total Originations						$	49,608,104					$	41,742,070					$	38,664,357					$	163,446,465					$	139,433,406
(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)

First Quarter 2026 Outlook

We anticipate total revenue in the first quarter of 2026 to be between $650 million and $850 million.

Dividend

Subsequent to December 31, 2025, for the 21st 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 April 9, 2026, to stockholders of record at the close of business on March 19, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 9, 2026.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 25, 2026, at 10:30 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting:    

https://registrations.events/direct/Q4I95366717526

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, the change in fair value of retained investment securities, and acquisition-related expenses 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

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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. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases.

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						Q4 2025						Q3 2025						Q4 2024						FY 2025						FY 2024
Earnings before income taxes						$	169,624					$	12,670					$	42,332					$	250,896					$	335,957
Adjusted income tax (provision) benefit						(39,063)						(3,049)						(9,292)						(56,585)						(78,654)
Adjusted net income						$	130,561					$	9,621					$	33,040					$	194,311					$	257,303

Adjusted Diluted EPS						Q4 2025						Q3 2025																		FY 2024
Diluted weighted average Class A Common shares outstanding						256,913,262						221,354,499																		111,374,469
Assumed pro forma conversion of Class D shares(1)						1,342,939,142						1,378,084,794																		1,486,115,849
Adjusted diluted weighted average shares outstanding(1)						1,599,852,404						1,599,439,293																		1,597,490,318
Adjusted Net Income (in thousands)						130,561						9,621																		257,303
Adjusted Diluted EPS						0.08						0.01																		0.16
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock

Adjusted EBITDA						Q4 2025						Q3 2025						Q4 2024						FY 2025						FY 2024
Net income						$	164,484					$	12,088					$	40,613					$	244,023					$	329,375
Interest expense on non-funding debt						61,829						51,828						44,882						214,513						148,620
Provision (benefit) for income taxes						5,140						582						1,719						6,873						6,582
Depreciation and amortization						13,757						12,747						11,094						50,044						45,474
Stock-based compensation expense						15,592						14,732						8,999						50,363						24,580
Change in fair value of MSRs due to valuation inputs or assumptions, net						28,758						158,842						(456,253)						435,267						(295,197)
(Gain) loss on other interest rate derivatives						(61,409)						(27,813)						469,538						(298,126)						215,436
Deferred compensation, net						2,235						(11,117)						2,191						(6,195)						(9,349)
Change in fair value of Public and Private Warrants						(1,519)						770						(8,495)						(2,743)						(5,091)
Change in Tax Receivable Agreement liability						(12)						41						(110)						3,144						70
Change in fair value of investment securities						(1,043)						(1,627)						3,980						(4,793)						(526)
Acquisition-related expenses						4,966						—						—						4,966						—
Adjusted EBITDA						$	232,778					$	211,073					$	118,159					$	697,336					$	459,975

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Non-funding debt and non-funding debt to equity						Q4 2025						Q3 2025						Q4 2024
Senior notes						$	2,981,975					$	3,780,620					$	2,785,326
Secured lines of credit						1,200,000						—						500,000
Borrowings against investment securities						87,497						87,142						90,646
Finance lease liability						23,468						23,363						25,094
Total non-funding debt						$	4,292,940					$	3,891,125					$	3,401,066
Total equity						$	1,593,629					$	1,587,078					$	2,053,848
Non-funding debt to equity						2.69						2.45						1.66

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) the benefits of our business model; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) the acquisition of TWO and the anticipated benefits from the acquisition; (5) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (6) the timing of in-house servicing; (7) our beliefs regarding opportunities in the broker channel; (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 beliefs regarding our servicing operations; (13) our ability to increase recapture rate, while lowering the cost per recaptured loan; (14) our expectations related to total revenue in the first quarter of 2026; (15) our performance in shifting market conditions and the comparison of such performance against our competitors; (16) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (17) our position and ability to capitalize on market opportunities and the impacts to our results and (18) 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 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 consummate the merger with Two Harbors and achieve the anticipated benefits; (viii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (ix) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (x) 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; (xi) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xii) UWM’s ability to continue to attract and retain its broker relationships; (xiii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiv) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xvi) 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 (xvii) 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.

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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 eleven 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 CONTACT						MEDIA CONTACT
BLAKE KOLO						NICOLE ROBERTS
InvestorRelations@uwm.com						Media@uwm.com

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UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

			December 31, 2025						December 31, 2024
Assets
Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively)			$	503,364					$	507,339
Mortgage loans at fair value			9,932,729						9,516,537
Derivative assets			37,567						99,964
Investment securities at fair value, pledged			100,512						103,013
Accounts receivable, net			526,694						417,955
Mortgage servicing rights			4,073,781						3,969,881
Premises and equipment, net			180,199						146,199
Operating lease right-of-use asset (includes $93,419 and $92,553 with related parties)			94,310						93,730
Finance lease right-of-use asset, net (includes $20,672 and $22,737 with related parties)			21,247						23,193
Loans eligible for repurchase from Ginnie Mae			1,133,359						641,554
Other assets			324,914						151,751
Total assets			$	16,928,676					$	15,671,116
Liabilities and Equity
Warehouse lines of credit			$	8,912,496					$	8,697,744
Derivative liabilities			26,574						35,965
Secured line of credit			1,200,000						500,000
Borrowings against investment securities			87,497						90,646
Accounts payable, accrued expenses and other			707,790						580,736
Accrued distributions and dividends payable			161,292						159,827
Senior notes			2,981,975						2,785,326
Operating lease liability (includes $99,703 and $99,199 with related parties)			100,596						100,376
Finance lease liability (includes $22,894 and $24,608 with related parties)			23,468						25,094
Loans eligible for repurchase from Ginnie Mae			1,133,359						641,554
Total liabilities			15,335,047						13,617,268
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2025 or December 31, 2024			—						—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 268,415,480 and 157,940,987 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively			27						16
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 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 December 31, 2025 or December 31, 2024			—						—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,331,482,620 and 1,440,332,098 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively			133						144
Additional paid-in capital			9,910						3,523
Retained earnings			189,447						157,837
Non-controlling interest			1,394,112						1,892,328
Total equity			1,593,629						2,053,848
Total liabilities and equity			$	16,928,676					$	15,671,116

7

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

			For the three months ended																		For the year ended
			December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025						December 31, 2024
Revenue			(Unaudited)						(Unaudited)						(Unaudited)
Loan production income			$	603,364					$	542,144					$	407,229					$	1,898,141					$	1,528,840
Loan servicing income			186,392						169,019						173,300						724,741						636,665
Interest income			155,491						132,089						140,067						537,687						508,621
Total revenue			945,247						843,252						720,596						3,160,569						2,674,126
Other gains (losses)
Change in fair value of mortgage servicing rights			(247,617)						(307,825)						309,149						(1,055,448)						(294,999)
Gain (loss) on other interest rate derivatives			61,409						27,813						(469,538)						298,126						(215,436)
Other gains (losses), net			(186,208)						(280,012)						(160,389)						(757,322)						(510,435)
Expenses
Salaries, commissions and benefits			224,192						222,760						193,155						851,213						689,160
Direct loan production costs			55,141						64,213						54,958						208,811						190,277
Marketing, travel, and entertainment			34,212						23,410						30,771						106,191						96,782
Depreciation and amortization			13,757						12,747						11,094						50,044						45,474
General and administrative			73,670						62,243						60,314						264,060						209,838
Servicing costs			46,184						33,928						29,866						145,629						110,986
Interest expense			144,833						132,084						142,342						530,794						490,763
Other income			(2,574)						(815)						(4,625)						(4,391)						(5,546)
Total expenses			589,415						550,570						517,875						2,152,351						1,827,734
Earnings before income taxes			169,624						12,670						42,332						250,896						335,957
Provision for income taxes			5,140						582						1,719						6,873						6,582
Net income			164,484						12,088						40,613						244,023						329,375
Net income attributable to non-controlling interest			145,072						13,350						31,694						216,643						314,971
Net income (loss) attributable to UWMC			$	19,412					$	(1,262)					$	8,919					$	27,380					$	14,404
Earnings (loss) per share of Class A common stock:
Basic			$	0.08					$	(0.01)					$	0.06					$	0.13					$	0.13
Diluted			$	0.08					$	(0.01)					$	0.02					$	0.12					$	0.13
Weighted average shares outstanding:
Basic			256,913,262						221,354,499						155,584,329						211,407,534						111,374,469
Diluted			256,913,262						221,354,499						1,598,241,235						1,599,179,891						111,374,469

8

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2025, and the preceding four quarters and Statements of Operations for the quarter ended December 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)

			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Assets						(Unaudited)			(Unaudited)			(Unaudited)
Cash and cash equivalents, including restricted cash			$	503,364		$	870,703		$	489,984		$	485,024		$	507,339
Mortgage loans at fair value			9,932,729			10,784,461			8,040,310			8,402,211			9,516,537
Derivative assets			37,567			91,446			59,356			43,958			99,964
Investment securities at fair value, pledged			100,512			101,277			101,627			102,982			103,013
Accounts receivable, net			526,694			548,090			719,369			472,299			417,955
Mortgage servicing rights			4,073,781			3,308,585			3,445,195			3,321,457			3,969,881
Premises and equipment, net			180,199			164,985			166,460			153,855			146,199
Operating lease right-of-use asset			94,310			95,957			91,004			92,450			93,730
Finance lease right-of-use asset, net			21,247			21,219			21,810			22,464			23,193
Loans eligible for repurchase from Ginnie Mae			1,133,359			749,089			564,806			750,769			641,554
Other assets			324,914			286,525			186,968			200,964			151,751
Total assets			$	16,928,676		$	17,022,337		$	13,886,889		$	14,048,433		$	15,671,116
Liabilities and Equity
Warehouse lines of credit			$	8,912,496		$	9,783,664		$	7,254,526		$	7,573,139		$	8,697,744
Derivative liabilities			26,574			41,209			76,683			27,922			35,965
Secured line of credit			1,200,000			—			425,000			250,000			500,000
Borrowings against investment securities			87,497			87,142			86,896			88,775			90,646
Accounts payable, accrued expenses and other			707,790			706,993			661,496			652,701			580,736
Accrued distributions and dividends payable			161,292			160,846			160,360			159,856			159,827
Senior notes			2,981,975			3,780,620			2,787,797			2,786,467			2,785,326
Operating lease liability			100,596			102,333			97,471			99,010			100,376
Finance lease liability			23,468			23,363			23,872			24,445			25,094
Loans eligible for repurchase from Ginnie Mae			1,133,359			749,089			564,806			750,769			641,554
Total liabilities			15,335,047			15,435,259			12,138,907			12,413,084			13,617,268
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 - 268,415,480 as of December 31, 2025, 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025 and 157,940,987 as of December 31, 2024			27			23			21			20			16
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 - 1,331,482,620 as of December 31, 2025, 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of March 31, 2025 and 1,440,332,098 as of December 31, 2024			133			137			139			140			144
Additional paid-in capital			9,910			7,579			5,688			4,298			3,523
Retained earnings			189,447			169,935			170,320			160,407			157,837
Non-controlling interest			1,394,112			1,409,404			1,571,814			1,470,484			1,892,328
Total equity			1,593,629			1,587,078			1,747,982			1,635,349			2,053,848
Total liabilities and equity			$	16,928,676		$	17,022,337		$	13,886,889		$	14,048,433		$	15,671,116

9

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

			For the three months ended
			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Revenue
Loan production income			$	603,364		$	542,144		$	447,882		$	304,751		$	407,229
Loan servicing income			186,392			169,019			178,813			190,517			173,300
Interest income			155,491			132,089			132,005			118,102			140,067
Total revenue			945,247			843,252			758,700			613,370			720,596
Other gains (losses)
Change in fair value of mortgage servicing rights			(247,617)			(307,825)			(111,421)			(388,585)			309,149
Gain (loss) on other interest rate derivatives			61,409			27,813			208,904			—			(469,538)
Other gains (losses), net			(186,208)			(280,012)			97,483			(388,585)			(160,389)
Expenses
Salaries, commissions and benefits			224,192			222,760			211,461			192,800			193,155
Direct loan production costs			55,141			64,213			46,330			43,127			54,958
Marketing, travel, and entertainment			34,212			23,410			26,379			22,190			30,771
Depreciation and amortization			13,757			12,747			12,200			11,340			11,094
General and administrative			73,670			62,243			59,999			68,148			60,314
Servicing costs			46,184			33,928			35,083			30,434			29,866
Interest expense			144,833			132,084			133,467			120,410			142,342
Other expense (income)			(2,574)			(815)			1,846			(2,848)			(4,625)
Total expenses			589,415			550,570			526,765			485,601			517,875
Earnings (loss) before income taxes			169,624			12,670			329,418			(260,816)			42,332
Provision (benefit) for income taxes			5,140			582			14,939			(13,788)			1,719
Net income (loss)			164,484			12,088			314,479			(247,028)			40,613
Net income (loss) attributable to non-controlling interest			145,072			13,350			291,570			(233,349)			31,694
Net income (loss) attributable to UWMC			$	19,412		$	(1,262)		$	22,909		$	(13,679)		$	8,919
Earnings (loss) per share of Class A common stock:
Basic			$	0.08		$	(0.01)		$	0.11		$	(0.08)		$	0.06
Diluted			$	0.08		$	(0.01)		$	0.11		$	(0.12)		$	0.02
Weighted average shares outstanding:
Basic			256,913,262			221,354,499			202,133,122			164,100,022			155,584,329
Diluted			256,913,262			221,354,499			202,133,122			1,598,383,240			1,598,241,235

10

FAQ

How did UWM (UWMC) perform in the fourth quarter of 2025?

UWM reported a strong Q4 2025, with loan originations of $49.6 billion, total revenue of $945.2 million and net income of $164.5 million. These results marked significant improvement versus both Q3 2025 and Q4 2024, driven by higher refinance volumes and stronger gain-on-sale economics.

What were UWM (UWMC) full-year 2025 financial results?

For 2025, UWM generated loan originations of $163.4 billion, total revenue of $3.2 billion and net income of $244.0 million. Adjusted EBITDA reached $697.3 million. While revenue and adjusted EBITDA increased versus 2024, net income declined from $329.4 million, reflecting valuation and market-driven factors.

What is UWM’s Q1 2026 revenue outlook?

UWM anticipates total revenue in the first quarter of 2026 between $650 million and $850 million. This guidance provides a directional range for expected activity following a strong Q4 2025, incorporating seasonality, rate conditions and the company’s production and servicing assumptions for the upcoming quarter.

What dividend did UWM (UWMC) declare and when will it be paid?

The board declared a cash dividend of $0.10 per share on outstanding Class A common stock, UWM’s 21st consecutive quarterly dividend. It is payable on April 9, 2026 to stockholders of record at the close of business on March 19, 2026, with a proportional distribution to SFS Corp.

What is the UWM–Two Harbors transaction mentioned in the results?

UWM and Two Harbors Investment Corp., an MSR-focused REIT, announced a definitive all-stock merger agreement under which UWM will acquire Two Harbors. The deal remains subject to customary closing conditions and is described as having potential to unlock value, strengthen the balance sheet and streamline operations.

What strategic initiatives did UWM (UWMC) highlight for 2025 and beyond?

UWM emphasized several initiatives: expanding its BILT collaboration to let borrowers earn rewards on on-time payments, launching an AI-powered income calculator to streamline underwriting, and securing a Mortgage Matchup arena naming rights partnership. Management views these moves as supporting broker growth, retention and long-term platform positioning.

How did UWM’s balance sheet look at December 31, 2025?

At December 31, 2025, UWM reported total assets of $16.9 billion, total equity of $1.6 billion and non-funding debt of $4.3 billion, implying a non-funding debt-to-equity ratio of 2.69. Mortgage servicing rights totaled $4.1 billion with unpaid principal balances of $240.8 billion and a weighted average coupon of 5.65%.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 Q4 2025 EARNINGS RELEASE 475.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB