UWM Holdings Corporation Announces Fourth Quarter & Full Year 2025 Results
PONTIAC, Mich.--( BUSINESS WIRE)--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
Full Year 2025 Highlights
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
BILT Collaboration
All-New AI Enhanced Income Calculator
Mortgage Matchup Center
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 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
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.
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.
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
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
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
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