UWM : Fourth Quarter 2024 4Q 2024 Earnings Release

Published: 2025-02-26 08:34:06 ET UWMC

Exhibit 99.1

UWM Holdings Corporation Announces

Fourth Quarter & Full Year 2024 Results

Full Year 2024 Loan Origination Volume of $139.4 Billion and Gain Margin of 110 Basis Points

PONTIAC, MI, February 26, 2025 - UWM Holdings Corporation (NYSE: UWMC) (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, 2024. Total loan origination volume was $38.7 billion for the fourth quarter 2024 and $139.4 billion for the full year 2024. The Company reported 4Q24 net income of $40.6 million and full year 2024 net income of $329.4 million.

Mat Ishbia, Chairman and CEO of UWMC, said, "It's not by chance that UWM continues to perform at a high level - it's a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day. Our dominance in the mortgage industry comes down to one simple truth: We never stop improving so we can be the best option for our partners and their borrowers. I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the US since 1995. In addition we tripled our refinance volume in 2024 compared to

2023 despite the interest rate environment. We have also continued to invest in our people and technology such that we believe we can do double the volume without adding to our fixed costs. The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, will continue to be a championship combination in the future."

Fourth Quarter 2024 Highlights

Full Year 2024 Highlights

Mat Ishbia, Chairman and CEO of UWMC, also said, "It's important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost 30% year-over-year increase in overall loan production and a nearly 20% increase in gain margin. I am excited to see what we can accomplish together in 2025."

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

Q4 2024

Q3 2024

Q4 2023

FY 2024

FY 2023

Loan origination volume(1)

$38,664,357

39,509,521

$24,372,436

$139,433,406

$108,275,883

Total gain margin(1)(2)

1.05%

1.18%

0.92%

1.10%

0.92%

Net income (loss)

40,613

31,945

$ (460,956)

$ 329,375

$ (69,782)

Diluted earnings (loss) per share

0.02

(0.06)

(0.29)

0.13

(0.14)

Adjusted diluted earnings (loss) per

N/A

0.01

(0.23)

0.16

(0.04)

share(3)

Adjusted net income (loss) (3)

33,040

23,334

(361,002)

257,303

(57,142)

Adjusted EBITDA(3)

118,159

107,180

99,566

459,975

478,270

Balance Sheet Highlights as of Period-end (dollars in thousands)

Q4 2024

Q3 2024

Q4 2023

Cash and cash equivalents

507,339

636,327

497,468

Mortgage loans at fair value

9,516,537

10,141,683

5,449,884

Mortgage servicing rights

3,969,881

2,800,054

4,026,136

Total assets

15,671,116

15,119,798

11,871,854

Non-funding debt (1)

3,401,066

2,410,714

2,862,759

Total equity

2,053,848

2,180,527

2,474,671

Non-funding debt to equity (1)

1.66

1.11

1.16

(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)

Q4 2024

Q3 2024

Q4 2023

Unpaid principal balance

242,405,767

212,218,975

299,456,189

Weighted average interest rate

4.76 %

4.56 %

4.43 %

Weighted average age (months)

Fourth Quarter Business and Product Highlights

TRAC Lite

Conventional Cash-Out 90

Net Promoter Score

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

Purchase:

Q4 2024

Q3 2024

Q4 2023

FY 2024

FY 2023

Conventional

13,841,424

15,874,674

12,033,818

56,899,265

58,833,673

Government

6,069,761

7,786,158

6,805,530

29,257,856

29,640,141

Jumbo and other (1)

1,941,420

2,499,626

1,842,108

9,924,433

5,381,530

Total Purchase

21,852,605

26,160,458

20,681,456

96,081,554

93,855,344

Refinance:

Q4 2024

Q3 2024

Q4 2023

FY 2024

FY 2023

Conventional

8,898,500

3,552,067

1,386,645

17,300,663

7,082,401

Government

6,415,421

8,271,580

1,389,884

20,382,191

5,189,598

Jumbo and other (1)

1,497,831

1,525,416

914,451

5,668,998

2,148,540

Total Refinance

16,811,752

13,349,063

3,690,980

43,351,852

14,420,539

Total Originations

38,664,357

39,509,521

24,372,436

139,433,406

108,275,883

First Quarter 2025 Outlook

We anticipate first quarter production to be in the $28 to $35 billion range, with gain margin from 90 to 115 basis points.

Dividend

Subsequent to December 31, 2024, for the seventeenth 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 10, 2025, to stockholders of record at the close of business on March 20, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 10, 2025.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 26, 2025, at 11:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I329117

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, 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. We exclude the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to

valuation inputs or assumptions as these represent non-cash, non-realized adjustments to our earnings, which is 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

Q4 2024

Q3 2024

Q4 2023

FY 2024

FY 2023

Earnings before income taxes

42,332

32,289

(468,408)

335,957

(76,293)

Adjusted income tax (provision) benefit

(9,292)

(8,955)

107,406

(78,654)

19,151

Adjusted net income (loss)

33,040

23,334

(361,002)

257,303

(57,142)

Adjusted diluted EPS

Q3 2024

Q4 2023

FY 2024

FY 2023

Diluted weighted average Class A common stock outstanding

99,801,301

93,654,269

111,374,469

93,245,373

Assumed pro forma conversion of Class D common stock (1) 1,498,013,741

1,502,069,787

1,486,115,849

1,502,069,787

Adjusted diluted weighted average shares outstanding (1)

1,597,815,042

1,595,724,056

1,597,490,318

1,595,315,160

Adjusted net income (loss)

23,334

(361,002)

257,303

(57,142)

Adjusted diluted EPS

0.01

(0.23)

0.16

(0.04)

(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDA

Q4 2024

Q3 2024

Q4 2023

FY 2024

FY 2023

Net income (loss)

40,613

31,945

(460,956)

329,375

(69,782)

Interest expense on non-funding debt

44,882

31,544

43,946

148,620

172,498

Provision (benefit) for income taxes

1,719

344

(7,452)

6,582

(6,511)

Depreciation and amortization

11,094

11,636

11,472

45,474

46,146

Stock-based compensation expense

8,999

5,768

3,961

24,580

13,832

Change in fair value of MSRs due to valuation

(456,253)

263,893

507,686

(295,197)

330,031

inputs or assumptions

Loss (gain) on other interest rate derivatives

469,538

(226,936)

215,436

Deferred compensation, net

2,191

(11,434)

3,300

(9,349)

(7,938)

Change in fair value of Public and Private

(8,495)

5,829

4,808

(5,091)

6,060

Warrants

Change in Tax Receivable Agreement liability

(110)

260

(1,575)

Change in fair value of investment securities

3,980

(5,409)

(7,459)

(526)

(4,491)

Adjusted EBITDA

118,159

107,180

99,566

459,975

478,270

Non-funding debt and non-funding debt to equity

Q4 2024

Q3 2024

Q4 2023

Senior notes

2,785,326

1,991,216

1,988,267

Secured lines of credit

500,000

300,000

750,000

Borrowings against investment securities

90,646

93,662

93,814

Finance lease liability

25,094

25,836

30,678

Total non-funding debt

3,401,066

2,410,714

2,862,759

Total equity

2,053,848

2,180,527

2,474,671

Non-funding debt to equity

1.66

1.11

1.16

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 position amongst our competitors and ability to capture market share; (2) our investment in our people, products and technology, and the benefits of our results; (3) our beliefs regarding opportunities in 2025 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the first quarter of 2025; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) our purchase production and product portfolio. These statements are based on management's current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM's dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in Presidential Administration that affect interest rates and inflation; (ii) UWM's reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM's ability to sell loans in the secondary market; (iv) UWM's dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM's dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) 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; (viii) UWM's inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM's ability to continue to attract and retain its broker relationships; (x) UWM's ability to implement technological innovation, such as AI in our operations; (xi) the occurrence of a data breach or other failure of UWM's cybersecurity or information security systems; (xii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiii) 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 (xiv) 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 nine 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

[email protected]

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

December 31,

2024

2023

Assets

Cash and cash equivalents

507,339

497,468

(includes restricted cash of $16.0 million and $1.0 million, respectively)

Mortgage loans at fair value

9,516,537

5,449,884

Derivative assets

99,964

33,019

Investment securities at fair value, pledged

103,013

110,352

Accounts receivable, net

417,955

512,070

Mortgage servicing rights

3,969,881

4,026,136

Premises and equipment, net

146,199

146,417

Operating lease right-of-use asset

93,730

99,125

(includes $92,553 and $97,596 with related parties)

Finance lease right-of-use asset, net

23,193

29,111

(includes $22,737 and $24,802 with related parties)

Loans eligible for repurchase from Ginnie Mae

641,554

856,856

Other assets

151,751

111,416

Total assets

15,671,116

11,871,854

Liabilities and Equity

Warehouse lines of credit

8,697,744

4,902,090

Derivative liabilities

35,965

40,781

Secured line of credit

500,000

750,000

Borrowings against investment securities

90,646

93,814

Accounts payable, accrued expenses and other

580,736

469,101

Accrued distributions and dividends payable

159,827

159,572

Senior notes

2,785,326

1,988,267

Operating lease liability

100,376

106,024

(includes $99,199 and $104,495 with related parties)

Finance lease liability

25,094

30,678

(includes $24,608 and $26,260 with related parties)

Loans eligible for repurchase from Ginnie Mae

641,554

856,856

Total liabilities

13,617,268

9,397,183

Equity:

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and

outstanding as of December 31, 2024 or December 31, 2023

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized,

157,940,987 and 93,654,269 shares issued and outstanding as of December 31, 2024

and December 31, 2023, respectively

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none

issued and outstanding as of December 31, 2024 or December 31, 2023

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none

issued and outstanding as of December 31, 2024 or December 31, 2023

Class D common stock, $0.0001 par value - 1,700,000,000 shares autho

rized,

1,440,332,098 and 1,502,069,787 shares issued and outstanding as of

December 31,

144

150

2024 and December 31, 2023, respectively

Additional paid-in capital

3,523

1,702

Retained earnings

157,837

110,690

Non-controlling interest

1,892,328

2,362,119

Total equity

2,053,848

2,474,671

Total liabilities and equity

15,671,116

11,871,854

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,

September 30,

December 31,

2024

2023

2024

2023

Revenue

(Unaudited)

Loan production income

407,229

465,548

225,436

1,528,840

1,000,547

Loan servicing income

173,300

134,753

206,498

636,665

818,703

Change in fair value of mortgage servicing rights

309,149

(446,100)

(634,418)

(294,999)

(854,148)

Gain (loss) on other interest rate derivatives

(469,538)

226,936

(215,436)

Interest income

140,067

145,297

87,901

508,621

346,225

Total revenue, net

560,207

526,434

(114,583)

2,163,691

1,311,327

Expenses

Salaries, commissions and benefits

193,155

181,453

142,515

689,160

530,231

Direct loan production costs

54,958

58,398

27,977

190,277

104,262

Marketing, travel, and entertainment

30,771

22,462

25,600

96,782

84,515

Depreciation and amortization

11,094

11,636

11,472

45,474

46,146

General and administrative

60,314

53,664

38,209

209,838

170,423

Servicing costs

29,866

25,009

29,632

110,986

131,792

Interest expense

142,342

141,102

80,811

490,763

320,256

Other expense (income)

(4,625)

421

(2,391)

(5,546)

(5)

Total expenses

517,875

494,145

353,825

1,827,734

1,387,620

Earnings (loss) before income taxes

42,332

32,289

(468,408)

335,957

(76,293)

Provision (benefit) for income taxes

1,719

344

(7,452)

6,582

(6,511)

Net income (loss)

40,613

31,945

(460,956)

329,375

(69,782)

Net income (loss) attributable to non-controlling interest

31,694

38,240

(433,878)

314,971

(56,552)

Net income (loss) attributable to UWMC

8,919

(6,295)

(27,078)

14,404

(13,230)

Earnings (loss) per share of Class A common stock:

Basic

0.06

(0.06)

(0.29)

0.13

(0.14)

Diluted

0.02

(0.06)

(0.29)

0.13

(0.14)

Weighted average shares outstanding:

Basic

155,584,329

99,801,301

93,654,269

111,374,469

93,245,373

Diluted

1,598,241,235

99,801,301

93,654,269

111,374,469

93,245,373

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 2024, 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,

September 30,

June 30,

March 31,

December 31,

2024

2023

Assets

(Unaudited)

Cash and cash equivalents, including restricted cash

507,339

636,327

680,153

605,639

497,468

Mortgage loans at fair value

9,516,537

10,141,683

8,236,183

7,338,135

5,449,884

Derivative assets

99,964

66,977

54,962

34,050

33,019

Investment securities at fair value, pledged

103,013

108,964

105,593

108,323

110,352

Accounts receivable, net

417,955

561,901

516,838

554,443

512,070

Mortgage servicing rights

3,969,881

2,800,054

2,650,090

3,191,803

4,026,136

Premises and equipment, net

146,199

147,981

146,750

145,265

146,417

Operating lease right-of-use asset

93,730

95,123

96,474

97,801

99,125

Finance lease right-of-use asset, net

23,193

24,020

25,061

26,890

29,111

Loans eligible for repurchase from Ginnie Mae

641,554

391,696

279,290

577,487

856,856

Other assets

151,751

145,072

130,247

117,498

111,416

Total assets

15,671,116

15,119,798

12,921,641

12,797,334

11,871,854

Liabilities and Equity

Warehouse lines of credit

8,697,744

9,207,746

7,429,591

6,681,917

4,902,090

Derivative liabilities

35,965

93,599

26,171

26,918

40,781

Secured line of credit

500,000

300,000

200,000

750,000

Borrowings against investment securities

90,646

93,662

91,406

94,064

93,814

Accounts payable, accrued expenses and other

580,736

573,865

486,138

477,765

469,101

Accrued distributions and dividends payable

159,827

159,818

159,766

159,702

159,572

Senior notes

2,785,326

1,991,216

1,990,233

1,989,250

1,988,267

Operating lease liability

100,376

101,833

103,247

104,637

106,024

Finance lease liability

25,094

25,836

26,787

28,536

30,678

Loans eligible for repurchase from Ginnie Mae

641,554

391,696

279,290

577,487

856,856

Total liabilities

13,617,268

12,939,271

10,592,629

10,340,276

9,397,183

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 sh

ares

authorized; shares issued and outstanding - 157,940,987 as of

December 31, 2024, 113,150,968 as of September 30, 2024,

95,587,806 as of June 30, 2024, 94,945,635 as of March 31, 2024

and 93,654,269 as of December 31, 2023

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 - 1,440,332,098 as of

December 31, 2024, 1,485,027,775 as of September 30, 2024 and

144

149

150

1,502,069,787 as each of the rest of periods presented

Additional paid-in capital

3,523

2,644

2,305

2,085

1,702

Retained earnings

157,837

116,561

111,021

111,980

110,690

Non-controlling interest

1,892,328

2,061,162

2,215,526

2,342,834

2,362,119

Total equity

2,053,848

2,180,527

2,329,012

2,457,058

2,474,671

Total liabilities and equity

15,671,116

15,119,798

12,921,641

12,797,334

11,871,854

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

(Unaudited)

For the three months ended

December 31,

September 30,

June 30,

March 31,

December 31,

2024

2023

Revenue

Loan production income

407,229

465,548

357,109

298,954

225,436

Loan servicing income

173,300

134,753

143,910

184,702

206,498

Change in fair value of mortgage servicing rights

309,149

(446,100)

(142,485)

(15,563)

(634,418)

Gain (loss) on other interest rate derivatives

(469,538)

226,936

27,166

Interest income

140,067

145,297

121,394

101,863

87,901

Total revenue, net

560,207

526,434

507,094

569,956

(114,583)

Expenses

Salaries, commissions and benefits

193,155

181,453

160,311

154,241

142,515

Direct loan production costs

54,958

58,398

45,485

31,436

27,977

Marketing, travel, and entertainment

30,771

22,462

24,438

19,111

25,600

Depreciation and amortization

11,094

11,636

11,404

11,340

11,472

General and administrative

60,314

53,664

55,051

40,809

38,209

Servicing costs

29,866

25,009

25,787

30,324

29,632

Interest expense

142,342

141,102

108,651

98,668

80,811

Other expense (income)

(4,625)

421

(1,105)

(237)

(2,391)

Total expenses

517,875

494,145

430,022

385,692

353,825

Earnings (loss) before income taxes

42,332

32,289

77,072

184,264

(468,408)

Provision (benefit) for income taxes

1,719

344

786

3,733

(7,452)

Net income (loss)

40,613

31,945

76,286

180,531

(460,956)

Net income (loss) attributable to non-controlling

31,694

38,240

73,236

171,801

(433,878)

interest

Net income (loss) attributable to UWMC

8,919

(6,295)

3,050

8,730

(27,078)

Earnings (loss) per share of Class A common stock:

Basic

0.06

(0.06)

0.03

0.09

(0.29)

Diluted

0.02

(0.06)

0.03

0.09

(0.29)

Weighted average shares outstanding:

Basic

155,584,329

99,801,301

95,387,609

94,365,991

93,654,269

Diluted

1,598,241,235

99,801,301

95,387,609

1,598,647,205

93,654,269

Disclaimer

UWM Holdings Corporation published this content on February 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 26, 2025 at 13:33:11.053.