Uwm Holdings Corporation · NYSE:UWMC
Uwm — Merger or Acquisition (December 2025)
14 slides from Uwm's merger presentation, Dec 17, 2025
Slide 1: United Wholesale Mortgage to Acquire Two Harbors Investment Corp
UNITED WHOLESALE MORTGAGE December 17, 2025 TWO HARBORS INVESTMENT CORP To Acqu i re
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements and information, which reflect management’s current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements identified by such te
Slide 3: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders In connection with the proposed transaction, UWMC will file with the SEC the Registration Statement on Form S-4, containing the Proxy Statement of TWO Harbors and the Prospectus of UWMC. After the Registration Statement has been declared effective
Slide 4: UWM + TWO: A Highly Compelling and Strategic Transaction
4 UWM + TWO A HIGHLY COMPELLING AND STRATEGIC TRANSACTION Largest Mortgage Originator with Leading Market Position #1 Originator and #8 Servicer1 Balanced Model that Performs Well in Various Environments Combination of leading Origination and Servicing franchises creates an even more balanced and re
Slide 5: Two Harbors Overview
TWO HARBORS OVERVIEW Servicing Portfolio Highlights (Q3’25) 720,038 Loans Serviced 25bps Servicing Fee Rate 759 Original FICO 3.58% Wtd. Avg. Loan Rate $176bn Owned UPB (100% GSE) $635mm Recurring Net Servicing Income (LTM Q3’25) Source: TWO public filings. 1. Includes 135,706 loans subserviced on b
Slide 6: Transaction Summary
Overall mortgage lender in the U.S. since 2022 #1 Wholesale mortgage lender in the U.S. since 2015 #1 #1 42.5% 3Q25 Purchase Production $25.2B Net Promoter Score 3Q25 +88.7 3Q25 Adjusted EBITDA Servicing UPB as of September 30, 2025 $216B 3Q25 Loan Production Purchase mortgage lender in the U.S. sin
Slide 7: Transaction Highlights for UWM Shareholders
7 TRANSACTION HIGHLIGHTS FOR UWM SHAREHOLDERS TWO’s $176bn UPB owned servicing portfolio, with 720k+ customers expands UWM’s connectivity to borrowers Provides additional opportunities for UWM’s broker partners Expands UWM Ecosystem Accretive to earnings and book value Opportunity for meanin
Slide 8: Enhanced Scale and Liquidity
8 Enhanced Scale and Liquidity • ~$10bn pro forma UWMC market cap, ~9x TWO standalone market cap • $2.6bn pro forma UWMC float(1) — more than double TWO standalone UWMC Offers an Attractive Dividend • 7.8% current dividend yield • UWM has issued a quarterly dividend of approximately $160mm ($0.10 pe
Slide 9: UWM's Origination Engine Balanced by Right-Sized Servicing Portfolio
9 UWM’S ORIGINATION ENGINE BALANCED BY RIGHT-SIZED SERVICING PORTFOLIO #1 Overall Lender($ in billions) Right-Sized MSR Portfolio #14 #13 #8 Rank $176bn $216bn $392bn Servicing UPB(1) $114bn Volume 9M’25 + (2) Extends Leading Market Position High Quality Servicing Portfolio Creates Significant Recur
Slide 10: Financially Compelling
~16% ~27%Float as % of Mkt Cap: UWMC UWMC PF 10 FINANCIALLY COMPELLING x Accretive to Key Credit MetricsShareholder Enhancing Earnings Per Share Accretive Tangible Book Value Per Share Accretive Enhances Trading Liquidity ~$2.6bn ~$1.4bn Source: UWMC and TWO public filings. Note: UWMC’s float based
Slide 11: Overview of Potential Synergies
10 OVERVIEW OF POTENTIAL SYNERGIES Approximately $150mm in Annual Potent ia l Synergies Recapture Uplift • Utilize UWM’s industry leading origination capabilities to support UWM’s servicing portfolio Servicing • Leverage TWO’s excess capacity and efficient servicing platform Operating Expenses • Str
Slide 12: UWM Well Positioned for Any Market
UWM WELL POSTIONED FOR ANY MARKET INVESTED FOR FUTURE GROWTH Grew market share as rates rose STICKY PARTNER BASE Efficient process keeps broker partners sticky to UWM BROKER CHANNEL Embedded in local communities and growing PURCHASE FOCUSED Durability of purchase originations in varying rate environ
Slide 13: Appendix
HOLDINGS CORPORATION APPENDIX 13
Slide 14: Pro Forma Capitalization
13 PRO FORMA CAPITALIZATION UWMC TWO Pro Forma 9/30/25 9/30/25 9/30/25 Secured Debt: Warehouse Funding Facilities $9,784 $8 $9,792 Repurchase Agreements on Investment Securities -- 6,363 -- Funding Debt $9,784 $6,372 $9,792 Secured lines of credit $-- $945 $544 Borrowings Against Investment Securiti