UWM Holdings Corporation Announces Second Quarter 2026 Results

About this update from Uwm Holdings Corporation

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 second quarter ended June 30, 2026. Total loan origination volume was $39.7 billion for the second quarter 2026. The Company reported 2Q 26 total revenue of $888.0 million, net loss of $451.9 million and adjusted EBITDA of $185.9 million. The Company also announced a $2.05 billion equity capital investment by Oaktree Capital Management and SFS Group Capital, LLC, a newly formed investment vehicle wholly owned by the Ishbia family. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The second quarter was another quarter where we demonstrated the scale of our origination engine and industry leadership, as well as our continued commitment to serving the broker channel. I am also excited to announce our partnership with Oaktree. We’re taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come. This is not just about capital. This is about bringing in a strategic partner that understands our business, understands MSRs, understands the mortgage industry and believes in the same long-term vision we have for UWM." Second Quarter 2026 Highlights Originations of $39.7 billion in 2Q26, compared to $44.9 billion in 1Q26 and $39.7 billion in 2Q25 Purchase originations of $23.8 billion in 2Q26, compared to $18.7 billion in 1Q26 and $27.3 billion in 2Q25 Refinance originations of $15.9 billion in 2Q26, compared to $26.3 billion in 1Q26 and $12.4 billion in 2Q25 Total gain margin of 133 bps in 2Q26 compared to 123 bps in 1Q26 and 113 bps in 2Q25 Total revenue of $888.0 million in 2Q26 compared to $901.4 million in 1Q26 and $758.7 million in 2Q25 Net loss of $451.9 million in 2Q26 compared to net income of $170.4 million in 1Q26 and net income of $314.5 million in 2Q25 Adjusted EBITDA of $185.9 million in 2Q26 compared to $160.9 million in 1Q26 and $195.7 million in 2Q25 Total equity of $1.0 billion at June 30, 2026, compared to $1.6 billion at March 31, 2026, and $1.7 billion at June 30, 2025 Unpaid principal balance of MSRs of $247.6 billion with a WAC of 5.93% at June 30, 2026, compared to $229.5 billion with a WAC of 5.90% at March 31, 2026, and $211.2 billion with a WAC of 5.51% at June 30, 2025 Ended 2Q26 with approximately $1.3 billion of available liquidity, reflecting $498.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit Production and Income Statement Highlights (dollars in thousands, except per share amounts)       Q2 2026   Q1 2026   Q2 2025 Loan origination volume (1)   $ 39,702,264     $ 44,944,156     $ 39,744,514   Total gain margin (1)(2)     1.33 %     1.23 %     1.13 % Total revenue   $ 888,003     $ 901,427     $ 758,700   Net income (loss)     (451,902 )     170,374       314,479   Diluted earnings (loss) per share     (0.24 )     0.09       0.11   Adjusted diluted earnings (loss) per share (3)     (0.23 )     N/A       0.16   Adjusted net income (loss) (3)     (366,756 )     137,154       249,429   Adjusted EBITDA (3)     185,879       160,909       195,683                 (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)       Q2 2026   Q1 2026   Q2 2025 Cash and cash equivalents   $ 498,407   $ 423,996   $ 489,984 Mortgage loans at fair value     9,619,076     10,991,101     8,040,310 Mortgage servicing rights     5,311,465     4,591,855     3,445,195 Total assets     17,940,542     19,266,244     13,886,889 Non-funding debt (1)     6,040,429     5,092,831     3,323,565 Total equity     985,308     1,600,901     1,747,982 Non-funding debt to equity (1)     6.13     3.18     1.90 (1) Non-GAAP metric (see discussion and reconciliations below)             Mortgage Servicing Rights (dollars in thousands)       Q2 2026   Q1 2026   Q2 2025 Unpaid principal balance   $ 247,648,881     $ 229,503,024     $ 211,237,964   Weighted average interest rate     5.93 %     5.90 %     5.51 % Weighted average age (months)     12       17       19   Second Quarter Business and Product Highlights: UWM LIVE! UWM hosted its annual UWM LIVE! event, the largest trade show in the mortgage industry, bringing together over 5,000 independent mortgage brokers and real estate agents from across the country to share industry insights, strengthen partnerships and explore new products and technology. The event highlighted UWM's continued investment in innovation and broker channel success. Vantage Score 4.0 UWM became the first mortgage lender to offer brokers access to both FICO® and VantageScore® for conventional loans. From inception to June 30, UWM originated $502 million in VantageScore® loans, representing 87% of all VantageScore loan volume across the industry. This performance highlights our commitment to innovation and expanding access to homeownership through alternative credit solutions. Mia Enhancements UWM expanded the capabilities of its AI-powered assistant, Mia, with new on-demand engagement options and Spanish-language support. The enhancements help brokers strengthen client relationships, improve borrower engagement and operate more efficiently throughout the loan lifecycle. Home Equity Loans UWM expanded its product suite with the introduction of home equity loans, giving brokers additional options to help homeowners access their available equity. The offering complements UWM's existing lending solutions and enables brokers to better serve a wider range of borrower needs. Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)   Purchase:   Q2 2026   Q1 2026   Q2 2025 Conventional   $ 13,209,888   $ 10,598,851   $ 16,825,147 Government     8,721,020     6,622,457     8,358,290 Jumbo and other (1)     1,841,685     1,143,526     2,115,964 Total Purchase   $ 23,772,593   $ 18,664,834   $ 27,299,401               Refinance:   Q2 2026   Q1 2026   Q2 2025 Conventional   $ 6,011,927   $ 12,113,599   $ 5,082,559 Government     8,401,321     12,268,457     5,688,192 Jumbo and other (1)     1,516,423     1,897,266     1,674,362 Total Refinance   $ 15,929,671   $ 26,279,322   $ 12,445,113 Total Originations   $ 39,702,264   $ 44,944,156   $ 39,744,514               (1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity loans and lines of credit ("HELOCs") (which in many instances are second liens). Dividend Subsequent to June 30, 2026, the Company's Board of Directors determined to suspend its quarterly dividend. The Company is committed to a disciplined capital allocation strategy and will continue to evaluate capital return opportunities as market conditions evolve and opportunities arise. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, August 6, 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://uwm.zoom.us/webinar/register/WN_nsViKKtxRnybVH3Db_qrkg Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay 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 (net of recoveries) 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   Q2 2026   Q1 2026   Q2 2025 Earnings (loss) before income taxes   $ (472,921 )   $ 177,500     $ 329,418   Adjusted income tax (provision) benefit     106,165       (40,346 )     (79,989 ) Adjusted net income (loss)   $ (366,756 )   $ 137,154     $ 249,429   Adjusted Diluted EPS   Q2 2026   Q2 2025 Diluted weighted average Class A Common shares outstanding   337,525,247     202,133,122 Assumed pro forma conversion of Class D shares (1)   1,264,749,262     1,396,892,510 Adjusted diluted weighted average shares outstanding (1)   1,602,274,509     1,599,025,632           Adjusted Net Income (Loss) (in thousands)   (366,756 )   249,429 Adjusted Diluted EPS   (0.23 )   0.16 (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock Adjusted EBITDA Q2 2026 Q1 2026 Q2 2025 Net income (loss) (451,902 ) 170,374   314,479   Interest expense on non-funding debt 86,810   70,727   50,775   Provision (benefit) for income taxes (21,019 ) 7,126   14,939   Depreciation and amortization 14,655   14,385   12,200   Stock-based compensation expense 12,494   13,162   11,729   Change in fair value of MSRs due to valuation inputs or assumptions, net (65,056 ) (247,897 ) (3,154 ) (Gain) loss on other interest rate derivatives 603,191   138,198   (208,904 ) Deferred compensation, net 2,100   2,250   1,773   Change in fair value of Public and Private Warrants —   —   (1,309 ) Change in Tax Receivable Agreement liability 612   1,903   3,557   Change in fair value of investment securities 558   303   (402 ) Acquisition-related expenses (net of recoveries) 3,436   (9,622 ) —   Adjusted EBITDA 185,879   160,909   195,683   Non-funding debt and non-funding debt to equity   Q2 2026   Q1 2026   Q2 2025 Senior notes   $ 2,984,328   $ 2,983,152   $ 2,787,797   Secured lines of credit     2,950,000     2,000,000     425,000   Borrowings against investment securities     83,660     86,724     86,896 Finance lease liability     22,441     22,955     23,872   Total non-funding debt   $ 6,040,429   $ 5,092,831   $ 3,323,565   Total equity   $ 985,308   $ 1,600,901   $ 1,747,982   Non-funding debt to equity     6.13     3.18     1.90   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 impact the strategic partnership with Oaktree will have on UWM’s financial results; (2) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (3) our beliefs regarding opportunities in the broker channel; (4) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (5) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (6) our expectations for future market environments, including interest rates, and the timing of such market changes; (7) our performance in shifting market conditions and the comparison of such performance against our competitors; (8) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (9) our position and ability to capitalize on market opportunities and the impacts to our results and (10) 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 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; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) 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; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) 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; (xv) 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 (xvi) 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)     June 30, 2026   December 31, 2025 Assets (Unaudited)     Cash and cash equivalents (includes restricted cash of $21.0 million and $21.0 million, respectively) $ 498,407   $ 503,364 Mortgage loans at fair value   9,619,076     9,932,729 Derivative assets   83,601     37,567 Investment securities at fair value, pledged   96,044     100,512 Accounts receivable, net   531,790     526,694 Mortgage servicing rights   5,311,465     4,073,781 Premises and equipment, net   174,559     180,199 Operating lease right-of-use asset (includes $90.3 million and $93.4 million with related parties)   90,930     94,310 Finance lease right-of-use asset, net (includes $19.6 million and $20.7 million with related parties)   20,116     21,247 Loans eligible for repurchase from Ginnie Mae   1,141,719     1,133,359 Other assets   372,835     324,914 Total assets $ 17,940,542   $ 16,928,676 Liabilities and Equity       Warehouse lines of credit $ 8,600,078   $ 8,912,496 Derivative liabilities   33,566     26,574 Secured line of credit   2,950,000     1,200,000 Borrowings against investment securities   83,660     87,497 Accounts payable, accrued expenses and other   881,997     707,790 Accrued distributions and dividends payable   160,411     161,292 Senior notes   2,984,328     2,981,975 Operating lease liability (includes $96.4 million and $99.7 million with related parties)   97,034     100,596 Finance lease liability (includes $22.0 million and $22.9 million with related parties)   22,441     23,468 Loans eligible for repurchase from Ginnie Mae   1,141,719     1,133,359 Total liabilities   16,955,234     15,335,047 Equity:       Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2026 or December 31, 2025   —     — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 342,247,135 and 268,415,480 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively   34     27 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2026 or December 31, 2025   —     — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2026 or December 31, 2025   —     — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,261,862,603 and 1,331,482,620 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively   126     133 Additional paid-in capital   15,032     9,910 Retained earnings   118,646     189,447 Non-controlling interest   851,470     1,394,112 Total equity   985,308     1,593,629 Total liabilities and equity $ 17,940,542   $ 16,928,676 UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts)     For the three months ended   June 30, 2026   March 31, 2026   June 30, 2025 Revenue (Unaudited)   (Unaudited)   (Unaudited) Loan production income $ 527,217     $ 554,572     $ 447,882   Loan servicing income   220,503       213,379       178,813   Interest income   140,283       133,476       132,005   Total revenue   888,003       901,427       758,700   Other gains (losses)           Change in fair value of mortgage servicing rights   (122,683 )     (10,335 )     (111,421 ) Gain (loss) on other interest rate derivatives   (603,191 )     (138,198 )     208,904   Other gains (losses), net   (725,874 )     (148,533 )     97,483   Expenses           Salaries, commissions and benefits   213,044       224,554       211,461   Direct loan production costs   72,161       60,505       46,330   Marketing, travel, and entertainment   35,588       30,878       26,379   Depreciation and amortization   14,655       14,385       12,200   General and administrative   89,748       59,034       59,999   Servicing costs   49,745       43,067       35,083   Interest expense   158,939       140,765       133,467   Other expense   1,170       2,206       1,846   Total expenses   635,050       575,394       526,765   Earnings (loss) before income taxes   (472,921 )     177,500       329,418   Provision (benefit) for income taxes   (21,019 )     7,126       14,939   Net income (loss)   (451,902 )     170,374       314,479   Net income (loss) attributable to non-controlling interest   (371,308 )     145,073       291,570   Net income (loss) attributable to UWMC $ (80,594 )   $ 25,301     $ 22,909               Earnings (loss) per share of Class A common stock:           Basic $ (0.24 )   $ 0.09     $ 0.11   Diluted $ (0.24 )   $ 0.09     $ 0.11   Weighted average shares outstanding:           Basic   337,525,247       292,122,233       202,133,122   Diluted   337,525,247       1,600,064,853       202,133,122   Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2026, 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)     June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Assets (Unaudited) (Unaudited)   (Unaudited) (Unaudited) Cash and cash equivalents, including restricted cash $ 498,407 $ 423,996 $ 503,364 $ 870,703 $ 489,984 Mortgage loans at fair value   9,619,076   10,991,101   9,932,729   10,784,461   8,040,310 Derivative assets   83,601   124,490   37,567   91,446   59,356 Investment securities at fair value, pledged   96,044   98,491   100,512   101,277   101,627 Accounts receivable, net   531,790   1,271,014   526,694   548,090   719,369 Mortgage servicing rights   5,311,465   4,591,855   4,073,781   3,308,585   3,445,195 Premises and equipment, net   174,559   180,523   180,199   164,985   166,460 Operating lease right-of-use asset   90,930   92,616   94,310   95,957   91,004 Finance lease right-of-use asset, net   20,116   20,681   21,247   21,219   21,810 Loans eligible for repurchase from Ginnie Mae   1,141,719   1,124,020   1,133,359   749,089   564,806 Other assets   372,835   347,457   324,914   286,525   186,968 Total assets $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 Liabilities and Equity           Warehouse lines of credit $ 8,600,078 $ 9,900,303 $ 8,912,496 $ 9,783,664 $ 7,254,526 Derivative liabilities   33,566   337,817   26,574   41,209   76,683 Secured line of credit   2,950,000   2,000,000   1,200,000   —   425,000 Borrowings against investment securities   83,660   86,724   87,497   87,142   86,896 Accounts payable, accrued expenses and other   881,997   949,788   707,790   706,993   661,496 Accrued distributions and dividends payable   160,411   161,773   161,292   160,846   160,360 Senior notes   2,984,328   2,983,152   2,981,975   3,780,620   2,787,797 Operating lease liability   97,034   98,811   100,596   102,333   97,471 Finance lease liability   22,441   22,955   23,468   23,363   23,872 Loans eligible for repurchase from Ginnie Mae   1,141,719   1,124,020   1,133,359   749,089   564,806 Total liabilities   16,955,234   17,665,343   15,335,047   15,435,259   12,138,907 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 - 342,247,135 as of June 30, 2026, 312,883,751 as of March 31, 2026, 268,415,480 as of December 31, 2025, 234,291,930 as of September 30, 2025 and 205,979,563 as of June 30, 2025   34   31   27   23   21 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 - 1,261,862,603 as of June 30, 2026, 1,287,482,620 as of March 31, 2026, 1,331,482,620 as of December 31, 2025, 1,365,482,620 as of September 30, 2025 and 1,393,282,620 as of June 30, 2025   126   129   133   137   139 Additional paid-in capital   15,032   12,593   9,910   7,579   5,688 Retained earnings   118,646   216,768   189,447   169,935   170,320 Non-controlling interest   851,470   1,371,380   1,394,112   1,409,404   1,571,814 Total equity   985,308   1,600,901   1,593,629   1,587,078   1,747,982 Total liabilities and equity $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited)     For the three months ended   June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Revenue           Loan production income $ 527,217   $ 554,572   $ 603,364   $ 542,144   $ 447,882   Loan servicing income   220,503     213,379     186,392     169,019     178,813   Interest income   140,283     133,476     155,491     132,089     132,005   Total revenue   888,003     901,427     945,247     843,252     758,700   Other gains (losses)           Change in fair value of mortgage servicing rights   (122,683 )   (10,335 )   (247,617 )   (307,825 )   (111,421 ) Gain (loss) on other interest rate derivatives   (603,191 )   (138,198 )   61,409     27,813     208,904   Other gains (losses), net   (725,874 )   (148,533 )   (186,208 )   (280,012 )   97,483   Expenses           Salaries, commissions and benefits   213,044     224,554     224,192     222,760     211,461   Direct loan production costs   72,161     60,505     55,141     64,213     46,330   Marketing, travel, and entertainment   35,588     30,878     34,212     23,410     26,379   Depreciation and amortization   14,655     14,385     13,757     12,747     12,200   General and administrative   89,748     59,034     73,670     62,243     59,999   Servicing costs   49,745     43,067     46,184     33,928     35,083   Interest expense   158,939     140,765     144,833     132,084     133,467   Other expense (income)   1,170     2,206     (2,574 )   (815 )   1,846   Total expenses   635,050     575,394     589,415     550,570     526,765   Earnings (loss) before income taxes   (472,921 )   177,500     169,624     12,670     329,418   Provision (benefit) for income taxes   (21,019 )   7,126     5,140     582     14,939   Net income (loss)   (451,902 )   170,374     164,484     12,088     314,479   Net income (loss) attributable to non-controlling interest   (371,308 )   145,073     145,072     13,350     291,570   Net income (loss) attributable to UWMC $ (80,594 ) $ 25,301   $ 19,412   $ (1,262 ) $ 22,909               Earnings (loss) per share of Class A common stock:           Basic $ (0.24 ) $ 0.09   $ 0.08   $ (0.01 ) $ 0.11   Diluted $ (0.24 ) $ 0.09   $ 0.08   $ (0.01 ) $ 0.11   Weighted average shares outstanding:           Basic   337,525,247     292,122,233     256,913,262     221,354,499     202,133,122   Diluted   337,525,247     1,600,064,853     256,913,262     221,354,499     202,133,122     View source version on businesswire.com: https://www.businesswire.com/news/home/20260805148809/en/

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