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 third quarter ended September 30, 2026. Total loan origination volume was $33.4 billion for the third quarter 2026. The Company reported 3Q26 total revenue of $811.1 million, net income of $212.6 million and adjusted EBITDA of $178.3 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, “Our third quarter results show the strength of UWM and our ability to perform in any market. Even with rates staying higher, our origination engine, operational execution and service levels continue to set us apart. At the same time, the investments we’re making in artificial intelligence and technology are driving greater efficiencies across the business and helping lower expenses. The broker channel continues to show its strength and resiliency, and we’re going to keep investing in our business, helping mortgage brokers win and finding ways to make homeownership more affordable for consumers across the U.S.”

Third Quarter 2026 Highlights

  • Originations of $33.4 billion in 3Q26, compared to $39.7 billion in 2Q26 and $41.7 billion in 3Q25

  • Purchase originations of $22.8 billion in 3Q26, compared to $23.8 billion in 2Q26 and $25.2 billion in 3Q25

  • Refinance originations of $10.6 billion in 3Q26, compared to $15.9 billion in 2Q26 and $16.5 billion in 3Q25

  • Total gain margin of 124 bps in 3Q26 compared to 133 bps in 2Q26 and 130 bps in 3Q25

  • Total revenue of $811.1 million in 3Q26 compared to $888.0 million in 2Q26 and $843.3 million in 3Q25

  • Net income of $212.6 million in 3Q26 compared to net loss of $451.9 million in 2Q26 and net income of $12.1 million in 3Q25

  • Adjusted EBITDA of $178.3 million in 3Q26 compared to $185.9 million in 2Q26 and $211.1 million in 3Q25

  • Total equity of $1.3 billion at September 30, 2026, compared to $1.0 billion at June 30, 2026, and $1.6 billion at September 30, 2025

  • Total redeemable preferred stock of $1.5 billion at September 30, 2026

  • Unpaid principal balance of MSRs of $269.8 billion with a WAC of 5.97% at September 30, 2026, compared to $247.6 billion with a WAC of 5.93% at June 30, 2026, and $216.0 billion with a WAC of 5.57% at September 30, 2025

  • Ended 3Q26 with approximately $1.35 billion of available liquidity, reflecting $394.8 million of unrestricted 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)

 

 

Q3 2026

 

Q2 2026

 

Q3 2025

Loan origination volume(1)

 

$

33,393,756

 

 

$

39,702,264

 

 

$

41,742,070

 

Total gain margin(1)(2)

 

 

1.24

%

 

 

1.33

%

 

 

1.30

%

Total revenue

 

$

811,093

 

 

$

888,003

 

 

$

843,252

 

Net income (loss)

 

 

212,570

 

 

 

(451,902

)

 

 

12,088

 

Diluted earnings (loss) per share

 

 

0.09

 

 

 

(0.24

)

 

 

(0.01

)

Adjusted diluted earnings (loss) per share(3)

 

 

0.10

 

 

 

(0.23

)

 

 

0.01

 

Adjusted net income (loss) available to Class A Common Shareholders(3)

 

 

158,065

 

 

 

(366,756

)

 

 

9,621

 

Adjusted EBITDA(3)

 

 

178,261

 

 

 

185,879

 

 

 

211,073

 

 

 

 

 

 

 

 

(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)

 

 

Q3 2026

 

Q2 2026

 

Q3 2025

Cash and cash equivalents

 

$

420,420

 

$

498,407

 

$

870,703

Mortgage loans at fair value

 

 

8,634,559

 

 

9,619,076

 

 

10,784,461

Mortgage servicing rights

 

 

6,527,159

 

 

5,311,465

 

 

3,308,585

Total assets

 

 

18,810,561

 

 

17,940,542

 

 

17,022,337

Net non-funding debt (1)

 

 

4,983,299

 

 

5,563,025

 

 

3,041,425

Total preferred and common equity (1)

 

 

2,819,061

 

 

985,308

 

 

1,587,078

Net non-funding debt to total preferred and common equity (1)

 

 

1.77

 

 

5.65

 

 

1.92

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

 

 

 

 

 

 

Mortgage Servicing Rights (dollars in thousands)

 

 

Q3 2026

 

Q2 2026

 

Q3 2025

Unpaid principal balance

 

$

269,788,104

 

 

$

247,648,881

 

 

$

216,028,448

 

Weighted average interest rate

 

 

5.97

%

 

 

5.93

%

 

 

5.57

%

Weighted average age (months)

 

 

16

 

 

 

12

 

 

 

19

 

Third Quarter Business Highlights:

ChatUWM Enhancements

  • UWM announced the most significant evolution of ChatUWM since its launch in 2024. Powered by leading AI models and purpose-built for the mortgage industry, the enhanced platform features a refreshed interface, streamlined project access and enhanced intelligence designed to help brokers work more efficiently and stay focused on serving clients. Brokers can upload and analyze documents, summarize pipeline actions, find answers to complex industry questions, and create marketing content and images.

ChatUWM Mobile App

  • UWM launched the ChatUWM mobile app, bringing the power of AI directly into mortgage brokers’ hands. Built exclusively for broker partners, the app helps brokers manage their pipeline and access UWM tools on the go, combining the functionality they already rely on with ChatUWM’s AI capabilities, including a new AI Voice Assistant that delivers instant answers.

ChatGPT Plugin with Mortgage Matchup

  • UWM launched a Mortgage Matchup plugin for ChatGPT, making it easier for consumers to find expert mortgage loan originators in their area and navigate the home buying process. Users can calculate home affordability, access a variety of mortgage calculators, review common mortgage terms and explore educational content.

VantageScore® 4.0

  • UWM was the first mortgage lender to offer VantageScore® 4.0 and approximately 25% of borrowers have experienced a more advantageous credit result. This can help improve pricing, and potentially lead to lower costs including LLPAs and mortgage insurance, increasing loan eligibility and access to credit.

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

Purchase:

 

Q3 2026

 

Q2 2026

 

Q3 2025

Conventional

 

$

12,831,815

 

$

13,209,888

 

$

14,677,985

Government

 

 

8,439,245

 

 

8,721,020

 

 

8,411,136

Jumbo and other (1)

 

 

1,497,078

 

 

1,841,685

 

 

2,124,362

Total Purchase

 

$

22,768,138

 

$

23,772,593

 

$

25,213,483

 

 

 

 

 

 

 

Refinance:

 

Q3 2026

 

Q2 2026

 

Q3 2025

Conventional

 

$

3,542,927

 

$

6,011,927

 

$

7,193,198

Government

 

 

5,402,491

 

 

8,401,321

 

 

7,302,600

Jumbo and other (1)

 

 

1,680,200

 

 

1,516,423

 

 

2,032,789

Total Refinance

 

$

10,625,618

 

$

15,929,671

 

$

16,528,587

Total Originations

 

$

33,393,756

 

$

39,702,264

 

$

41,742,070

 

 

 

 

 

 

 

(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).

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 4, 2026, at 11:00 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_RqGxxp-XQKaIaIeRpjkbKg

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) available to Class A common shareholders,” 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, less preferred stock dividends. “Adjusted net income (loss) available to Class A common shareholders” is a non-GAAP metric. “Adjusted diluted EPS” is defined as “Adjusted net income (loss) available to Class A common shareholders” 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 “Net non-funding debt,” “Total preferred and common equity,” and the “Net non-funding debt-to-equity ratio” as a non-GAAP metric. We define “Net non-funding debt” as the total of the Company’s senior notes, lines of credit, borrowings against investment securities, and finance leases, less unrestricted cash, “Total preferred and common equity” as total equity plus total redeemable preferred stock, and the “Net non-funding debt-to-equity ratio” as “Net non-funding debt” divided by “Total preferred and common 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 (loss) available to Class A Common Shareholders

 

Q3 2026

 

Q2 2026

 

Q3 2025

Earnings (loss) before income taxes

 

$

223,701

 

 

$

(472,921

)

 

$

12,670

 

Adjusted income tax (provision) benefit

 

 

(39,511

)

 

 

106,165

 

 

 

(3,049

)

Preferred stock dividends

 

 

(26,125

)

 

 

—

 

 

 

—

 

Adjusted net income (loss) available to Class A Common Shareholders

 

$

158,065

 

 

$

(366,756

)

 

$

9,621

 

Adjusted Diluted EPS

 

Q3 2026

 

Q2 2026

 

Q3 2025

Diluted weighted average Class A Common shares outstanding

 

343,280,299

 

337,525,247

 

 

221,354,499

Assumed pro forma conversion of Class D shares(1)

 

1,261,862,603

 

1,264,749,262

 

 

1,378,084,794

Adjusted diluted weighted average shares outstanding(1)

 

1,605,142,902

 

1,602,274,509

 

 

1,599,439,293

 

 

 

 

 

 

 

Adjusted net income (loss) available to Class A Common Shareholders

 

158,065

 

(366,756

)

 

9,621

Adjusted Diluted EPS

 

0.10

 

(0.23

)

 

0.01

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

Adjusted EBITDA

 

Q3 2026

 

Q2 2026

 

Q3 2025

Net income (loss)

 

212,570

 

 

(451,902

)

 

12,088

 

Interest expense on non-funding debt

 

84,981

 

 

86,810

 

 

51,828

 

Provision (benefit) for income taxes

 

11,131

 

 

(21,019

)

 

582

 

Depreciation and amortization

 

14,611

 

 

14,655

 

 

12,747

 

Stock-based compensation expense

 

10,188

 

 

12,494

 

 

14,732

 

Change in fair value of MSRs due to valuation inputs or assumptions, net

 

(632,858

)

 

(65,056

)

 

158,842

 

(Gain) loss on other interest rate derivatives

 

481,537

 

 

603,191

 

 

(27,813

)

Deferred compensation, net

 

(10,064

)

 

2,100

 

 

(11,117

)

Change in fair value of Public and Private Warrants

 

—

 

 

—

 

 

770

 

Change in Tax Receivable Agreement liability

 

—

 

 

612

 

 

41

 

Change in fair value of investment securities

 

5,824

 

 

558

 

 

(1,627

)

Acquisition-related expenses (net of recoveries)

 

341

 

 

3,436

 

 

—

 

Adjusted EBITDA

 

178,261

 

 

185,879

 

 

211,073

 

Net non-funding debt and net non-funding debt to total preferred and common equity

 

Q3 2026

 

Q2 2026

 

Q3 2025

Senior notes

 

$

2,985,505

 

 

$

2,984,328

 

 

$

3,780,620

 

Secured lines of credit

 

 

2,290,000

 

 

 

2,950,000

 

 

 

—

 

Borrowings against investment securities

 

 

80,677

 

 

 

83,660

 

 

 

87,142

 

Finance lease liability

 

 

21,922

 

 

 

22,441

 

 

 

23,363

 

Less: unrestricted cash

 

 

(394,805

)

 

 

(477,404

)

 

 

(849,700

)

Total net non-funding debt

 

$

4,983,299

 

 

$

5,563,025

 

 

$

3,041,425

 

Total preferred and common equity

 

$

2,819,061

 

 

$

985,308

 

 

$

1,587,078

 

Net non-funding debt to total preferred and common equity

 

 

1.77

 

 

 

5.65

 

 

 

1.92

 

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 and maintain our industry leading position; (2) our investments in technology, including artificial intelligence, and its impact to our operations; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) our expectations for future market environments, including interest rates, and the timing of such market changes; (6) our performance in shifting market conditions and the comparison of such performance against our competitors; and (7) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such 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 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)

 

September 30,

2026

 

December 31,

2025

Assets

(Unaudited)

 

 

Cash and cash equivalents

(includes restricted cash of $25.6 million and $21.0 million, respectively)

$

420,420

 

$

503,364

Mortgage loans at fair value

 

8,634,559

 

 

9,932,729

Derivative assets

 

292,840

 

 

37,567

Investment securities at fair value, pledged

 

88,152

 

 

100,512

Accounts receivable, net

 

726,566

 

 

526,694

Mortgage servicing rights

 

6,527,159

 

 

4,073,781

Premises and equipment, net

 

173,134

 

 

180,199

Operating lease right-of-use asset

(includes $88.7 million and $93.4 million with related parties)

 

89,213

 

 

94,310

Finance lease right-of-use asset, net

(includes $19.1 million and $20.7 million with related parties)

 

19,550

 

 

21,247

Loans eligible for repurchase from Ginnie Mae

 

1,477,371

 

 

1,133,359

Other assets

 

361,597

 

 

324,914

Total assets

$

18,810,561

 

$

16,928,676

Liabilities and Equity

 

 

 

Warehouse lines of credit

$

7,650,963

 

$

8,912,496

Derivative liabilities

 

256,608

 

 

26,574

Secured line of credit

 

2,290,000

 

 

1,200,000

Borrowings against investment securities

 

80,677

 

 

87,497

Accounts payable, accrued expenses and other

 

1,107,101

 

 

707,790

Accrued distributions and dividends payable

 

26,125

 

 

161,292

Senior notes

 

2,985,505

 

 

2,981,975

Operating lease liability (includes $94.7 million and $99.7 million with related parties)

 

95,228

 

 

100,596

Finance lease liability (includes $21.5 million and $22.9 million with related parties)

 

21,922

 

 

23,468

Loans eligible for repurchase from Ginnie Mae

 

1,477,371

 

 

1,133,359

Total liabilities

 

15,991,500

 

 

15,335,047

Redeemable Preferred Stock

 

 

 

Series A-1 preferred stock, $0.0001 par value; 1,500,000 shares issued and outstanding (current redemption value of $2,100,000)

 

1,363,772

 

 

—

Series A-2 preferred stock, $0.0001 par value; 150,000 shares issued and outstanding (current redemption value of $210,000)

 

136,378

 

 

—

Total redeemable preferred stock

 

1,500,150

 

 

—

Equity:

 

 

 

Preferred stock, $0.0001 par value – 98,350,000 and 100,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; none issued and outstanding as of either date.

 

—

 

 

—

Class A common stock, $0.0001 par value – 4,000,000,000 shares authorized, 345,098,878 and 268,415,480 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively

 

35

 

 

27

Class B common stock, $0.0001 par value – 1,700,000,000 shares authorized, none issued and outstanding as of September 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 September 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 September 30, 2026 and December 31, 2025, respectively

 

126

 

 

133

Additional paid-in capital

 

46,438

 

 

9,910

Retained earnings

 

150,021

 

 

189,447

Non-controlling interest

 

1,122,291

 

 

1,394,112

Total equity

 

1,318,911

 

 

1,593,629

Total liabilities, redeemable preferred stock and equity

$

18,810,561

 

$

16,928,676

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

 

For the three months ended

 

September 30,

2026

 

June 30,

2026

 

September 30,

2025

Revenue

 

 

 

 

 

Loan production income

$

414,976

 

 

$

527,217

 

 

$

542,144

 

Loan servicing income

 

246,621

 

 

 

220,503

 

 

 

169,019

 

Interest income

 

149,496

 

 

 

140,283

 

 

 

132,089

 

Total revenue

 

811,093

 

 

 

888,003

 

 

 

843,252

 

Other gains (losses)

 

 

 

 

 

Change in fair value of mortgage servicing rights

 

470,324

 

 

 

(122,683

)

 

 

(307,825

)

Gain (loss) on other interest rate derivatives

 

(481,537

)

 

 

(603,191

)

 

 

27,813

 

Other gains (losses), net

 

(11,213

)

 

 

(725,874

)

 

 

(280,012

)

Expenses

 

 

 

 

 

Salaries, commissions and benefits

 

197,683

 

 

 

213,044

 

 

 

222,760

 

Direct loan production costs

 

52,571

 

 

 

72,161

 

 

 

64,213

 

Marketing, travel, and entertainment

 

32,545

 

 

 

35,588

 

 

 

23,410

 

Depreciation and amortization

 

14,611

 

 

 

14,655

 

 

 

12,747

 

General and administrative

 

74,067

 

 

 

89,748

 

 

 

62,243

 

Servicing costs

 

34,062

 

 

 

49,745

 

 

 

33,928

 

Interest expense

 

164,816

 

 

 

158,939

 

 

 

132,084

 

Other expense

 

5,824

 

 

 

1,170

 

 

 

(815

)

Total expenses

 

576,179

 

 

 

635,050

 

 

 

550,570

 

Earnings (loss) before income taxes

 

223,701

 

 

 

(472,921

)

 

 

12,670

 

Provision (benefit) for income taxes

 

11,131

 

 

 

(21,019

)

 

 

582

 

Net income (loss)

 

212,570

 

 

 

(451,902

)

 

 

12,088

 

Net income (loss) attributable to non-controlling interest

 

157,048

 

 

 

(371,308

)

 

 

13,350

 

Net income (loss) attributable to UWM Holdings Corporation

 

55,522

 

 

 

(80,594

)

 

 

(1,262

)

Less: Preferred stock dividends

 

26,125

 

 

 

—

 

 

 

—

 

Net income (loss) available to Class A common shareholders

$

29,397

 

 

$

(80,594

)

 

$

(1,262

)

 

 

 

 

 

 

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

 

 

 

 

 

Basic

$

0.09

 

 

$

(0.24

)

 

$

(0.01

)

Diluted

$

0.09

 

 

$

(0.24

)

 

$

(0.01

)

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

343,280,299

 

 

 

337,525,247

 

 

 

221,354,499

 

Diluted

 

343,280,299

 

 

 

337,525,247

 

 

 

221,354,499

 

Addendum to Exhibit 99.1

This addendum includes the Company’s Consolidated Balance Sheets as of September 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended September 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)

September 30,

2026

 

June 30,

2026

 

March 31,

2026

 

December 31,

2025

 

September 30,

2025

Assets

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

(Unaudited)

Cash and cash equivalents, including restricted cash

$

420,420

 

$

498,407

 

$

423,996

 

$

503,364

 

$

870,703

Mortgage loans at fair value

 

8,634,559

 

 

9,619,076

 

 

10,991,101

 

 

9,932,729

 

 

10,784,461

Derivative assets

 

292,840

 

 

83,601

 

 

124,490

 

 

37,567

 

 

91,446

Investment securities at fair value, pledged

 

88,152

 

 

96,044

 

 

98,491

 

 

100,512

 

 

101,277

Accounts receivable, net

 

726,566

 

 

531,790

 

 

1,271,014

 

 

526,694

 

 

548,090

Mortgage servicing rights

 

6,527,159

 

 

5,311,465

 

 

4,591,855

 

 

4,073,781

 

 

3,308,585

Premises and equipment, net

 

173,134

 

 

174,559

 

 

180,523

 

 

180,199

 

 

164,985

Operating lease right-of-use asset

 

89,213

 

 

90,930

 

 

92,626

 

 

94,310

 

 

95,957

Finance lease right-of-use asset, net

 

19,550

 

 

20,116

 

 

20,681

 

 

21,247

 

 

21,219

Loans eligible for repurchase from Ginnie Mae

 

1,477,371

 

 

1,141,719

 

 

1,124,020

 

 

1,133,359

 

 

749,089

Other assets

 

361,597

 

 

372,835

 

 

347,457

 

 

324,914

 

 

286,525

Total assets

$

18,810,561

 

$

17,940,542

 

$

19,266,244

 

$

16,928,676

 

$

17,022,337

Liabilities, Redeemable Preferred Stock and Equity

 

 

 

 

 

 

 

 

 

Warehouse lines of credit

$

7,650,963

 

$

8,600,078

 

$

9,900,303

 

$

8,912,496

 

$

9,783,664

Derivative liabilities

 

256,608

 

 

33,566

 

 

337,817

 

 

26,574

 

 

41,209

Secured line of credit

 

2,290,000

 

 

2,950,000

 

 

2,000,000

 

 

1,200,000

 

 

—

Borrowings against investment securities

 

80,677

 

 

83,660

 

 

86,724

 

 

87,497

 

 

87,142

Accounts payable, accrued expenses and other

 

1,107,101

 

 

881,997

 

 

949,788

 

 

707,790

 

 

706,993

Accrued distributions and dividends payable

 

26,125

 

 

160,411

 

 

161,773

 

 

161,292

 

 

160,846

Senior notes

 

2,985,505

 

 

2,984,328

 

 

2,983,152

 

 

2,981,975

 

 

3,780,620

Operating lease liability

 

95,228

 

 

97,034

 

 

98,811

 

 

100,596

 

 

102,333

Finance lease liability

 

21,922

 

 

22,441

 

 

22,955

 

 

23,468

 

 

23,363

Loans eligible for repurchase from Ginnie Mae

 

1,477,371

 

 

1,141,719

 

 

1,124,020

 

 

1,133,359

 

 

749,089

Total liabilities

 

15,991,500

 

 

16,955,234

 

 

17,665,343

 

 

15,335,047

 

 

15,435,259

Redeemable Preferred Stock

 

 

 

 

 

 

 

 

 

Series A-1 preferred stock, $0.0001 par value; 1,500,000 shares issued and outstanding (current redemption value of $2,100,000)

 

1,363,772

 

 

—

 

 

—

 

 

—

 

 

—

Series A-2 preferred stock, $0.0001 par value; 150,000 shares issued and outstanding (current redemption value of $210,000)

 

136,378

 

 

—

 

 

—

 

 

—

 

 

—

Total redeemable preferred stock

 

1,500,150

 

 

—

 

 

—

 

 

—

 

 

—

Equity:

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value – 98,350,000 shares authorized as of September 30, 2026 and 100,000,000 shares authorized as of all other periods presented; none issued and outstanding as of all periods presented.

 

—

 

 

—

 

 

—

 

 

—

 

 

—

Class A common stock, $0.0001 par value – 4,000,000,000 shares authorized; shares issued and outstanding – 345,098,878 as of September 30, 2026, 342,247,135 as of June 30, 2026, 312,883,751 as of March 31, 2026, 268,415,480 as of December 31, 2025 and 234,291,930 as of September 30, 2025

 

35

 

 

34

 

 

31

 

 

27

 

 

23

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 September 30, 2026, 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 and 1,365,482,620 as of September 30, 2025

 

126

 

 

126

 

 

129

 

 

133

 

 

137

Additional paid-in capital

 

46,438

 

 

15,032

 

 

12,593

 

 

9,910

 

 

7,579

Retained earnings

 

150,021

 

 

118,646

 

 

216,768

 

 

189,447

 

 

169,935

Non-controlling interest

 

1,122,291

 

 

851,470

 

 

1,371,380

 

 

1,394,112

 

 

1,409,404

Total equity

 

1,318,911

 

 

985,308

 

 

1,600,901

 

 

1,593,629

 

 

1,587,078

Total liabilities, redeemable preferred stock and equity

$

18,810,561

 

$

17,940,542

 

$

19,266,244

 

$

16,928,676

 

$

17,022,337

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

 

For the three months ended

 

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Revenue

 

 

 

 

 

Loan production income

$

414,976

 

$

527,217

 

$

554,572

 

$

603,364

 

$

542,144

 

Loan servicing income

 

246,621

 

 

220,503

 

 

213,379

 

 

186,392

 

 

169,019

 

Interest income

 

149,496

 

 

140,283

 

 

133,476

 

 

155,491

 

 

132,089

 

Total revenue

 

811,093

 

 

888,003

 

 

901,427

 

 

945,247

 

 

843,252

 

Other gains (losses)

 

 

 

 

 

Change in fair value of mortgage servicing rights

 

470,324

 

 

(122,683

)

 

(10,335

)

 

(247,617

)

 

(307,825

)

Gain (loss) on other interest rate derivatives

 

(481,537

)

 

(603,191

)

 

(138,198

)

 

61,409

 

 

27,813

 

Other gains (losses), net

 

(11,213

)

 

(725,874

)

 

(148,533

)

 

(186,208

)

 

(280,012

)

Expenses

 

 

 

 

 

Salaries, commissions and benefits

 

197,683

 

 

213,044

 

 

224,554

 

 

224,192

 

 

222,760

 

Direct loan production costs

 

52,571

 

 

72,161

 

 

60,505

 

 

55,141

 

 

64,213

 

Marketing, travel, and entertainment

 

32,545

 

 

35,588

 

 

30,878

 

 

34,212

 

 

23,410

 

Depreciation and amortization

 

14,611

 

 

14,655

 

 

14,385

 

 

13,757

 

 

12,747

 

General and administrative

 

74,067

 

 

89,748

 

 

59,034

 

 

73,670

 

 

62,243

 

Servicing costs

 

34,062

 

 

49,745

 

 

43,067

 

 

46,184

 

 

33,928

 

Interest expense

 

164,816

 

 

158,939

 

 

140,765

 

 

144,833

 

 

132,084

 

Other expense (income)

 

5,824

 

 

1,170

 

 

2,206

 

 

(2,574

)

 

(815

)

Total expenses

 

576,179

 

 

635,050

 

 

575,394

 

 

589,415

 

 

550,570

 

Earnings (loss) before income taxes

 

223,701

 

 

(472,921

)

 

177,500

 

 

169,624

 

 

12,670

 

Provision (benefit) for income taxes

 

11,131

 

 

(21,019

)

 

7,126

 

 

5,140

 

 

582

 

Net income (loss)

 

212,570

 

 

(451,902

)

 

170,374

 

 

164,484

 

 

12,088

 

Net income (loss) attributable to non-controlling interest

 

157,048

 

 

(371,308

)

 

145,073

 

 

145,072

 

 

13,350

 

Net income (loss) attributable to UWMC

$

55,522

 

$

(80,594

)

$

25,301

 

$

19,412

 

$

(1,262

)

Less: Preferred stock dividends

 

26,125

 

 

—

 

$

—

 

$

—

 

$

—

 

Net income (loss) available to Class A common shareholders

 

29,397

 

 

(80,594

)

$

25,301

 

$

19,412

 

$

(1,262

)

 

 

 

 

 

 

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

 

 

 

 

 

Basic

$

0.09

 

$

(0.24

)

$

0.09

 

$

0.08

 

$

(0.01

)

Diluted

$

0.09

 

$

(0.24

)

$

0.09

 

$

0.08

 

$

(0.01

)

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

343,280,299

 

 

337,525,247

 

 

292,122,233

 

 

256,913,262

 

 

221,354,499

 

Diluted

 

343,280,299

 

 

337,525,247

 

 

1,600,064,853

 

 

256,913,262

 

 

221,354,499

 

 

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