FALSE000178339800017833982025-02-262025-02-260001783398us-gaap:CommonClassAMember2025-02-262025-02-260001783398us-gaap:WarrantMember2025-02-262025-02-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 26, 2025
UWM Holdings Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware 001-39189 84-2124167
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification Number)
585 South Boulevard E.
                                   Pontiac,
Michigan48341
(Address of principal executive offices)
(Zip Code)
(800) 981-8898
(Registrant’s telephone number, including area code)

 ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		 Name of each exchange
on which registered
Class A Common Stock, par value $0.0001 per share UWMC New York Stock Exchange
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 UWMCWS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






Item 2.02    Results of Operations and Financial Condition.

On February 26, 2025, UWM Holdings Corporation, (the “Company”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On February 26, 2025, the Company announced that its Board of Directors had 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 about April 10 , 2025. To the extent required by law, the Company will post Form 8937, with respect to the U.S. federal income tax characteristics of this dividend, to its website at investors.uwm.com.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 26, 2025

UWM HOLDINGS CORPORATION
By: /s/ Andrew Hubacker
Name: Andrew Hubacker
Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer





Exhibit 99.1


uwmc_colorlogo.jpg
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

•Originations of $38.7 billion in 4Q24, compared to $39.5 billion in 3Q24 and $24.4 billion in 4Q23
•Purchase originations of $21.9 billion in 4Q24, compared to $26.2 billion in 3Q24 and $20.7 billion in 4Q23
•Total gain margin of 105 bps in 4Q24 compared to 118 bps in 3Q24 and 92 bps in 4Q23
•Net income of $40.6 million in 4Q24 compared to net income of $31.9 million in 3Q24 and net loss of $461.0 million in 4Q23
•Adjusted EBITDA of $118.2 million in 4Q24 compared to $107.2 million in 3Q24 and $99.6 million in 4Q23
•Total equity of $2.1 billion at December 31, 2024, compared to $2.2 billion at September 30, 2024, and $2.5 billion at December 31, 2023
•Unpaid principal balance of MSRs of $242.4 billion with a WAC of 4.76% at December 31, 2024, compared to $212.2 billion with a WAC of 4.56% at September 30, 2024, and $299.5 billion with a WAC of 4.43% at December 31, 2023
•Ended 4Q24 with approximately $2.5 billion of available liquidity, including $507.3 million of cash and available borrowing capacity under our secured and unsecured lines of credit

Full Year 2024 Highlights

• Originations of $139.4 billion in 2024, compared to $108.3 billion in 2023
• Record purchase originations of $96.1 billion in 2024, compared to $93.9 billion in 2023
• Refinance originations of $43.4 billion in 2024, an increase of 201%, compared to $14.4 billion in 2023
• Net income of $329.4 million in 2024, as compared to a net loss of $69.8 million in 2023
• Gain margin of 110 bps in 2024, an increase of 19%, compared to 92 bps in 2023
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."
1




Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q4 2024Q3 2024Q4 2023FY 2024FY 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 share(3)
N/A
0.01 (0.23)0.16 (0.04)
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 
(1) Key operational metric (see discussion below)
(2) Represents total loan production income divided by loan origination volume.
(3) Non-GAAP metric (see discussion and reconciliations below).
Balance Sheet Highlights as of Period-end (dollars in thousands)
Q4 2024Q3 2024Q4 2023
Cash and cash equivalents$507,339 $636,327 $497,468 
Mortgage loans at fair value9,516,537 10,141,683 5,449,884 
Mortgage servicing rights3,969,881 2,800,054 4,026,136 
Total assets15,671,116 15,119,798 11,871,854 
Non-funding debt (1)
3,401,066 2,410,714 2,862,759 
Total equity2,053,848 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 2024Q3 2024Q4 2023
Unpaid principal balance$242,405,767 $212,218,975 $299,456,189 
Weighted average interest rate4.76 %4.56 %4.43 %
Weighted average age (months)24 25 21 

Fourth Quarter Business and Product Highlights
TRAC Lite
•Introduced in select states to offer a low cost title option, potentially saving borrowers thousands of dollars per loan
ChatUWM Enhancements
•Significant enhancements help provide brokers with a faster, easier and more comprehensive loan experience. With these updates, ChatUWM has decreased the time it takes to calculate income from minutes to seconds, and provides brokers with personalized product recommendations for their borrowers in a matter of minutes
Conventional Cash-Out 90
•Created to help homeowners take full advantage of today's record-high home equity by allowing borrowers access to up to 89.99% loan-to-value (LTV) on their homes without incurring mortgage insurance
Net Promoter Score
•Achieved NPS of +82.5
Application to Clear to Close
•Delivered an average App to CTC of 17 business days

2




Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q4 2024Q3 2024Q4 2023FY 2024FY 2023
Conventional$13,841,424 $15,874,674 $12,033,818 $56,899,265 $58,833,673 
Government6,069,761 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 2024Q3 2024Q4 2023FY 2024FY 2023
Conventional$8,898,500 $3,552,067 $1,386,645 $17,300,663 $7,082,401 
Government6,415,421 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 
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens).
First Quarter 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
3




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 2024Q3 2024Q4 2023FY 2024FY 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 EPSQ3 2024Q4 2023FY 2024FY 2023
Diluted weighted average Class A common stock outstanding99,801,301 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 EPS0.01 (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 EBITDAQ4 2024Q3 2024Q4 2023FY 2024FY 2023
Net income (loss)
$40,613 $31,945 $(460,956)$329,375 $(69,782)
Interest expense on non-funding debt44,882 31,544 43,946 148,620 172,498 
Provision (benefit) for income taxes
1,719 344 (7,452)6,582 (6,511)
Depreciation and amortization11,094 11,636 11,472 45,474 46,146 
Stock-based compensation expense8,999 5,768 3,961 24,580 13,832 
Change in fair value of MSRs due to valuation inputs or assumptions
(456,253)263,893 507,686 (295,197)330,031 
Loss (gain) on other interest rate derivatives
469,538 (226,936)— 215,436 — 
Deferred compensation, net2,191 (11,434)3,300 (9,349)(7,938)
Change in fair value of Public and Private Warrants
(8,495)5,829 4,808 (5,091)6,060 
Change in Tax Receivable Agreement liability
(110)— 260 70 (1,575)
Change in fair value of investment securities3,980 (5,409)(7,459)(526)(4,491)
Adjusted EBITDA$118,159 $107,180 $99,566 $459,975 $478,270 
4




Non-funding debt and non-funding debt to equityQ4 2024Q3 2024Q4 2023
Senior notes$2,785,326 $1,991,216 $1,988,267 
Secured lines of credit500,000 300,000 750,000 
Borrowings against investment securities90,646 93,662 93,814 
Finance lease liability25,094 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 equity1.66 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.







5




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 CONTACTMEDIA CONTACT
BLAKE KOLONICOLE ROBERTS
InvestorRelations@uwm.comMedia@uwm.com
6




UWM HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

December 31,
2024		December 31,
2023
Assets
Cash and cash equivalents
(includes restricted cash of $16.0 million and $1.0 million, respectively)
$507,339 $497,468 
Mortgage loans at fair value9,516,537 5,449,884 
Derivative assets99,964 33,019 
Investment securities at fair value, pledged103,013 110,352 
Accounts receivable, net417,955 512,070 
Mortgage servicing rights3,969,881 4,026,136 
Premises and equipment, net146,199 146,417 
Operating lease right-of-use asset
(includes $92,553 and $97,596 with related parties)
93,730 99,125 
Finance lease right-of-use asset, net
(includes $22,737 and $24,802 with related parties)
23,193 29,111 
Loans eligible for repurchase from Ginnie Mae641,554 856,856 
Other assets151,751 111,416 
Total assets$15,671,116 $11,871,854 
Liabilities and Equity
Warehouse lines of credit$8,697,744 $4,902,090 
Derivative liabilities35,965 40,781 
Secured line of credit500,000 750,000 
Borrowings against investment securities 90,646 93,814 
Accounts payable, accrued expenses and other580,736 469,101 
Accrued distributions and dividends payable159,827 159,572 
Senior notes2,785,326 1,988,267 
Operating lease liability
(includes $99,199 and $104,495 with related parties)
100,376 106,024 
Finance lease liability
(includes $24,608 and $26,260 with related parties)
25,094 30,678 
Loans eligible for repurchase from Ginnie Mae641,554 856,856 
Total liabilities13,617,268 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
16 10 
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 authorized, 1,440,332,098 and 1,502,069,787 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively
144 150 
Additional paid-in capital3,523 1,702 
Retained earnings157,837 110,690 
Non-controlling interest1,892,328 2,362,119 
Total equity2,053,848 2,474,671 
Total liabilities and equity$15,671,116 $11,871,854 

7




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

For the three months endedFor the year ended
December 31,
2024		September 30,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Revenue(Unaudited)(Unaudited)(Unaudited)
Loan production income$407,229 $465,548 $225,436 $1,528,840 $1,000,547 
Loan servicing income173,300 134,753 206,498 636,665 818,703 
Change in fair value of mortgage servicing rights309,149 (446,100)(634,418)(294,999)(854,148)
Gain (loss) on other interest rate derivatives
(469,538)226,936 — (215,436)— 
Interest income140,067 145,297 87,901 508,621 346,225 
Total revenue, net560,207 526,434 (114,583)2,163,691 1,311,327 
Expenses
Salaries, commissions and benefits193,155 181,453 142,515 689,160 530,231 
Direct loan production costs54,958 58,398 27,977 190,277 104,262 
Marketing, travel, and entertainment30,771 22,462 25,600 96,782 84,515 
Depreciation and amortization11,094 11,636 11,472 45,474 46,146 
General and administrative60,314 53,664 38,209 209,838 170,423 
Servicing costs29,866 25,009 29,632 110,986 131,792 
Interest expense142,342 141,102 80,811 490,763 320,256 
Other expense (income)
(4,625)421 (2,391)(5,546)(5)
Total expenses517,875 494,145 353,825 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:
Basic155,584,329 99,801,301 93,654,269 111,374,469 93,245,373 
Diluted1,598,241,235 99,801,301 93,654,269 111,374,469 93,245,373 




















8




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,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Assets(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents, including restricted cash$507,339 $636,327 $680,153 $605,639 $497,468 
Mortgage loans at fair value9,516,537 10,141,683 8,236,183 7,338,135 5,449,884 
Derivative assets99,964 66,977 54,962 34,050 33,019 
Investment securities at fair value, pledged103,013 108,964 105,593 108,323 110,352 
Accounts receivable, net417,955 561,901 516,838 554,443 512,070 
Mortgage servicing rights3,969,881 2,800,054 2,650,090 3,191,803 4,026,136 
Premises and equipment, net146,199 147,981 146,750 145,265 146,417 
Operating lease right-of-use asset93,730 95,123 96,474 97,801 99,125 
Finance lease right-of-use asset, net23,193 24,020 25,061 26,890 29,111 
Loans eligible for repurchase from Ginnie Mae641,554 391,696 279,290 577,487 856,856 
Other assets151,751 145,072 130,247 117,498 111,416 
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 liabilities35,965 93,599 26,171 26,918 40,781 
Secured line of credit500,000 300,000 — 200,000 750,000 
Borrowings against investment securities90,646 93,662 91,406 94,064 93,814 
Accounts payable, accrued expenses and other580,736 573,865 486,138 477,765 469,101 
Accrued distributions and dividends payable159,827 159,818 159,766 159,702 159,572 
Senior notes2,785,326 1,991,216 1,990,233 1,989,250 1,988,267 
Operating lease liability100,376 101,833 103,247 104,637 106,024 
Finance lease liability25,094 25,836 26,787 28,536 30,678 
Loans eligible for repurchase from Ginnie Mae641,554 391,696 279,290 577,487 856,856 
Total liabilities13,617,268 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 shares 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
16 11 10 9 10 
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 1,502,069,787 as each of the rest of periods presented
144 149 150 150 150 
Additional paid-in capital3,523 2,644 2,305 2,085 1,702 
Retained earnings157,837 116,561 111,021 111,980 110,690 
Non-controlling interest1,892,328 2,061,162 2,215,526 2,342,834 2,362,119 
Total equity2,053,848 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 





9




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

For the three months ended
December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023
Revenue
Loan production income$407,229 $465,548 $357,109 $298,954 $225,436 
Loan servicing income173,300 134,753 143,910 184,702 206,498 
Change in fair value of mortgage servicing rights309,149 (446,100)(142,485)(15,563)(634,418)
Gain (loss) on other interest rate derivatives
(469,538)226,936 27,166 — — 
Interest income140,067 145,297 121,394 101,863 87,901 
Total revenue, net560,207 526,434 507,094 569,956 (114,583)
Expenses
Salaries, commissions and benefits193,155 181,453 160,311 154,241 142,515 
Direct loan production costs54,958 58,398 45,485 31,436 27,977 
Marketing, travel, and entertainment30,771 22,462 24,438 19,111 25,600 
Depreciation and amortization11,094 11,636 11,404 11,340 11,472 
General and administrative60,314 53,664 55,051 40,809 38,209 
Servicing costs29,866 25,009 25,787 30,324 29,632 
Interest expense142,342 141,102 108,651 98,668 80,811 
Other expense (income)(4,625)421 (1,105)(237)(2,391)
Total expenses517,875 494,145 430,022 385,692 353,825 
Earnings (loss) before income taxes42,332 32,289 77,072 184,264 (468,408)
Provision (benefit) for income taxes1,719 344 786 3,733 (7,452)
Net income (loss)40,613 31,945 76,286 180,531 (460,956)
Net income (loss) attributable to non-controlling interest31,694 38,240 73,236 171,801 (433,878)
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:
Basic155,584,329 99,801,301 95,387,609 94,365,991 93,654,269 
Diluted1,598,241,235 99,801,301 95,387,609 1,598,647,205 93,654,269 
10

v3.25.0.1
Cover
Feb. 26, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name UWM Holdings Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-39189
Entity Tax Identification Number 84-2124167
Entity Address, Address Line One 585 South Boulevard E.
Entity Address, City or Town Pontiac,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48341
City Area Code (800
Local Phone Number 981-8898
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001783398
Amendment Flag false
Class A Common Stock, par value $0.0001 per share  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol UWMC
Security Exchange Name NYSE
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
Trading Symbol UWMCWS
Security Exchange Name NYSE
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