UWM Holdings Corporation Announces

PONTIAC, MI, November 6, 2025 - 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, 2025. Total loan origination volume was $41.7 billion for the third quarter 2025. The Company also reported 3Q25 total revenue of $843.3 million, net income of $12.1 million and adjusted EBITDA of $211.1 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution. Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity. We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we’re excited to continue building on this momentum in the quarters ahead."

•Originations of $41.7 billion in 3Q25, compared to $39.7 billion in 2Q25 and $39.5 billion in 3Q24

•Purchase originations of $25.2 billion in 3Q25, compared to $27.3 billion in 2Q25 and $26.2 billion in 3Q24

•Refinance originations of $16.5 billion in 3Q25, compared to $12.4 billion in 2Q25 and $13.3 billion in 3Q24

•Total gain margin of 130 bps in 3Q25 compared to 113 bps in 2Q25 and 118 bps in 3Q24

•Total revenue of $843.3 million in 3Q25 compared to $758.7 million in 2Q25 and $745.6 million in 3Q24

•Net income of $12.1 million in 3Q25 compared to net income of $314.5 million in 2Q25 and net income of $31.9 million in 3Q24

•Adjusted EBITDA of $211.1 million in 3Q25 compared to $195.7 million in 2Q25 and $107.2 million in 3Q24

•Total equity of $1.6 billion at September 30, 2025, compared to $1.7 billion at June 30, 2025, and $2.2 billion at September 30, 2024

•Unpaid principal balance of MSRs of $216.0 billion with a WAC of 5.57% at September 30, 2025, compared to $211.2 billion with a WAC of 5.51% at June 30, 2025, and $212.2 billion with a WAC of 4.56% at September 30, 2024

•Ended 3Q25 with approximately $3.0 billion of available liquidity, including $870.7 million of cash and available borrowing capacity under our secured and unsecured lines of credit

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

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

						Q3 2025						Q2 2025						Q3 2024
Cash and cash equivalents						$	870,703					$	489,984					$	636,327
Mortgage loans at fair value						10,784,461						8,040,310						10,141,683
Mortgage servicing rights						3,308,585						3,445,195						2,800,054
Total assets						17,022,337						13,886,889						15,119,798
Non-funding debt (1)						3,891,125						3,323,565						2,410,714
Total equity						1,587,078						1,747,982						2,180,527
Non-funding debt to equity (1)						2.45						1.90						1.11
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)

						Q3 2025						Q2 2025						Q3 2024
Unpaid principal balance						$	216,028,448					$	211,237,964					$	212,218,975
Weighted average interest rate						5.57		%				5.51		%				4.56		%
Weighted average age (months)						19						19						25

•During Q3 UWM entered into a strategic collaboration with BILT, which will allow homeowners to earn rewards on every on-time mortgage payment. This is part of our strategic move to bring servicing in-house and deliver a world-class servicing experience. This collaboration is a creative and innovative approach to providing borrowers with additional benefits when they pay their mortgage, while also providing brokers more tools to stay top of mind with their consumers, long after the loan closes.

•UWM celebrated National Mortgage Broker Day at the New York Stock Exchange by ringing the closing bell alongside 100 of our mortgage broker partners from across the country.

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

We anticipate fourth quarter production to be in the $43 to $50 billion range, with gain margin from 105 to 130 basis points.

Subsequent to September 30, 2025, for the twentieth 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 January 8, 2026, to stockholders of record at the close of business on December 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around January 8, 2026.

As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, November 6, 2025, at 10:00 a.m. 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/Q4I515890

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/.

“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.

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, and the change in fair value of retained investment securities 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.

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):

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 strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) our position amongst our competitors and ability to capture market share; (5) the timing of in-house servicing; (6) our beliefs regarding opportunities in the broker channel; (7) our beliefs regarding the refinance market; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) our beliefs related to the amount and timing of our dividend; (11) our expectations for future market environments, including interest rates, and the timing of such market changes; (12) our expectations related to production, gain margin and our overall success in the fourth quarter of 2025; (13) our performance in shifting market conditions and the comparison of such performance against our competitors; (14) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (15) our position and ability to capitalize on market opportunities, including in the refinance market, and the impacts to our results and (16) 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 changes in 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; (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) 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.

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 ten 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.

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2025, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

			For the three months ended
			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Revenue
Loan production income			$	542,144		$	447,882		$	304,751		$	407,229		$	465,548
Loan servicing income			169,019			178,813			190,517			173,300			134,753
Interest income			132,089			132,005			118,102			140,067			145,297
Total revenue			843,252			758,700			613,370			720,596			745,598
Other gains (losses)
Change in fair value of mortgage servicing rights			(307,825)			(111,421)			(388,585)			309,149			(446,100)
Gain (loss) on other interest rate derivatives			27,813			208,904			—			(469,538)			226,936
Other gains (losses), net			(280,012)			97,483			(388,585)			(160,389)			(219,164)
Expenses
Salaries, commissions and benefits			222,760			211,461			192,800			193,155			181,453
Direct loan production costs			64,213			46,330			43,127			54,958			58,398
Marketing, travel, and entertainment			23,410			26,379			22,190			30,771			22,462
Depreciation and amortization			12,747			12,200			11,340			11,094			11,636
General and administrative			62,243			59,999			68,148			60,314			53,664
Servicing costs			33,928			35,083			30,434			29,866			25,009
Interest expense			132,084			133,467			120,410			142,342			141,102
Other expense (income)			(815)			1,846			(2,848)			(4,625)			421
Total expenses			550,570			526,765			485,601			517,875			494,145
Earnings (loss) before income taxes			12,670			329,418			(260,816)			42,332			32,289
Provision (benefit) for income taxes			582			14,939			(13,788)			1,719			344
Net income (loss)			12,088			314,479			(247,028)			40,613			31,945
Net income (loss) attributable to non-controlling interest			13,350			291,570			(233,349)			31,694			38,240
Net income (loss) attributable to UWMC			$	(1,262)		$	22,909		$	(13,679)		$	8,919		$	(6,295)
Earnings (loss) per share of Class A common stock:
Basic			$	(0.01)		$	0.11		$	(0.08)		$	0.06		$	(0.06)
Diluted			$	(0.01)		$	0.11		$	(0.12)		$	0.02		$	(0.06)
Weighted average shares outstanding:
Basic			221,354,499			202,133,122			164,100,022			155,584,329			99,801,301
Diluted			221,354,499			202,133,122			1,598,383,240			1,598,241,235			99,801,301