Please wait





uwmc_colorlogoa.jpg
UWM Holdings Corporation Announces
Second Quarter 2025 Results

Second Quarter Net Income of $314.5 million. Loan Origination Volume of $39.7 billion, up 18% Year over Year
PONTIAC, MI, August 7, 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 second quarter ended June 30, 2025. Total loan origination volume was $39.7 billion for the second quarter 2025. The Company also reported 2Q25 total revenue of $758.7 million and net income of $314.5 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The second quarter of 2025 was an outstanding quarter for UWM. I am proud that we delivered our best quarter since 2021, and it wasn't because of any market tailwinds. It was fantastic both operationally and financially, but more importantly, we made a series of significant strategic decisions and product launches that we believe are not only game-changing for mortgage brokers, but also will change the trajectory of our company and the wholesale channel. Our latest AI technologies, Mia and LEO, are two excellent examples of the leadership you’ll continue to see from us in this space, and more importantly, we are now seeing measurable results in our business as a result of the investments we have made in artificial intelligence. I am proud of our team and excited for what lies ahead."

Second Quarter 2025 Highlights

•Originations of $39.7 billion in 2Q25, compared to $32.4 billion in 1Q25 and $33.6 billion in 2Q24
•Purchase originations of $27.3 billion in 2Q25, compared to $21.7 billion in 1Q25 and $27.2 billion in 2Q24
•Total gain margin of 113 bps in 2Q25 compared to 94 bps in 1Q25 and 106 bps in 2Q24
•Total revenue of $758.7 million in 2Q25 compared to $613.4 million in 1Q25 and $622.4 million in 2Q24
•Net income of $314.5 million in 2Q25 compared to net loss of $247.0 million in 1Q25 and net income of $76.3 million in 2Q24
•Adjusted EBITDA of $195.7 million in 2Q25 compared to $57.8 million in 1Q25 and $133.1 million in 2Q24
•Total equity of $1.7 billion at June 30, 2025, compared to $1.6 billion at March 31, 2025, and $2.3 billion at June 30, 2024
•Unpaid principal balance of MSRs of $211.2 billion with a WAC of 5.51% at June 30, 2025, compared to $214.6 billion with a WAC of 5.44% at March 31, 2025, and $189.5 billion with a WAC of 4.31% at June 30, 2024
•Ended 2Q25 with approximately $2.2 billion of available liquidity, including $490.0 million of cash and available borrowing capacity under our secured and unsecured lines of credit

1




Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q2 2025Q1 2025Q2 2024
Loan origination volume(1)
$39,744,514$32,351,776$33,628,993
Total gain margin(1)(2)
1.13%0.94%1.06%
Total revenue
$758,700 $613,370 $622,413
Net income (loss)
314,479(247,028)76,286
Diluted earnings (loss) per share
0.11(0.12)0.03
Adjusted diluted earnings (loss) per share(3)
0.16N/A0.04
Adjusted net income (loss) (3)
249,429(195,300)59,809
Adjusted EBITDA(3)
195,68357,803133,146
(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 2025Q1 2025Q2 2024
Cash and cash equivalents$489,984 $485,024 $680,513 
Mortgage loans at fair value8,040,310 8,402,211 8,236,183 
Mortgage servicing rights3,445,195 3,321,457 2,650,090 
Total assets13,886,889 14,048,433 12,921,641 
Non-funding debt (1)
3,323,565 3,149,687 2,108,426 
Total equity1,747,982 1,635,349 2,329,012 
Non-funding debt to equity (1)
1.90 1.93 0.91 
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
Q2 2025Q1 2025Q2 2024
Unpaid principal balance$211,237,964 $214,615,072 $189,482,798 
Weighted average interest rate5.51 %5.44 %4.31 %
Weighted average age (months)19 19 26 

Second Quarter Business and Product Highlights

LE Optimizer Tool (LEO)

•We launched LE Optimizer (LEO), an innovative tool that provides a detailed analysis of competitors’ Loan Estimates (LE) and identifies gaps and opportunities for better deals for the borrower. This enables independent mortgage brokers to present better loan estimates and win more loans.

Loan Officer Assistant, “Mia”

•We released Mia, an AI-powered virtual assistant built by UWM’s in-house technology team. Mia is designed to handle a variety of client engagement touchpoints, including answering inbound calls, making outbound calls, asking and answering questions, taking messages, scheduling appointments, and collecting callback information. Mia is available 24/7, 365 days a year, and ensures mortgage brokers never have to worry about answering or missing a call.

UWM LIVE!

•We hosted our 4th annual UWM LIVE! event, the largest mortgage broker event in the country, welcoming nearly 6,000 mortgage broker partners, processors, and real estate agents to our campus in Pontiac, Michigan.


2




Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q2 2025Q1 2025Q2 2024
Conventional$16,825,147 $13,179,468 $15,650,022 
Government8,358,290 6,673,499 8,298,147 
Jumbo and other (1)
2,115,964 1,894,070 3,224,482 
Total Purchase$27,299,401 $21,747,037 $27,172,651 
Refinance:Q2 2025Q1 2025Q2 2024
Conventional$5,082,559 $4,339,327 $2,506,853 
Government5,688,192 4,699,294 2,573,514 
Jumbo and other (1)
1,674,362 1,566,118 1,375,975 
Total Refinance$12,445,113 $10,604,739 $6,456,342 
Total Originations$39,744,514 $32,351,776 $33,628,993 
(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)
Third Quarter 2025 Outlook
We anticipate third quarter production to be in the $33 to $40 billion range, with gain margin from 100 to 125 basis points.
Dividend
Subsequent to June 30, 2025, for the nineteenth 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 October 9, 2025, to stockholders of record at the close of business on September 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around October 9, 2025.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, August 7, 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/Q4I3508361
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, 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
3




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
Q2 2025Q1 2025Q2 2024
Earnings (loss) before income taxes
$329,418 $(260,816)$77,072 
Adjusted income tax (provision) benefit
(79,989)65,516 (17,263)
Adjusted net income (loss)
$249,429 $(195,300)$59,809 
Adjusted Diluted EPSQ2 2025Q2 2024
Diluted weighted average Class A Common shares outstanding
202,133,122 95,387,609 
Assumed pro forma conversion of Class D shares(1)
1,396,892,510 1,502,069,787 
Adjusted diluted weighted average shares outstanding(1)
1,599,025,632 1,597,457,396 
Adjusted Net Income (in thousands)249,429 59,809 
Adjusted Diluted EPS0.16 0.04 
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock

Adjusted EBITDAQ2 2025Q1 2025Q2 2024
Net income (loss)
$314,479 $(247,028)$76,286 
Interest expense on non-funding debt50,775 50,081 31,951 
Provision (benefit) for income taxes
14,939 (13,788)786 
Depreciation and amortization12,200 11,340 11,404 
Stock-based compensation expense11,729 8,310 3,937 
Change in fair value of MSRs due to valuation inputs or assumptions
(3,154)250,821 38,222 
Gain on other interest rate derivatives
(208,904)— (27,166)
Deferred compensation, net1,773 914 (1,169)
Change in fair value of Public and Private Warrants
(1,309)(685)(1,739)
Change in Tax Receivable Agreement liability
3,557 (442)— 
Change in fair value of investment securities(402)(1,721)634 
Adjusted EBITDA$195,683 $57,803 $133,146 

Non-funding debt and non-funding debt to equityQ2 2025Q1 2025Q2 2024
Senior notes$2,787,797 $2,786,467 $1,990,233 
Secured lines of credit425,000 250,000 — 
Borrowings against investment securities86,896 88,775 91,406 
Finance lease liability23,872 24,445 26,787 
Total non-funding debt$3,323,565 $3,149,687 $2,108,426 
Total equity$1,747,982 $1,635,349 $2,329,012 
Non-funding debt to equity1.90 1.93 0.91 

4




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 strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our ability to handle our origination volume while limiting the impact on our fixed costs; (4) our position amongst our competitors and ability to capture market share; (5) our beliefs regarding opportunities in 2025 for our business and the broker channel; (6) our beliefs regarding operational profitability; (7) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (8) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (9) our beliefs related to the amount and timing of our dividend; (10) our expectations for future market environments, including interest rates, and the timing of such market changes; (11) our expectations related to production, gain margin and our overall success in the third quarter of 2025; (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 and (15) our investments in technology 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.
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 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.
For inquiries regarding UWM, please contact:
INVESTOR CONTACTMEDIA CONTACT
BLAKE KOLONICOLE ROBERTS
InvestorRelations@uwm.comMedia@uwm.com
5




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

June 30,
2025		December 31,
2024
Assets
(Unaudited)
Cash and cash equivalents
(includes restricted cash of $16.1 million and $16.0 million, respectively)
$489,984 $507,339 
Mortgage loans at fair value8,040,310 9,516,537 
Derivative assets59,356 99,964 
Investment securities at fair value, pledged101,627 103,013 
Accounts receivable, net719,369 417,955 
Mortgage servicing rights3,445,195 3,969,881 
Premises and equipment, net166,460 146,199 
Operating lease right-of-use asset
(includes $89,877 and $92,553 with related parties)
91,004 93,730 
Finance lease right-of-use asset, net
(includes $21,704 and $22,737 with related parties)
21,810 23,193 
Loans eligible for repurchase from Ginnie Mae564,806 641,554 
Other assets186,968 151,751 
Total assets$13,886,889 $15,671,116 
Liabilities and Equity
Warehouse lines of credit$7,254,526 $8,697,744 
Derivative liabilities76,683 35,965 
Secured line of credit425,000 500,000 
Borrowings against investment securities 86,896 90,646 
Accounts payable, accrued expenses and other661,496 580,736 
Accrued distributions and dividends payable160,360 159,827 
Senior notes2,787,797 2,785,326 
Operating lease liability
(includes $96,343 and $99,199 with related parties)
97,471 100,376 
Finance lease liability
(includes $23,757 and $24,608 with related parties)
23,872 25,094 
Loans eligible for repurchase from Ginnie Mae564,806 641,554 
Total liabilities12,138,907 13,617,268 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2025 or December 31, 2024
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 205,979,563 and 157,940,987 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
21 16 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2025 or December 31, 2024
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2025 or December 31, 2024
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,393,282,620 and 1,440,332,098 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
139 144 
Additional paid-in capital5,688 3,523 
Retained earnings170,320 157,837 
Non-controlling interest1,571,814 1,892,328 
Total equity1,747,982 2,053,848 
Total liabilities and equity$13,886,889 $15,671,116 

6




UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
June 30,
2025		March 31,
2025		June 30,
2024
Revenue
Loan production income$447,882 $304,751 $357,109 
Loan servicing income178,813 190,517 143,910 
Interest income132,005 118,102 121,394 
Total revenue
758,700 613,370 622,413 
Other gains (losses)
Change in fair value of mortgage servicing rights(111,421)(388,585)(142,485)
Gain on other interest rate derivatives
208,904 — 27,166 
Other gains (losses), net
97,483 (388,585)(115,319)
Expenses
Salaries, commissions and benefits211,461 192,800 160,311 
Direct loan production costs46,330 43,127 45,485 
Marketing, travel, and entertainment26,379 22,190 24,438 
Depreciation and amortization12,200 11,340 11,404 
General and administrative59,999 68,148 55,051 
Servicing costs35,083 30,434 25,787 
Interest expense133,467 120,410 108,651 
Other expense (income)
1,846 (2,848)(1,105)
Total expenses526,765 485,601 430,022 
Earnings (loss) before income taxes
329,418 (260,816)77,072 
Provision (benefit) for income taxes
14,939 (13,788)786 
Net income (loss)
314,479 (247,028)76,286 
Net income (loss) attributable to non-controlling interest
291,570 (233,349)73,236 
Net income (loss) attributable to UWMC$22,909 $(13,679)$3,050 
Earnings (loss) per share of Class A common stock:
Basic$0.11 $(0.08)$0.03 
Diluted$0.11 $(0.12)$0.03 
Weighted average shares outstanding:
Basic202,133,122 164,100,022 95,387,609 
Diluted202,133,122 1,598,383,240 95,387,609 


















7




Addendum to

This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2025, 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,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Assets(Unaudited)
(Unaudited)
(Unaudited)(Unaudited)
Cash and cash equivalents, including restricted cash$489,984 $485,024 $507,339 $636,327 $680,153 
Mortgage loans at fair value8,040,310 8,402,211 9,516,537 10,141,683 8,236,183 
Derivative assets59,356 43,958 99,964 66,977 54,962 
Investment securities at fair value, pledged101,627 102,982 103,013 108,964 105,593 
Accounts receivable, net719,369 472,299 417,955 561,901 516,838 
Mortgage servicing rights3,445,195 3,321,457 3,969,881 2,800,054 2,650,090 
Premises and equipment, net166,460 153,855 146,199 147,981 146,750 
Operating lease right-of-use asset91,004 92,450 93,730 95,123 96,474 
Finance lease right-of-use asset, net21,810 22,464 23,193 24,020 25,061 
Loans eligible for repurchase from Ginnie Mae564,806 750,769 641,554 391,696 279,290 
Other assets186,968 200,964 151,751 145,072 130,247 
Total assets$13,886,889 $14,048,433 $15,671,116 $15,119,798 $12,921,641 
Liabilities and Equity
Warehouse lines of credit$7,254,526 $7,573,139 $8,697,744 $9,207,746 $7,429,591 
Derivative liabilities76,683 27,922 35,965 93,599 26,171 
Secured line of credit425,000 250,000 500,000 300,000 — 
Borrowings against investment securities86,896 88,775 90,646 93,662 91,406 
Accounts payable, accrued expenses and other661,496 652,701 580,736 573,865 486,138 
Accrued distributions and dividends payable160,360 159,856 159,827 159,818 159,766 
Senior notes2,787,797 2,786,467 2,785,326 1,991,216 1,990,233 
Operating lease liability97,471 99,010 100,376 101,833 103,247 
Finance lease liability23,872 24,445 25,094 25,836 26,787 
Loans eligible for repurchase from Ginnie Mae564,806 750,769 641,554 391,696 279,290 
Total liabilities12,138,907 12,413,084 13,617,268 12,939,271 10,592,629 
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 - 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024, 113,150,968 as of September 30, 2024 and 95,587,806 as of June 30, 2024
21 20 16 11 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 - 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of March 31, 2025, 1,440,332,098 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented
139 140 144 149 150 
Additional paid-in capital5,688 4,298 3,523 2,644 2,305 
Retained earnings170,320 160,407 157,837 116,561 111,021 
Non-controlling interest1,571,814 1,470,484 1,892,328 2,061,162 2,215,526 
Total equity1,747,982 1,635,349 2,053,848 2,180,527 2,329,012 
Total liabilities and equity$13,886,889 $14,048,433 $15,671,116 $15,119,798 $12,921,641 



8






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

For the three months ended
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Revenue
Loan production income$447,882 $304,751 $407,229 $465,548 $357,109 
Loan servicing income178,813 190,517 173,300 134,753 143,910 
Interest income132,005 118,102 140,067 145,297 121,394 
Total revenue758,700 613,370 720,596 745,598 622,413 
Other gains (losses)
Change in fair value of mortgage servicing rights(111,421)(388,585)309,149 (446,100)(142,485)
Gain (loss) on other interest rate derivatives
208,904 — (469,538)226,936 27,166 
Other gains (losses), net
97,483 (388,585)(160,389)(219,164)(115,319)
Expenses
Salaries, commissions and benefits211,461 192,800 193,155 181,453 160,311 
Direct loan production costs46,330 43,127 54,958 58,398 45,485 
Marketing, travel, and entertainment26,379 22,190 30,771 22,462 24,438 
Depreciation and amortization12,200 11,340 11,094 11,636 11,404 
General and administrative59,999 68,148 60,314 53,664 55,051 
Servicing costs35,083 30,434 29,866 25,009 25,787 
Interest expense133,467 120,410 142,342 141,102 108,651 
Other expense (income)1,846 (2,848)(4,625)421 (1,105)
Total expenses526,765 485,601 517,875 494,145 430,022 
Earnings (loss) before income taxes329,418 (260,816)42,332 32,289 77,072 
Provision (benefit) for income taxes14,939 (13,788)1,719 344 786 
Net income (loss)314,479 (247,028)40,613 31,945 76,286 
Net income (loss) attributable to non-controlling interest291,570 (233,349)31,694 38,240 73,236 
Net income (loss) attributable to UWMC$22,909 $(13,679)$8,919 $(6,295)$3,050 
Earnings (loss) per share of Class A common stock:
Basic$0.11 $(0.08)$0.06 $(0.06)$0.03 
Diluted$0.11 $(0.12)$0.02 $(0.06)$0.03 
Weighted average shares outstanding:
Basic202,133,122 164,100,022 155,584,329 99,801,301 95,387,609 
Diluted202,133,122 1,598,383,240 1,598,241,235 99,801,301 95,387,609 

9