UWM Holdings Corporation Announces Fourth Quarter & Full Year 2025 Results

Loan Origination Volume of $49.6 Billion; Largest Quarterly Originations Since 2021 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 fourth quarter and full year ended December 31, 2025. Total loan origination volume was $49.6 billion for the fourth quarter 2025 and $163.4 billion for the full year 2025. The Company reported 4Q25 total revenue of $945.2 million, net income of $164.5 million and adjusted EBITDA of $232.8 million. The Company reported full year 2025 total revenue of $3.2 billion, net income of $244.0 million and adjusted EBITDA of $697.3 million. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "I am proud of our team. We had another strong quarter financially, and an outstanding year overall. We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform. These moves accelerate broker channel growth, drive borrower retention, and strengthen our leadership position. We’re prepared to win operationally, financially, and strategically in 2026 and remain focused on delivering long-term value for our shareholders, team members, brokers, and consumers." Fourth Quarter 2025 Highlights Originations of $49.6 billion in 4Q25, compared to $41.7 billion in 3Q25 and $38.7 billion in 4Q24Purchase originations of $18.9 billion in 4Q25, compared to $25.2 billion in 3Q25 and $21.9 billion in 4Q24Refinance originations of $30.7 billion in 4Q25, compared to $16.5 billion in 3Q25 and $16.8 billion in 4Q24Total gain margin of 122 bps in 4Q25 compared to 130 bps in 3Q25 and 105 bps in 4Q24Total revenue of $945.2 million in 4Q25 compared to $843.3 million in 3Q25 and $720.6 million in 4Q24Net income of $164.5 million in 4Q25 compared to net income of $12.1 million in 3Q25 and net income of $40.6 million in 4Q24Adjusted EBITDA of $232.8 million in 4Q25 compared to $211.1 million in 3Q25 and $118.2 million in 4Q24Total equity of $1.6 billion at December 31, 2025, compared to $1.6 billion at September 30, 2025, and $2.1 billion at December 31, 2024Unpaid principal balance of MSRs of $240.8 billion with a WAC of 5.65% at December 31, 2025, compared to $216.0 billion with a WAC of 5.57% at September 30, 2025, and $242.4 billion with a WAC of 4.76% at December 31, 2024Ended 4Q25 with approximately $1.8 billion of available liquidity, reflecting $503.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit Full Year 2025 Highlights Originations of $163.4 billion in 2025, compared to $139.4 billion in 2024Purchase originations of $93.2 billion in 2025, compared to $96.1 billion in 2024Refinance originations of $70.3 billion in 2025, compared to $43.4 billion in 2024Net income of $244.0 million in 2025, as compared to net income of $329.4 million in 2024Gain margin of 116 bps in 2025, compared to 110 bps in 2024 Production and Income Statement Highlights (dollars in thousands, except per share amounts) Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Loan origination volume(1) $ 49,608,104 $ 41,742,070 $ 38,664,357 $ 163,446,465 $ 139,433,406 Total gain margin(1)(2) 1.22 % 1.30 % 1.05 % 1.16 % 1.10 % Total revenue $ 945,247 $ 843,252 $ 720,596 $ 3,160,569 $ 2,674,126 Net income 164,484 12,088 40,613 244,023 329,375 Diluted earnings (loss) per share 0.08 (0.01 ) 0.02 0.12 0.13 Adjusted diluted earnings per share(3) 0.08 0.01 N/A N/A 0.16 Adjusted net income(3) 130,561 9,621 33,040 194,311 257,303 Adjusted EBITDA(3) 232,778 211,073 118,159 697,336 459,975 (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 2025 Q3 2025 Q4 2024 Cash and cash equivalents $ 503,364 $ 870,703 $ 507,339 Mortgage loans at fair value 9,932,729 10,784,461 9,516,537 Mortgage servicing rights 4,073,781 3,308,585 3,969,881 Total assets 16,928,676 17,022,337 15,671,116 Non-funding debt(1) 4,292,940 3,891,125 3,401,066 Total equity 1,593,629 1,587,078 2,053,848 Non-funding debt to equity(1) 2.69 2.45 1.66 (1) Non-GAAP metric (see discussion and reconciliations below). Mortgage Servicing Rights (dollars in thousands) Q4 2025 Q3 2025 Q4 2024 Unpaid principal balance $ 240,813,979 $ 216,028,448 $ 242,405,767 Weighted average interest rate 5.65 % 5.57 % 4.76 % Weighted average age (months) 18 19 24 Fourth Quarter Business and Product Highlights: Strategic Acquisition of TWO UWM Holdings Corporation and Two Harbors Investment Corp. (“TWO”), an MSR-focused REIT and one of the largest servicers of conventional mortgages in the country announced a definitive merger agreement pursuant to which UWM will acquire TWO in an all stock transaction. The deal remains subject to customary closing conditions, but has the potential to unlock substantial value, a stronger balance sheet, and streamlined operations. BILT Collaboration Continued the rollout of UWM's strategic collaboration with BILT, which allows homeowners to earn rewards on every on-time digital payment. By integrating with BILT, UWM brokers can engage with new and existing consumers earlier and more often, increasing retention yield and lowering consumer acquisition costs. All-New AI Enhanced Income Calculator UWM’s all-new Income Calculator is a game-changer for mortgage brokers looking to streamline the loan approval process. Powered by advanced AI, this tool extracts and analyzes income data with the same precision an underwriter would deliver, eliminating manual math, missed details and second-guessing. Mortgage Matchup Center UWM announced an arena naming rights partnership for our consumer-facing brand, Mortgage Matchup, with the Phoenix Suns and Mercury. The partnership will increase brand awareness and consumer traffic to independent mortgage brokers. Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) Purchase: Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Conventional $ 10,208,384 $ 14,677,985 $ 13,841,424 $ 54,890,984 $ 56,899,265 Government 6,741,182 8,411,136 6,069,761 30,184,108 29,257,856 Jumbo and other (1) 1,970,160 2,124,362 1,941,420 8,104,556 9,924,433 Total Purchase $ 18,919,726 $ 25,213,483 $ 21,852,605 $ 93,179,648 $ 96,081,554 Refinance: Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Conventional $ 15,042,112 $ 7,193,198 $ 8,898,500 $ 31,657,196 $ 17,300,663 Government 13,135,275 7,302,600 6,415,421 30,825,361 20,382,191 Jumbo and other(1) 2,510,991 2,032,789 1,497,831 7,784,260 5,668,998 Total Refinance $ 30,688,378 $ 16,528,587 $ 16,811,752 $ 70,266,817 $ 43,351,852 Total Originations $ 49,608,104 $ 41,742,070 $ 38,664,357 $ 163,446,465 $ 139,433,406 (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 2026 Outlook We anticipate total revenue in the first quarter of 2026 to be between $650 million and $850 million. Dividend Subsequent to December 31, 2025, for the 21st 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 9, 2026, to stockholders of record at the close of business on March 19, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 9, 2026. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 25, 2026, at 10:30 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting: https://registrations.events/direct/Q4I95366717526 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, the change in fair value of retained investment securities, and acquisition-related expenses as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases. In addition, we disclose “Non-funding debt” and the “Non-funding debt-to-equity ratio” as a non-GAAP metric. We define “Non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the “Non-funding debt-to-equity ratio” as total non-funding debt divided by the Company’s total equity. Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies. The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts): Adjusted net income Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Earnings before income taxes $ 169,624 $ 12,670 $ 42,332 $ 250,896 $ 335,957 Adjusted income tax (provision) benefit (39,063 ) (3,049 ) (9,292 ) (56,585 ) (78,654 ) Adjusted net income $ 130,561 $ 9,621 $ 33,040 $ 194,311 $ 257,303 Adjusted Diluted EPS Q4 2025 Q3 2025 FY 2024 Diluted weighted average Class A Common shares outstanding 256,913,262 221,354,499 111,374,469 Assumed pro forma conversion of Class D shares(1) 1,342,939,142 1,378,084,794 1,486,115,849 Adjusted diluted weighted average shares outstanding(1) 1,599,852,404 1,599,439,293 1,597,490,318 Adjusted Net Income (in thousands) 130,561 9,621 257,303 Adjusted Diluted EPS 0.08 0.01 0.16 (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock Adjusted EBITDA Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Net income $ 164,484 $ 12,088 $ 40,613 $ 244,023 $ 329,375 Interest expense on non-funding debt 61,829 51,828 44,882 214,513 148,620 Provision (benefit) for income taxes 5,140 582 1,719 6,873 6,582 Depreciation and amortization 13,757 12,747 11,094 50,044 45,474 Stock-based compensation expense 15,592 14,732 8,999 50,363 24,580 Change in fair value of MSRs due to valuation inputs or assumptions, net 28,758 158,842 (456,253 ) 435,267 (295,197 ) (Gain) loss on other interest rate derivatives (61,409 ) (27,813 ) 469,538 (298,126 ) 215,436 Deferred compensation, net 2,235 (11,117 ) 2,191 (6,195 ) (9,349 ) Change in fair value of Public and Private Warrants (1,519 ) 770 (8,495 ) (2,743 ) (5,091 ) Change in Tax Receivable Agreement liability (12 ) 41 (110 ) 3,144 70 Change in fair value of investment securities (1,043 ) (1,627 ) 3,980 (4,793 ) (526 ) Acquisition-related expenses 4,966 — — 4,966 — Adjusted EBITDA $ 232,778 $ 211,073 $ 118,159 $ 697,336 $ 459,975 Non-funding debt and non-funding debt to equity Q4 2025 Q3 2025 Q4 2024 Senior notes $ 2,981,975 $ 3,780,620 $ 2,785,326 Secured lines of credit 1,200,000 — 500,000 Borrowings against investment securities 87,497 87,142 90,646 Finance lease liability 23,468 23,363 25,094 Total non-funding debt $ 4,292,940 $ 3,891,125 $ 3,401,066 Total equity $ 1,593,629 $ 1,587,078 $ 2,053,848 Non-funding debt to equity 2.69 2.45 1.66 Cautionary Note Regarding Forward-Looking Statements This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) the benefits of our business model; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) the acquisition of TWO and the anticipated benefits from the acquisition; (5) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (6) the timing of in-house servicing; (7) our beliefs regarding opportunities in the broker channel; (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 beliefs regarding our servicing operations; (13) our ability to increase recapture rate, while lowering the cost per recaptured loan; (14) our expectations related to total revenue in the first quarter of 2026; (15) our performance in shifting market conditions and the comparison of such performance against our competitors; (16) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (17) our position and ability to capitalize on market opportunities and the impacts to our results and (18) our investments in technology, including artificial intelligence, and its impact to our operations, ability to scale and financial results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s ability to successfully implement strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (iii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to consummate the merger with Two Harbors and achieve the anticipated benefits; (viii) 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; (ix) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (x) 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; (xi) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xii) UWM’s ability to continue to attract and retain its broker relationships; (xiii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiv) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xv) 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; (xvi) 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 (xvii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. About UWM Holdings Corporation and United Wholesale Mortgage Headquartered in Pontiac, Michigan, UWM Holdings Corporation (“UWMC”) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for eleven consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038. UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) December 31, 2025 December 31, 2024 Assets Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively) $ 503,364 $ 507,339 Mortgage loans at fair value 9,932,729 9,516,537 Derivative assets 37,567 99,964 Investment securities at fair value, pledged 100,512 103,013 Accounts receivable, net 526,694 417,955 Mortgage servicing rights 4,073,781 3,969,881 Premises and equipment, net 180,199 146,199 Operating lease right-of-use asset (includes $93,419 and $92,553 with related parties) 94,310 93,730 Finance lease right-of-use asset, net (includes $20,672 and $22,737 with related parties) 21,247 23,193 Loans eligible for repurchase from Ginnie Mae 1,133,359 641,554 Other assets 324,914 151,751 Total assets $ 16,928,676 $ 15,671,116 Liabilities and Equity Warehouse lines of credit $ 8,912,496 $ 8,697,744 Derivative liabilities 26,574 35,965 Secured line of credit 1,200,000 500,000 Borrowings against investment securities 87,497 90,646 Accounts payable, accrued expenses and other 707,790 580,736 Accrued distributions and dividends payable 161,292 159,827 Senior notes 2,981,975 2,785,326 Operating lease liability (includes $99,703 and $99,199 with related parties) 100,596 100,376 Finance lease liability (includes $22,894 and $24,608 with related parties) 23,468 25,094 Loans eligible for repurchase from Ginnie Mae 1,133,359 641,554 Total liabilities 15,335,047 13,617,268 Equity: Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2025 or December 31, 2024 — — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 268,415,480 and 157,940,987 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 27 16 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 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 December 31, 2025 or December 31, 2024 — — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,331,482,620 and 1,440,332,098 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 133 144 Additional paid-in capital 9,910 3,523 Retained earnings 189,447 157,837 Non-controlling interest 1,394,112 1,892,328 Total equity 1,593,629 2,053,848 Total liabilities and equity $ 16,928,676 $ 15,671,116 UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) For the three months ended For the year ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue (Unaudited) (Unaudited) (Unaudited) Loan production income $ 603,364 $ 542,144 $ 407,229 $ 1,898,141 $ 1,528,840 Loan servicing income 186,392 169,019 173,300 724,741 636,665 Interest income 155,491 132,089 140,067 537,687 508,621 Total revenue 945,247 843,252 720,596 3,160,569 2,674,126 Other gains (losses) Change in fair value of mortgage servicing rights (247,617 ) (307,825 ) 309,149 (1,055,448 ) (294,999 ) Gain (loss) on other interest rate derivatives 61,409 27,813 (469,538 ) 298,126 (215,436 ) Other gains (losses), net (186,208 ) (280,012 ) (160,389 ) (757,322 ) (510,435 ) Expenses Salaries, commissions and benefits 224,192 222,760 193,155 851,213 689,160 Direct loan production costs 55,141 64,213 54,958 208,811 190,277 Marketing, travel, and entertainment 34,212 23,410 30,771 106,191 96,782 Depreciation and amortization 13,757 12,747 11,094 50,044 45,474 General and administrative 73,670 62,243 60,314 264,060 209,838 Servicing costs 46,184 33,928 29,866 145,629 110,986 Interest expense 144,833 132,084 142,342 530,794 490,763 Other income (2,574 ) (815 ) (4,625 ) (4,391 ) (5,546 ) Total expenses 589,415 550,570 517,875 2,152,351 1,827,734 Earnings before income taxes 169,624 12,670 42,332 250,896 335,957 Provision for income taxes 5,140 582 1,719 6,873 6,582 Net income 164,484 12,088 40,613 244,023 329,375 Net income attributable to non-controlling interest 145,072 13,350 31,694 216,643 314,971 Net income (loss) attributable to UWMC $ 19,412 $ (1,262 ) $ 8,919 $ 27,380 $ 14,404 Earnings (loss) per share of Class A common stock: Basic $ 0.08 $ (0.01 ) $ 0.06 $ 0.13 $ 0.13 Diluted $ 0.08 $ (0.01 ) $ 0.02 $ 0.12 $ 0.13 Weighted average shares outstanding: Basic 256,913,262 221,354,499 155,584,329 211,407,534 111,374,469 Diluted 256,913,262 221,354,499 1,598,241,235 1,599,179,891 111,374,469 Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2025, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 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) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Assets (Unaudited) (Unaudited) (Unaudited) Cash and cash equivalents, including restricted cash $ 503,364 $ 870,703 $ 489,984 $ 485,024 $ 507,339 Mortgage loans at fair value 9,932,729 10,784,461 8,040,310 8,402,211 9,516,537 Derivative assets 37,567 91,446 59,356 43,958 99,964 Investment securities at fair value, pledged 100,512 101,277 101,627 102,982 103,013 Accounts receivable, net 526,694 548,090 719,369 472,299 417,955 Mortgage servicing rights 4,073,781 3,308,585 3,445,195 3,321,457 3,969,881 Premises and equipment, net 180,199 164,985 166,460 153,855 146,199 Operating lease right-of-use asset 94,310 95,957 91,004 92,450 93,730 Finance lease right-of-use asset, net 21,247 21,219 21,810 22,464 23,193 Loans eligible for repurchase from Ginnie Mae 1,133,359 749,089 564,806 750,769 641,554 Other assets 324,914 286,525 186,968 200,964 151,751 Total assets $ 16,928,676 $ 17,022,337 $ 13,886,889 $ 14,048,433 $ 15,671,116 Liabilities and Equity Warehouse lines of credit $ 8,912,496 $ 9,783,664 $ 7,254,526 $ 7,573,139 $ 8,697,744 Derivative liabilities 26,574 41,209 76,683 27,922 35,965 Secured line of credit 1,200,000 — 425,000 250,000 500,000 Borrowings against investment securities 87,497 87,142 86,896 88,775 90,646 Accounts payable, accrued expenses and other 707,790 706,993 661,496 652,701 580,736 Accrued distributions and dividends payable 161,292 160,846 160,360 159,856 159,827 Senior notes 2,981,975 3,780,620 2,787,797 2,786,467 2,785,326 Operating lease liability 100,596 102,333 97,471 99,010 100,376 Finance lease liability 23,468 23,363 23,872 24,445 25,094 Loans eligible for repurchase from Ginnie Mae 1,133,359 749,089 564,806 750,769 641,554 Total liabilities 15,335,047 15,435,259 12,138,907 12,413,084 13,617,268 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 - 268,415,480 as of December 31, 2025, 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025 and 157,940,987 as of December 31, 2024 27 23 21 20 16 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 - 1,331,482,620 as of December 31, 2025, 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of March 31, 2025 and 1,440,332,098 as of December 31, 2024 133 137 139 140 144 Additional paid-in capital 9,910 7,579 5,688 4,298 3,523 Retained earnings 189,447 169,935 170,320 160,407 157,837 Non-controlling interest 1,394,112 1,409,404 1,571,814 1,470,484 1,892,328 Total equity 1,593,629 1,587,078 1,747,982 1,635,349 2,053,848 Total liabilities and equity $ 16,928,676 $ 17,022,337 $ 13,886,889 $ 14,048,433 $ 15,671,116 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) For the three months ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Revenue Loan production income $ 603,364 $ 542,144 $ 447,882 $ 304,751 $ 407,229 Loan servicing income 186,392 169,019 178,813 190,517 173,300 Interest income 155,491 132,089 132,005 118,102 140,067 Total revenue 945,247 843,252 758,700 613,370 720,596 Other gains (losses) Change in fair value of mortgage servicing rights (247,617 ) (307,825 ) (111,421 ) (388,585 ) 309,149 Gain (loss) on other interest rate derivatives 61,409 27,813 208,904 — (469,538 ) Other gains (losses), net (186,208 ) (280,012 ) 97,483 (388,585 ) (160,389 ) Expenses Salaries, commissions and benefits 224,192 222,760 211,461 192,800 193,155 Direct loan production costs 55,141 64,213 46,330 43,127 54,958 Marketing, travel, and entertainment 34,212 23,410 26,379 22,190 30,771 Depreciation and amortization 13,757 12,747 12,200 11,340 11,094 General and administrative 73,670 62,243 59,999 68,148 60,314 Servicing costs 46,184 33,928 35,083 30,434 29,866 Interest expense 144,833 132,084 133,467 120,410 142,342 Other expense (income) (2,574 ) (815 ) 1,846 (2,848 ) (4,625 ) Total expenses 589,415 550,570 526,765 485,601 517,875 Earnings (loss) before income taxes 169,624 12,670 329,418 (260,816 ) 42,332 Provision (benefit) for income taxes 5,140 582 14,939 (13,788 ) 1,719 Net income (loss) 164,484 12,088 314,479 (247,028 ) 40,613 Net income (loss) attributable to non-controlling interest 145,072 13,350 291,570 (233,349 ) 31,694 Net income (loss) attributable to UWMC $ 19,412 $ (1,262 ) $ 22,909 $ (13,679 ) $ 8,919 Earnings (loss) per share of Class A common stock: Basic $ 0.08 $ (0.01 ) $ 0.11 $ (0.08 ) $ 0.06 Diluted $ 0.08 $ (0.01 ) $ 0.11 $ (0.12 ) $ 0.02 Weighted average shares outstanding: Basic 256,913,262 221,354,499 202,133,122 164,100,022 155,584,329 Diluted 256,913,262 221,354,499 202,133,122 1,598,383,240 1,598,241,235 Source: UWM Holdings Corporation