UWM Holdings Corporation Announces First Quarter 2026 Results

Loan Origination Volume of $44.9 Billion; Net income of $170.4 million 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 first quarter ended March 31, 2026. Total loan origination volume was $44.9 billion for the first quarter 2026, up 39% year-over-year, and the second-highest first quarter production in company history. The Company reported 1Q26 total revenue of $901.4 million, net income of $170.4 million and adjusted EBITDA of $160.9 million. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, “Q1 was an exceptional quarter for UWM and our second‑best first quarter of all time. The last time we delivered results of this magnitude, interest rates were nearly 50% lower, which underscores the strength, scale and resilience of our business. Our team and broker partners executed at the highest level, using UWM’s proprietary technology and AI‑powered tools like Mia to win more loans, more efficiently, every day. We continue to move ahead of schedule with bringing servicing in‑house, and regardless of whether rates stay higher or move lower, we are positioned to keep winning as we are built to perform through all cycles. This quarter is a clear proof point of that.” First Quarter 2026 Highlights Originations of $44.9 billion in 1Q26, compared to $49.6 billion in 4Q25 and $32.4 billion in 1Q25Purchase originations of $18.7 billion in 1Q26, compared to $18.9 billion in 4Q25 and $21.7 billion in 1Q25Refinance originations of $26.3 billion in 1Q26, compared to $30.7 billion in 4Q25 and $10.6 billion in 1Q25Total gain margin of 123 bps in 1Q26 compared to 122 bps in 4Q25 and 94 bps in 1Q25Total revenue of $901.4 million in 1Q26 compared to $945.2 million in 4Q25 and $613.4 million in 1Q25Net income of $170.4 million in 1Q26 compared to net income of $164.5 million in 4Q25 and net loss of $247.0 million in 1Q25Adjusted EBITDA of $160.9 million in 1Q26 compared to $232.8 million in 4Q25 and $57.8 million in 1Q25Total equity of $1.60 billion at March 31, 2026, compared to $1.59 billion at December 31, 2025, and $1.64 billion at March 31, 2025Unpaid principal balance of MSRs of $229.5 billion with a WAC of 5.90% at March 31, 2026, compared to $240.8 billion with a WAC of 5.65% at December 31, 2025, and $214.6 billion with a WAC of 5.44% at March 31, 2025Ended 1Q26 with approximately $1.3 billion of available liquidity, reflecting $424.0 million of cash plus available borrowing capacity under our secured and unsecured lines of credit Production and Income Statement Highlights (dollars in thousands, except per share amounts) Q1 2026 Q4 2025 Q1 2025 Loan origination volume(1) $ 44,944,156 $ 49,608,104 $ 32,351,776 Total gain margin(1)(2) 1.23 % 1.22 % 0.94 % Total revenue $ 901,427 $ 945,247 $ 613,370 Net income (loss) 170,374 164,484 (247,028 ) Diluted earnings (loss) per share 0.09 0.08 (0.12 ) Adjusted diluted earnings per share(3) N/A 0.08 N/A Adjusted net income (loss)(3) 137,154 130,561 (195,300 ) Adjusted EBITDA(3) 160,909 232,778 57,803 (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) Q1 2026 Q4 2025 Q1 2025 Cash and cash equivalents $ 423,996 $ 503,364 $ 485,024 Mortgage loans at fair value 10,991,101 9,932,729 8,402,211 Mortgage servicing rights 4,591,855 4,073,781 3,321,457 Total assets 19,266,244 16,928,676 14,048,433 Non-funding debt(1) 5,092,831 4,292,940 3,149,687 Total equity 1,600,901 1,593,629 1,635,349 Non-funding debt to equity(1) 3.18 2.69 1.93 (1) Non-GAAP metric (see discussion and reconciliations below) Mortgage Servicing Rights (dollars in thousands) Q1 2026 Q4 2025 Q1 2025 Unpaid principal balance $ 229,503,024 $ 240,813,979 $ 214,615,072 Weighted average interest rate 5.90 % 5.65 % 5.44 % Weighted average age (months) 17 18 19 First Quarter Business and Product Highlights: In-House Servicing Progress All new loans are now on UWM’s proprietary servicing platform and on pace to have substantially all loans serviced in-house by October 2026, ahead of the previously communicated timeline. This milestone is expected to drive meaningful improvements in borrower retention, expenses, and long-term shareholder value. Bilt Built-In Rewards As part of UWM’s strategic collaboration with Bilt, a leading payments and rewards platform, UWM continues to roll out Built‑In Rewards, giving broker partners a powerful new way to differentiate themselves. With UWM now servicing loans in-house, borrowers can earn rewards automatically on every on‑time digital mortgage payment, redeemable for dining, grocery and pharmacy purchases, travel or future principal‑only mortgage payments. Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) Purchase: Q1 2026 Q4 2025 Q1 2025 Conventional $ 10,598,851 $ 10,208,384 $ 13,179,468 Government 6,622,457 6,741,182 6,673,499 Jumbo and other (1) 1,443,526 1,970,160 1,894,070 Total Purchase $ 18,664,834 $ 18,919,726 $ 21,747,037 Refinance: Q1 2026 Q4 2025 Q1 2025 Conventional $ 12,113,599 $ 15,042,112 $ 4,339,327 Government 12,268,457 13,135,275 4,699,294 Jumbo and other(1) 1,897,266 2,510,991 1,566,118 Total Refinance $ 26,279,322 $ 30,688,378 $ 10,604,739 Total Originations $ 44,944,156 $ 49,608,104 $ 32,351,776 (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) Dividend Subsequent to March 31, 2026, for the 22nd 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 July 9, 2026, to stockholders of record at the close of business on June 18, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 9, 2026. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, May 6, 2026, at 11:00 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting: https://uwm.zoom.us/webinar/register/WN_eZ1x8OrhQjWXUFFZTYD47A Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/. Key Operational Metrics “Loan origination volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Loan origination volume” is the aggregate principal of the residential mortgage loans originated by the Company during a period. “Total gain margin” represents total loan production income divided by loan origination volume for the applicable periods. Non-GAAP Metrics The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides “Adjusted net income (loss),” 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 (net of recoveries) as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases. In addition, we disclose “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 Q1 2026 Q4 2025 Q1 2025 Earnings (loss) before income taxes $ 177,500 $ 169,624 $ (260,816 ) Adjusted income tax (provision) benefit (40,346 ) (39,063 ) 65,516 Adjusted net income (loss) $ 137,154 $ 130,561 $ (195,300 ) Adjusted Diluted EPS Q4 2025 Diluted weighted average Class A Common shares outstanding 256,913,262 Assumed pro forma conversion of Class D shares(1) 1,342,939,142 Adjusted diluted weighted average shares outstanding(1) 1,599,852,404 Adjusted Net Income (in thousands) 130,561 Adjusted Diluted EPS 0.08 (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock Adjusted EBITDA Q1 2026 Q4 2025 Q1 2025 Net income (loss) $ 170,374 $ 164,484 $ (247,028 ) Interest expense on non-funding debt 70,727 61,829 50,081 Provision (benefit) for income taxes 7,126 5,140 (13,788 ) Depreciation and amortization 14,385 13,757 11,340 Stock-based compensation expense 13,162 15,592 8,310 Change in fair value of MSRs due to valuation inputs or assumptions, net (247,897 ) 28,758 250,821 (Gain) loss on other interest rate derivatives 138,198 (61,409 ) — Deferred compensation, net 2,250 2,235 914 Change in fair value of Public and Private Warrants — (1,519 ) (685 ) Change in Tax Receivable Agreement liability 1,903 (12 ) (442 ) Change in fair value of investment securities 303 (1,043 ) (1,721 ) Acquisition-related expenses (net of recoveries) (9,622 ) 4,966 — Adjusted EBITDA $ 160,909 $ 232,778 $ 57,803 Non-funding debt and non-funding debt to equity Q1 2026 Q4 2025 Q1 2025 Senior notes $ 2,983,152 $ 2,981,975 $ 2,786,467 Secured lines of credit 2,000,000 1,200,000 250,000 Borrowings against investment securities 86,724 87,497 88,775 Finance lease liability 22,955 23,468 24,445 Total non-funding debt $ 5,092,831 $ 4,292,940 $ 3,149,687 Total equity $ 1,600,901 $ 1,593,629 $ 1,635,349 Non-funding debt to equity 3.18 2.69 1.93 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 strategic collaboration with Bilt; (3) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (4) the timing of in-house servicing and our beliefs regarding our servicing operations; (5) our beliefs regarding opportunities in the broker channel; (6) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (7) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, and the timing of such market changes; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (12) our position and ability to capitalize on market opportunities and the impacts to our results and (13) 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 comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvi) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. About UWM Holdings Corporation and United Wholesale Mortgage Headquartered in Pontiac, Michigan, UWM Holdings Corporation (“UWMC”) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM 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) March 31, 2026 December 31, 2025 Assets (Unaudited) Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively) $ 423,996 $ 503,364 Mortgage loans at fair value 10,991,101 9,932,729 Derivative assets 124,490 37,567 Investment securities at fair value, pledged 98,491 100,512 Accounts receivable, net 1,271,014 526,694 Mortgage servicing rights 4,591,855 4,073,781 Premises and equipment, net 180,523 180,199 Operating lease right-of-use asset (includes $91.8 million and $93.4 million with related parties) 92,616 94,310 Finance lease right-of-use asset, net (includes $20.2 million and $20.7 million with related parties) 20,681 21,247 Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359 Other assets 347,457 324,914 Total assets $ 19,266,244 $ 16,928,676 Liabilities and Equity Warehouse lines of credit $ 9,900,303 $ 8,912,496 Derivative liabilities 337,817 26,574 Secured line of credit 2,000,000 1,200,000 Borrowings against investment securities 86,724 87,497 Accounts payable, accrued expenses and other 949,788 707,790 Accrued distributions and dividends payable 161,773 161,292 Senior notes 2,983,152 2,981,975 Operating lease liability (includes $98.0 million and $99.7 million with related parties) 98,811 100,596 Finance lease liability (includes $22.4 million and $22.9 million with related parties) 22,955 23,468 Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359 Total liabilities 17,665,343 15,335,047 Equity: Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 — — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 312,883,751 and 268,415,480 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 31 27 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 — — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 — — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,287,482,620 and 1,331,482,620 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 129 133 Additional paid-in capital 12,593 9,910 Retained earnings 216,768 189,447 Non-controlling interest 1,371,380 1,394,112 Total equity 1,600,901 1,593,629 Total liabilities and equity $ 19,266,244 $ 16,928,676 UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) For the three months ended March 31, 2026 December 31, 2025 March 31, 2025 Revenue (Unaudited) (Unaudited) (Unaudited) Loan production income $ 554,572 $ 603,364 $ 304,751 Loan servicing income 213,379 186,392 190,517 Interest income 133,476 155,491 118,102 Total revenue 901,427 945,247 613,370 Other gains (losses) Change in fair value of mortgage servicing rights (10,335 ) (247,617 ) (388,585 ) Gain (loss) on other interest rate derivatives (138,198 ) 61,409 — Other gains (losses), net (148,533 ) (186,208 ) (388,585 ) Expenses Salaries, commissions and benefits 224,554 224,192 192,800 Direct loan production costs 60,505 55,141 43,127 Marketing, travel, and entertainment 30,878 34,212 22,190 Depreciation and amortization 14,385 13,757 11,340 General and administrative 59,034 73,670 68,148 Servicing costs 43,067 46,184 30,434 Interest expense 140,765 144,833 120,410 Other expense (income) 2,206 (2,574 ) (2,848 ) Total expenses 575,394 589,415 485,601 Earnings (loss) before income taxes 177,500 169,624 (260,816 ) Provision (benefit) for income taxes 7,126 5,140 (13,788 ) Net income (loss) 170,374 164,484 (247,028 ) Net income (loss) attributable to non-controlling interest 145,073 145,072 (233,349 ) Net income (loss) attributable to UWMC $ 25,301 $ 19,412 $ (13,679 ) Earnings (loss) per share of Class A common stock: Basic $ 0.09 $ 0.08 $ (0.08 ) Diluted $ 0.09 $ 0.08 $ (0.12 ) Weighted average shares outstanding: Basic 292,122,233 256,913,262 164,100,022 Diluted 1,600,064,853 256,913,262 1,598,383,240 Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2026, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2026, and the preceding four quarters for purposes of providing historical quarterly trending information to investors. CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Assets (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cash and cash equivalents, including restricted cash $ 423,996 $ 503,364 $ 870,703 $ 489,984 $ 485,024 Mortgage loans at fair value 10,991,101 9,932,729 10,784,461 8,040,310 8,402,211 Derivative assets 124,490 37,567 91,446 59,356 43,958 Investment securities at fair value, pledged 98,491 100,512 101,277 101,627 102,982 Accounts receivable, net 1,271,014 526,694 548,090 719,369 472,299 Mortgage servicing rights 4,591,855 4,073,781 3,308,585 3,445,195 3,321,457 Premises and equipment, net 180,523 180,199 164,985 166,460 153,855 Operating lease right-of-use asset 92,616 94,310 95,957 91,004 92,450 Finance lease right-of-use asset, net 20,681 21,247 21,219 21,810 22,464 Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359 749,089 564,806 750,769 Other assets 347,457 324,914 286,525 186,968 200,964 Total assets $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 $ 14,048,433 Liabilities and Equity Warehouse lines of credit $ 9,900,303 $ 8,912,496 $ 9,783,664 $ 7,254,526 $ 7,573,139 Derivative liabilities 337,817 26,574 41,209 76,683 27,922 Secured line of credit 2,000,000 1,200,000 — 425,000 250,000 Borrowings against investment securities 86,724 87,497 87,142 86,896 88,775 Accounts payable, accrued expenses and other 949,788 707,790 706,993 661,496 652,701 Accrued distributions and dividends payable 161,773 161,292 160,846 160,360 159,856 Senior notes 2,983,152 2,981,975 3,780,620 2,787,797 2,786,467 Operating lease liability 98,811 100,596 102,333 97,471 99,010 Finance lease liability 22,955 23,468 23,363 23,872 24,445 Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359 749,089 564,806 750,769 Total liabilities 17,665,343 15,335,047 15,435,259 12,138,907 12,413,084 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 - 312,883,751 as of March 31, 2026, 268,415,480 as of December 31, 2025, 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025 and 200,781,659 as of March 31, 2025 31 27 23 21 20 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 - 1,287,482,620 as of March 31, 2026, 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 and 1,397,782,620 as of March 31, 2025 129 133 137 139 140 Additional paid-in capital 12,593 9,910 7,579 5,688 4,298 Retained earnings 216,768 189,447 169,935 170,320 160,407 Non-controlling interest 1,371,380 1,394,112 1,409,404 1,571,814 1,470,484 Total equity 1,600,901 1,593,629 1,587,078 1,747,982 1,635,349 Total liabilities and equity $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 $ 14,048,433 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) For the three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Revenue Loan production income $ 554,572 $ 603,364 $ 542,144 $ 447,882 $ 304,751 Loan servicing income 213,379 186,392 169,019 178,813 190,517 Interest income 133,476 155,491 132,089 132,005 118,102 Total revenue 901,427 945,247 843,252 758,700 613,370 Other gains (losses) Change in fair value of mortgage servicing rights (10,335 ) (247,617 ) (307,825 ) (111,421 ) (388,585 ) Gain (loss) on other interest rate derivatives (138,198 ) 61,409 27,813 208,904 — Other gains (losses), net (148,533 ) (186,208 ) (280,012 ) 97,483 (388,585 ) Expenses Salaries, commissions and benefits 224,554 224,192 222,760 211,461 192,800 Direct loan production costs 60,505 55,141 64,213 46,330 43,127 Marketing, travel, and entertainment 30,878 34,212 23,410 26,379 22,190 Depreciation and amortization 14,385 13,757 12,747 12,200 11,340 General and administrative 59,034 73,670 62,243 59,999 68,148 Servicing costs 43,067 46,184 33,928 35,083 30,434 Interest expense 140,765 144,833 132,084 133,467 120,410 Other expense (income) 2,206 (2,574 ) (815 ) 1,846 (2,848 ) Total expenses 575,394 589,415 550,570 526,765 485,601 Earnings (loss) before income taxes 177,500 169,624 12,670 329,418 (260,816 ) Provision (benefit) for income taxes 7,126 5,140 582 14,939 (13,788 ) Net income (loss) 170,374 164,484 12,088 314,479 (247,028 ) Net income (loss) attributable to non-controlling interest 145,073 145,072 13,350 291,570 (233,349 ) Net income (loss) attributable to UWMC $ 25,301 $ 19,412 $ (1,262 ) $ 22,909 $ (13,679 ) Earnings (loss) per share of Class A common stock: Basic $ 0.09 $ 0.08 $ (0.01 ) $ 0.11 $ (0.08 ) Diluted $ 0.09 $ 0.08 $ (0.01 ) $ 0.11 $ (0.12 ) Weighted average shares outstanding: Basic 292,122,233 256,913,262 221,354,499 202,133,122 164,100,022 Diluted 1,600,064,853 256,913,262 221,354,499 202,133,122 1,598,383,240 Source: UWM Holdings Corporation