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UNITED WHOLESALE MORTGAGE February 2026
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This presentation contains certain forward-looking statements and information, which reflect managemen t’s current beliefs and expectations regarding futu re events and operating performance and speak only as of the date hereof. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “esti mate,” “expect,” “intend,” “may,” “plan,” “potential ,” “predict” and similar words indicating that thes e reflect our views with respect to future events. Forward-looking statements in this p ress release and our earnings call include statemen ts regarding: (1) the benefits of our business mode l; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) the acquisit ion of TWO and the anticipated benefits from the ac quisition; (5) our position amongst our competitors and ability to capture market share and maintain o ur industry leading position; (6) the timing of in-house servicing; (7) our beliefs r egarding opportunities in the broker channel; (8) growth of the wholesale and broker channels, the impa ct of our strategies on such growth and the benefit s to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of tha t 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 ma rket changes; (12) our beliefs regarding our servi cing operations; (13) our ability to increase recap ture rate, while lowering the cost per recaptured l oan; (14) our expectations related to total revenue in the first quarter of 2026; (15) ou r performance in shifting market conditions and the comparison of such performance against our competi tors; (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 capitali ze on market opportunities and the impacts to our re sults and (18) our investments in technology, inclu ding artificial intelligence, and its impact to our operations, ability to scale and fina ncial results. These statements are based on manage ment’s current expectations, but are subject to ris ks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those s tated or implied in the forward-looking statements, including: (i) UWM’s ability to successfully imple ment strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate mark et conditions, including changes in U.S. monetary p olicies, more specifically caused by the Presidentia l Administration that affect interest rates and inf lation; (iii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decr ease in the value of the collateral underlying cert ain of its facilities causing an unanticipated marg in call; (iv) UWM’s ability to sell loans in the se condary market; (v) UWM’s dependence on the government-sponsored entities suc h as Fannie Mae and Freddie Mac; (vi) changes in th e GSEs, FHA, USDA and VA guidelines or GSE and Ginn ie 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 regulati ons in connection with the launch of our internal se rvicing and the new risks that may be presented as a result of the transition; (ix) UWM’s dependence on Independent Mortgage Advisors to orig inate mortgage loans; (x) the risk that an increase in the value of the MBS UWM sells in forward marke ts to hedge its pipeline may result in an unanticip ated margin call; (xi) UWM’s inability to continue to grow, or to effectively ma nage the growth of its loan origination volume; (xi i) UWM’s ability to continue to attract and retain its broker relationships; (xiii) UWM’s ability to i mplement technological innovation, such as AI in our operations; (xiv) the occurrence of a data breach or other failure of UWM’s cybersec urity or information security systems; (xv) relianc e on third-party software and services; the occurre nce of data breaches or other cybersecurity failures at our third-party sub-servi cers or other third-party vendors; (xvi) UWM’s abil ity to continue to comply with the complex state an d federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvii) other risks and un certainties indicated from time to time in our fili ngs with the Securities and Exchange Commission incl uding those under “Risk Factors” therein. We wish t o caution readers that certain important factors may have affected and could in th e future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statem ent made by or on behalf of us. We undertake no obligation to update forward-looking s tatements to reflect events or circumstances after the date hereof. This presentation includes certain non-GAAP financi al measures, including Adjusted EBITDA, non-funding debt, and non-funding debt to equity ratio. We define Adjusted EBITDA as earnings before interest exp ense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compe nsation expense, the change in fair value of MSRs d ue to valuation inputs or assumptions, gains or los ses on other interest rate derivatives, the impact of non-cash deferred compen sation expense, the change in fair value of the Pub lic and Private Warrants, the non-cash income/expen se impact of the change in the Tax Receivable Agree ment liability, the change in fair value of retained investment securities, and a cquisition-related expenses as we believe these adj ustments are not indicative of our performance or r esults of operations. Adjusted EBITDA includes inte rest expense on funding facilities, which are recorded as a component of interest expen se, as these expenses are a direct operating expens e driven by loan origination volume. By contrast, i nterest expense on non-funding debt is a function o f our capital structure and is therefore excluded from Adjusted EBITDA. We define “Non-funding debt” as the total of senior notes, li nes of credit, borrowings against investment securi ties, equipment note payable, and finance leases an d the “Non-funding debt to equity ratio” as total non-funding debt divided by the total equity. Management believes that these no n-GAAP metrics provide useful information to invest ors. This measure is not a financial measure calcul ated in accordance with GAAP and should not be considered as a substitute for re venue, net income, or any other operating performan ce measure calculated in accordance with GAAP and m ay not be comparable to a similarly titled measure reported by other companies. A reconciliation of net income, the most directly c omparable U.S. GAAP financial measure, to Adjusted EBITDA, is set forth in the appendix to this present ation and in UWM Holdings Corporation’s Annual Repo rt on Form 10-K for the year ended December 31, 2025. D I S C L A I M E R 2
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I M P O RTA N C E O F CO M PA N Y CULTURE Capitalizing on lessons learned from being on an NCAA National Championship basketball team, Mat Ishbia runs UWM like a successful sports team with captains, daily huddles, and a team-oriented culture. 3 3
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Overall mortgage lender in the U.S. since 2022 #1 Wholesale mortgage lender in the U.S. since 2015 #1 #1 42.5% 4Q25 Purchase Production $18.9B Net Promoter Score FY 2025 +87.5 4Q25 Adjusted EBITDA Servicing UPB as of Dec. 31, 2025 $240.8B 4Q25 Loan Production Purchase mortgage lender in the U.S. since 2022 Wholesale market share 2 4 LARGEST MORTGAGE ORIGINATOR W I T H D O M I N A N T M A R K E T P O S I T I O N Overall lender market share 1 8.5% $232.8M $49.6B Source: Internal Company Data; Inside Mortgage Finance (IMF) 1. Based on 4Q25 Inside Mortgage Finance data as of 01/29/2026 2. Based on 3Q25 Inside Mortgage Finance data as of 12/04/2026
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PEOPLE Our people are our greatest asset Our Mission Statement We are dream makers united to make dreams come true for homeowners, mortgage brokers, our community, our team members, and their families. U WM ’s VALUE SYSTEM SERVICE Service is everyone’s responsibility RELATIONSHIP DRIVEN We are relationship driven, not transaction driven THUMB POINTERS We are thumb pointers not finger pointers CONTINUOUS IMPROVEMENT Continuous improvement is essential for long term success FUN & FRIENDSHIP Our path is paved with fun and friendship Our Pillars 5
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VOLUME Largest overall mortgage lender with unparalleled leadership position in the wholesale channel for 11 years and counting SCALE COST STRUCTURE SPEED With approximately 9,000 team members UWM believes it is positioned to double the origination volume without requiring additional team member capital Operating exclusively through the wholesale channel limits fixed expenses & creates a cost-saving structure that allows for profitability in various rate cycles App-to-CTC 1 UWM – 15 days 2 Industry – 39 days 3 TRAINING On average, each team member has received more than 111 hours of training YTD 6 Source: Internal Company Data; Intercontinental Exchange (ICE) 1. Application to Clear to Close. 2. Business days for 4Q25. 3. Calendar days; Source: Management’s estimates of indust ry average for 3Q25 based on ICE.
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RESIDENTIAL MORTGAGE FINANCE CO M P E T I T I VE L A N D S CA P E UWM’s wholesale market share exceeds the remaining combined top 24 wholesale mortgage lenders Top Mortgage Lenders 1 – 3Q25 Top Wholesale Lenders 2 – 3Q25 Company 3Q25 ($B) 3Q25 Market Share Company PennyMac Financial Rocket Mortgage Newrez Chase AmeriHome Mortgage CrossCountry Freedom Mortgage Rate, Inc Mr. Cooper 8.4% 7.6% 5.7% 3.3% 3.3% 3.1% 2.7% 2.6% 2.4% 2.0% 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Company 3Q25 ($B) 3Q25 Market Share* Company Rocket Mortgage PennyMac Financial Loan Store Newrez King Lending OCMBC, Inc. Freedom Mortgage Paramount Residential Plaza Home Mortgage $41.2 $8.9 $5.5 $3.2 $2.8 $2.3 $1.7 $1.2 $1.2 $1.1 42.5% 9.6% 5.3% 3.1% 2.6% 2.5% 1.9% 1.3% 1.3% 1.2% 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. $41.2 $36.0 $29.7 $16.4 $16.8 $15.2 $13.3 $8.4 $11.9 $9.7 7 Source: Inside Mortgage Finance (IMF) 1. Top Mortgage Lenders based on IMF Top Mortgage Originators as of 01/02/2026 2. Top Wholesale Lenders based on IMF Top Wholesale-Broker Producers as of12/04/2025 3Q25 data represents the most recent fully reported ind ustry rankings. UWM 4Q25 total origination volume was $49.6 billion.
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BRINGING SERVICING IN HOUSE S t r e n g t he n i n g O u r P l a t f o r m Thro u g h D i s t r i b u ti o n E x pa n s i o n a n d S e r v i c i n g I n t e g ra ti o n • Access to national renter network (~5M homes) • Signed 1-in-4 apartment buildings in the U.S. • Converts renters to homeowners • Enhances borrower acquisition and future MSR growth Source: Bilt press release, “Bilt Raises $250 Million at $10.75 Billion Valuation to Accelerate Housing and Neighborhood Commerce Platform” July 10, 2025 Pro forma figures are illustrative and based on UWM and TWO public filings and management estimates as of September 30, 2025. See UWM-TWO Transaction Presentation dated December 17, 2025, for additional details • $392Bn pro forma servicing UPB • $1Bn+ recurring servicing revenue potential (~30bps Wtd. Avg. Fee Rate) • $150mm annual potential synergies • EPS and TBVPS accretive • De-levering transaction accretive to key credit metrics • Greater control of borrower experience • Enhanced data and analytics capabilities • Improves recapture efficiency • Supports more stable earnings through the cycle In-House Servicing 8
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CLOSED LOOP STRATEGY 9 A Tru e O rg a n i c Lo w - Co s t H i g h Yi e l d M o d e l Integrating Origination, In-House Servicing and Strategic Partnerships to Drive Sustainable Growth Market Leading Origination Engine + BILT Leads World Class Efficiency & Service In-House Servicing, Engagement, and Retention (TWO + BILT)
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ANNOUNCED ACQUISITION OF TWO HARBORS IS HIGHLY COMPELLING TWO’s $176Bn UPB owned servicing portfolio, featuring a low weighted average loan rate of ~3.58% and 720K customers expands UWM’s connectivity to borrowers Provides additional opportunities for UWM’s broker partners Expands UWM Ecosystem Accretive to earnings and book value Opportunity for meaningful expense and revenue synergies De-levering transaction will be accretive to key credit metrics Financially Attractive $1Bn+ in pro forma recurring servicing revenues creates even more resilient financial profile in various markets Increases Recurring Revenue Accelerates UWM’s transition of servicing in-house TWO has among the lowest cost to service in the industry Opportunities to leverage TWO’s financing, hedging and secondary markets strategies Adds Best-in-Class Servicing Platform and Additional Capital Markets Expertise Creates top 8 servicer in addition to UWM’s current position as #1 overall, #1 wholesale and #1 purchase lender Extends UWM’s Leading Industry Positioning Increases UWMC’s float to ~$2.5bn – approximately double UWMC’s standalone float 1Increases Float Prudently sized deal limits complexity and execution risk while adding meaningful scale Size of combined servicing portfolio will be within UWM’s optimal range of 1-2x annual originations capacity, which allows for opportunistic hedging and selling Attractive Size 10 Source: 1. Based on 288.258mm UWMC Class A shares outstanding, and market pricing as of 2/10/2026 Pro forma figures are illustrative and based on UWM and TWO public filings and management estimates as of September 30, 2025. See UWM-TWO Transaction Presentation dated December 17, 2025, for additional details
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Announcement of acquisition HSR Waiting Period Expiration Anticipated Closing Proxy Statement Mailed TWO Shareholder Meeting TWO TRANSACTION ON TRACK FOR MID 2Q 11 Source: UWMC Announces Strategic Acquisition of TWO 1. Closing subject to customary regulatory approvals and TWO shareholder approval
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$29.3 $49.8 $42.9 $87.3 $90.8 $93.9 $96.1 $93.2 $103.7 $12.2 $58.0 $139.6 $139.2 $36.5 $14.4 $43.4 $70.3 $107.1 7.1% 8.5% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2018 2019 2020 2021 2022 2023 2024 2025 2026E UWM Purchase Volume ($B) UWM Refinance Volume ($B) UWM Purchase Origination Market Share UWM Overall Market Share BALANCED MODEL T H AT P E R FO R MS I N VA R I O U S E N V I RO N M E N TS UWM’s strong purchase market share provides consistent volume as refinance activity expands and contracts UWM has been the #1 wholesale lender for 11 consecutive years (since 2015) and the #1 overall mortgage lender for four years (since 2022) Strategic investments and decisions enabled UWM to become 100% wholesale with the ability to scale Post-2014, UWM started to invest significantly more in culture and technology Founded in 1986 as a family business—Mat Ishbia joined in 2003 and became CEO in 2013 12 Purchase production approaching $100 B and UWM remain the #1 overall and wholesale mortgage lender 3 21 Source: Internal Company Data; Inside Mortgage Finance (IMF); Fannie Mae Housing Forecast. 1. Purchase Market Share based on IMF Top Purchase Lender as of 02/12/2026. 2. Overall Market Share based on IMF Top Mortgage Originators as of 01/29/2026. 3. 2026E origination volumes reflect Fannie Mae (February 2026) industry forecast. Market share assumed consistent with 2025 levels; estimates for illustrative purposes only.
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$12.2 $58.0 $139.6 $139.2 $36.5 $14.4 $43.4 $70.3 $107.1 0% 2% 4% 6% 8% 10% 12% 14% 2018 2019 2020 2021 2022 2023 2024 2025 2026E UWM Refinance Volume ($B) UWM Refinance Market Share UWM MSR Market Share REFINANCE SHARE OUTPACES S E RV I C I N G FO OT P R I N T Source: Internal Company Data; Inside Mortgage Finance (IMF); Fannie Mae Housing Forecast 1. Refinance market share based on IMF as of Top Refinance Lenders 02/12/2026 2. Servicing market share based on IMF Top Firms in Owned Mortgage Servicing as of 02/05/2026 3. 2026E refinance volumes reflect Fannie Mae (February 2026) industry forecast; UWM refinance market share assum ed consistent with 2025 levels; estimates for illustrative purposes only. 13 UWM continues to generate refinance volume independent of MSR ownership, highlighting platform strength and broker driven recapture 21 3
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UWM WELL POSITIONED FOR A N Y MA R K E T INVESTED FOR FUTURE GROWTH PURCHASE FOCUSED STICKY PARTNER BASE BROKER CHANNEL Grew market share as rates rose Efficient process keeps broker partners sticky to UWM Embedded in local communities and growing Durability of purchase originations in varying rate environments 14
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UWM HELPING GROW T H E B RO K E R C H A N N E L 15 LO PARTNER POINTS SUCCESS TRACK BROKER SERVICES Program for clients to earn points by participating in ongoing training and taking advantage of products & services designed to get the borrower to the closing table faster and ultimately grow the client’s business Points are redeemable for benefits such as fast passes , marketing coaching, and closing gifts for borrowers Training at our HQ designed to accelerate a client’s business, whether they are experienced, transitioning from retail, or new to the industry Courses developed for broker-owners, loan officers, and processors +28,000 clients visited UWM for Success Track in 2025 - Recruiting Coach - Marketing Coach - Culture & Training Coach - Licensing & Compliance Support - Technology Support - UWM Partner Academy - Broker X (UWM licensing & training academy for LO)
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25.7% 18.9% 15.3% 15.8% 14.5% 14.4% 15.0% 14.6% 16.3% 17.1% 19.8% 18.2% 20.6% 19.7% 23.6% 27.8% 28.1% 15.7% 12.4% 10.2% 11.3% 10.3% 9.8% 10.0% 10.0% 10.9% 11.6% 14.0% 14.1% 15.8% 14.8% 16.9% 19.5% 19.7% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202 1 2022 2023 2024 3Q25 YTD Share of First-Lien Single-Family Mortgage Originations Broker Share of Direct Lending Volume Broker Share of Total Volume (incl. Correspondent Lending) WHOLESALE CHANNEL MARKET SHARE As a display of their inherent advantages, brokers are the growing channel 16 Source: Inside Mortgage Finance (IMF) 1.Based on Inside Mortgage Finance Originations by Production Channel as of 12/04/2026 1 1
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REFINANCES PROVIDE F I N A N C I A L O P P O RT U N I T Y With home equity at an all-time high, borrowers are uniquely positioned to consolidate rising outstanding non-housing debt balances 17 $- $1 $2 $3 $4 $5 $6 $- $5 $10 $15 $20 $25 $30 $35 $40 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Home Equity ($T) (left axis) U.S Non - Housing Debt ($T) (right axis) 1 Source: Federal Reserve Bank of St. Louis (FRED – OEHRENWBSHNO); Federal Reserve Bank of New York (Household Debt and Credit Report); Fannie Mae Housing Forecast; Fannie Mae Economic Forecast 1.2026E home equity estimate reflects application of Fannie Mae 2026 HPI forecast (February 2026) to latest available FRED data; 2026E non-housing debt estimated using Fannie Mae PCE growth forecast (February 2026) to latest available federal Reserve Bank of New York data; estimates for illustrative purposes only.
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- 50,000 100,000 150,000 200,000 250,000 300,000 - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 2019 2020 2021 2022 2023 2024 2025 2026E U.S Existing Home Sale (left axis) UWM Purchase Units (right axis) 18 U . S . E X I ST I N G H O M E S A L E S REMAIN NEAR TROUGH Market Poised for Purchase Growth: Strategic Initiatives expected to drive 2025-2026 Rebound 1 Source: Internal Company Data; Fannie Mae Housing Forecast 1. 2026E U.S. existing home sales reflect Fannie Mae forecast (February 2026); 2026E purchase units assume growth in line with industry forecast; estimates for illustrative purposes only.
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Brand 360 Gives brokers the ability to customize marketing materials for borrowers, real estate agents & builders Blink+ All-in-one LOS, POS and CRM with a free online borrower mortgage application UWM Portal Industry-first self-service portal that clears brokers’ path for easier & faster loan approvals BOLT A self-service portal that leverages AI and allows brokers to examine and classify documents associated with their loans Mia A generative AI voice agent designed to scale broker operations by handling inbound inquiries and proactive outbound outreach Appraisal Direct Efficient appraisals from appraisers across the country with easy ordering, tracking & no AMC fee PA+ Additional level of loan processing support for brokers and processors from setup through closing — saves time and helps to scale their business PA+ Additional level of loan processing support for brokers and processors from setup through closing — saves time and helps to scale their business INNOVATING TECHNOLOGY TO C R E AT E E F F I C I E N C I E S & D I F F E R E N T I AT E TRAC+ TRAC+ changes the way brokers handle title review and closing on refinances — creating borrower savings and a more efficient process 19 ChatUWM AI-powered smart search providing instant responses on a range of topics including guidelines, matrices, summaries of UWM’s tools and technology and more ChatUWM AI-powered smart search providing instant responses on a range of topics including guidelines, matrices, summaries of UWM’s tools and technology and more
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COMMITMENT TO AI ADVANCEMENT 20 ChatUWM ChatUWM, designed for independent mortgage brokers and powered by AI, offers real-time insights that guide brokers through documentation and loan processing Loan Estimator Optimizer (LEO) LEO is the ultimate Loan Officer tool that provides brokers the opportunity to receive a detailed analysis of competitors’ loan estimates and identify pricing gaps to save borrowers’ money Most Intelligent Agent (Mia) In 2025, Mia made over 968,000 calls, starting business conversations with borrowers on behalf of brokers. These were what we call rate-watch calls, and over 25,000 of those have already closed Loan Lab Brokers can experiment with various adjustments to restructure loans more efficiently, giving them the opportunity to see how they affect loan eligibility before submitting changes to the live loan Income Calculator This time-saving tool was designed to give brokers more certainty about where their borrowers’ income stands by allowing them to run income scenarios before submitting the loan
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Market Position UWM is the market leader with the largest share of the wholesale and overall market, is positioned to become the largest refinance lender 1 Customer Base Unique, pure-play B2B model at scale minimizes customer acquisition cost and capitalizes on lifetime customer value 2 Competitive Moat Technology investment, a unique partnership model, and unparalleled service levels result in a sticky customer base and pricing power 3 Business Mix UWM’s focus on purchase loans demonstrates our resolve to perform favorably with less operational volatility regardless of interest rates 4 Sustainable Sustainable financial profile balancing returns and scale, with a demonstrated history of growth in key metrics 5 K E Y INVESTMENT HIGHLIGHTS 21
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COMPANY STRATEGY BROKERS ARE BETTER UWM is 100% committed to brokers we believe are motivated to find the best solution for their borrowers HIGH QUALITY LOANS UWM’s focus is high credit quality and low-risk loans ELITE SERVICE With an NPS score of +87.5, UWM is dedicated to world- class service. Beginning Q1 2026, our in-house servicing and BILT partnership will enhance this commitment LOWER COST At UWM’s scale, and by focusing on only one channel, UWM can originate and deliver loans at a lower cost than its competitors COMPETITIVE PRICING TO CONSUMERS By having a lower cost to originate, UWM can offer competitive pricing to the consumer which differentiates brokers even more 22
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Adjusted EBITDA Non-funding Debt and Non-funding Debt to Equity 23 1. Reflects the change ((increase)/decrease) in fair value of MSRs due to changes in valuation inputs o r assumptions. For additional information, see Note 5 - Mortgage Servicing Rights to the consolidated f inancial statements in UWMC's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 2. Reflects management incentive bonuses under our l ong-term incentive plan that are accrued when earne d, net of cash payments. 3. Reflects the change (increase/(decrease)) in the fair value of the Public and Private Warrants. 4. Reflects the non-cash (income) expense impact of the change in Tax Receivable Agreement liability. F or additional information, refer to Note 1 - Organiz ation, Basis of Presentation, and Summary of Significant Accounting Policies to the consolidated finan cial statements in UWMC's Annual Report on Form 10-K for the fiscal year ende d December 31, 2025 5. Reflects the change (decrease/(increase)) in the fair value of the retained investment securities. 6. Reflects acquisition expenses related to the pend ing merger with Two Harbors Investment Corp., (“Two Harbors”). APPENDIX ($ in thousands) 12/31/2022 12/31/2023 12/31/2024 12/31 /2025 Senior notes $1,984,336 $1,988,297 $2,785,326 $2,981,975 Secured lines of credit 750,000 750,000 500,000 1,200,000 Borrowings against investment securities 101,345 93,814 90,646 87,497 Equipment note payable 992 - - - Finance lease liability 43,505 30,678 25,094 23,468 Total non-funding debt $2,880,178 $2,862,759 $3,401,066 $4,292,940 Total equity $3,171,693 $2,474,671 $2,053,848 $1,593,629 Non-funding debt to equity 0.91 1.16 1.66 2.69 ($ in thousands) 2022 2023 2024 2025 Net income (loss) $ 931,858 $ (69,782) $ 329,375 $ 244,023 Interest expense on non-funding debt 132,647 172,498 148,6 19 214,513 Provision (benefit) for income taxes 2,811 (6,511) 6,582 6,873 Depreciation and amortization 45,235 46,146 4 5,474 50,044 Stock-based compensation expense 7,545 13,832 24,580 50,363 Change in fair value of MSRs due to valuation inputs or assumptions 1 (868,803) 330,031 (295,1 97) 435,267 Loss (gain) on other interest rate derivatives - - 215,436 (298,126) Deferred compensation, net 2 7,370 (7,938) (9,349) (6,195) Change in fair value of Public and Private Warrants3 (7,683) 6,060 (5,091) (2,743) Change in Tax Receivable Agreement liability 4 3,200 (1,575) 70 3,144 Change in fair value of investment securities 5 28,222 (4,491) (526) (4,793) Acquisition-related expenses 6 - - - 4,966 Adjusted EBITDA $ 282,402 $ 478,270 $ 459,973 $ 697,336