Earnings release
Page 1
Exhibit 99.1 UWM HOLDINGS CORPORATION UWM Holdings Corporation Announces Second Quarter 2026 Results Loan Origination Volume of $ 39.7 Billion . Total Gain Margin of 133 Basis Points Announcement of $ 2.05 Billion Equity Investment PONTIAC , MI , August 5 , 2026 - 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 , 2026. Total loan origination volume was $ 39.7 billion for the second quarter 2026. The Company reported 2Q 26 total revenue of $ 888.0 million , net loss of $ 451.9 million and adjusted EBITDA of $ 185.9 million . The Company also announced a $ 2.05 billion equity capital investment by Oaktree Capital Management and SFS Group Capital , LLC , a newly formed investment vehicle wholly owned by the Ishbia family . Mat Ishbia , Chairman , Chief Executive Officer and President of UWMC , said , " The second quarter was another quarter where we demonstrated the scale of our origination engine and industry leadership , as well as our continued commitment to serving the broker channel . I am also excited to announce our partnership with Oaktree . We're taking decisive action to make UWM stronger , more liquid and better positioned to win for years to come . This is not just about capital . This is about bringing in a strategic partner that understands our business , understands MSRs , understands the mortgage industry and believes in the same long - term vision we have for UWM . " Second Quarter 2026 Highlights • • • . • Originations of $ 39.7 billion in 2Q26 , compared to $ 44.9 billion in 1Q26 and $ 39.7 billion in 2Q25 Purchase originations of $ 23.8 billion in 2Q26 , compared to $ 18.7 billion in 1Q26 and $ 27.3 billion in 2Q25 Refinance originations of $ 15.9 billion in 2Q26 , compared to $ 26.3 billion in 1Q26 and $ 12.4 billion in 2Q25 Total gain margin of 133 bps in 2Q26 compared to 123 bps in 1Q26 and 113 bps in 2Q25 Total revenue of $ 888.0 million in 2Q26 compared to $ 901.4 million in 1Q26 and $ 758.7 million in 2Q25 Net loss of $ 451.9 million in 2Q26 compared to net income of $ 170.4 million in 1Q26 and net income of $ 314.5 million in 2Q25 Adjusted EBITDA of $ 185.9 million in 2Q26 compared to $ 160.9 million in 1Q26 and $ 195.7 million in 2Q25 Total equity of $ 1.0 billion at June 30 , 2026 , compared to $ 1.6 billion at March 31 , 2026 , and $ 1.7 billion at June 30 , 2025 Unpaid principal balance of MSRs of $ 247.6 billion with a WAC of 5.93 % at June 30 , 2026 , compared to $ 229.5 billion with a WAC of 5.90 % at March 31 , 2026 , and $ 211.2 billion with a WAC of 5.51 % at June 30 , 2025 Ended 2Q26 with approximately $ 1.3 billion of available liquidity , reflecting $ 498.4 million of cash plus available borrowing capacity under our secured and unsecured lines of credit 1
Page 2
Production and Income Statement Highlights (dollars in thousands, except per share amounts) Q2 2026 Q1 2026 Q2 2025 Loan origination volume $ 39,702,264 $ 44,944,156 $ 39,744,514 Total gain margin 1.33% 1.23 % 1.13% Total revenue $ 888,003 $ 901,427 $ 758,700 Net income (loss) (451,902) 170,374 314,479 Diluted earnings (loss) per share (0.24) 0.09 0.11 Adjusted diluted earnings (loss) per share (0.23) N/A 0.16 Adjusted net income (loss) (366,756) 137,154 249,429 Adjusted EBITDA 185,879 160,909 195,683 (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 2026 Q1 2026 Q2 2025 Cash and cash equivalents $ 498,407 $ 423,996 $ 489,984 Mortgage loans at fair value 9,619,076 10,991,101 8,040,310 Mortgage servicing rights 5,311,465 4,591,855 3,445,195 Total assets 17,940,542 19,266,244 13,886,889 Non-funding debt 6,040,429 5,092,831 3,323,565 Total equity 985,308 1,600,901 1,747,982 Non-funding debt to equity 6.13 3.18 1.90 (1) Non-GAAP metric (see discussion and reconciliations below) Mortgage Servicing Rights (dollars in thousands) Q2 2026 Q1 2026 Q2 2025 Unpaid principal balance $ 247,648,881 $ 229,503,024 $ 211,237,964 Weighted average interest rate 5.93 % 5.90 % 5.51 % Weighted average age (months) 12 17 19 Second Quarter Business and Product Highlights: UWM LIVE! • UWM hosted its annual UWM LIVE! event, the largest trade show in the mortgage industry, bringing together over 5,000 independent mortgage brokers and real estate agents from across the country to share industry insights, strengthen partnerships and explore new products and technology. The event highlighted UWM's continued investment in innovation and broker channel success. Vantage Score 4.0 • UWM became the first mortgage lender to offer brokers access to both FICO® and VantageScore® for conventional loans. From inception to June 30, UWM originated $502 million in VantageScore® loans, representing 87% of all VantageScore loan volume across the industry. This performance highlights our commitment to innovation and expanding access to homeownership through alternative credit solutions. Mia Enhancements • UWM expanded the capabilities of its AI-powered assistant, Mia, with new on-demand engagement options and Spanish- language support. The enhancements help brokers strengthen client relationships, improve borrower engagement and operate more efficiently throughout the loan lifecycle. Home Equity Loans • UWM expanded its product suite with the introduction of home equity loans, giving brokers additional options to help homeowners access their available equity. The offering complements UWM's existing lending solutions and enables brokers to better serve a wider range of borrower needs. (1) (1)(2) (3) (3) (3) (1) (1) 2
Page 3
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) Purchase: Q2 2026 Q1 2026 Q2 2025 Conventional $ 13,209,888 $ 10,598,851 $ 16,825,147 Government 8,721,020 6,622,457 8,358,290 Jumbo and other 1,841,685 1,143,526 2,115,964 Total Purchase $ 23,772,593 $ 18,664,834 $ 27,299,401 Refinance: Q2 2026 Q1 2026 Q2 2025 Conventional $ 6,011,927 $ 12,113,599 $ 5,082,559 Government 8,401,321 12,268,457 5,688,192 Jumbo and other 1,516,423 1,897,266 1,674,362 Total Refinance $ 15,929,671 $ 26,279,322 $ 12,445,113 Total Originations $ 39,702,264 $ 44,944,156 $ 39,744,514 (1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products,including home equity loans and lines of credit ("HELOCs") (whichin many instances are second liens). Dividend Subsequent to June 30, 2026, the Company's Board of Directors determined to suspend its quarterly dividend. The Company is committed to a disciplined capital allocation strategy and will continue to evaluate capital return opportunities as market conditions evolve and opportunities arise. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, August 6, 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://uwm.zoom.us/webinar/register/WN_nsViKKtxRnybVH3Db_qrkg 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. (1) (1) 3
Page 4
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 2026 Q1 2026 Q2 2025 Earnings (loss) before income taxes $ (472,921) $ 177,500 $ 329,418 Adjusted income tax (provision) benefit 106,165 (40,346) (79,989) Adjusted net income (loss) $ (366,756) $ 137,154 $ 249,429 Adjusted Diluted EPS Q2 2026 Q2 2025 Diluted weighted average Class A Common shares outstanding 337,525,247 202,133,122 Assumed pro forma conversion of Class D shares 1,264,749,262 1,396,892,510 Adjusted diluted weighted average shares outstanding 1,602,274,509 1,599,025,632 Adjusted Net Income (Loss) (in thousands) (366,756) 249,429 Adjusted Diluted EPS (0.23) 0.16 (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock Adjusted EBITDA Q2 2026 Q1 2026 Q2 2025 Net income (loss) (451,902) 170,374 314,479 Interest expense on non-funding debt 86,810 70,727 50,775 Provision (benefit) for income taxes (21,019) 7,126 14,939 Depreciation and amortization 14,655 14,385 12,200 Stock-based compensation expense 12,494 13,162 11,729 Change in fair value of MSRs due to valuation inputs or assumptions, net (65,056) (247,897) (3,154) (Gain) loss on other interest rate derivatives 603,191 138,198 (208,904) Deferred compensation, net 2,100 2,250 1,773 Change in fair value of Public and Private Warrants — — (1,309) Change in Tax Receivable Agreement liability 612 1,903 3,557 Change in fair value of investment securities 558 303 (402) Acquisition-related expenses (net of recoveries) 3,436 (9,622) — Adjusted EBITDA 185,879 160,909 195,683 Non-funding debt and non-funding debt to equity Q2 2026 Q1 2026 Q2 2025 Senior notes $ 2,984,328 $ 2,983,152 $ 2,787,797 Secured lines of credit 2,950,000 2,000,000 425,000 Borrowings against investment securities 83,660 86,724 86,896 Finance lease liability 22,441 22,955 23,872 Total non-funding debt $ 6,040,429 $ 5,092,831 $ 3,323,565 Total equity $ 985,308 $ 1,600,901 $ 1,747,982 Non-funding debt to equity 6.13 3.18 1.90 (1) (1) 4
Page 5
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 impact the strategic partnership with Oaktree will have on UWM’s financial results; (2) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (3) our beliefs regarding opportunities in the broker channel; (4) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (5) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (6) our expectations for future market environments, including interest rates, and the timing of such market changes; (7) our performance in shifting market conditions and the comparison of such performance against our competitors; (8) our ability to produceresults in future years at or above prior levels or expectations, and our strategies for producing such results; (9) our position and ability to capitalize on market opportunities and the impacts to our results and (10) 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 orinformation 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. For inquiries regarding UWM, please contact: INVESTOR CONTACT MEDIA CONTACT BLAKE KOLO NICOLE ROBERTS InvestorRelations@uwm.com Media@uwm.com 5
Page 6
UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) June 30,2026 December 31,2025 Assets (Unaudited) Cash and cash equivalents(includes restricted cash of $21.0 million and $21.0 million, respectively) $ 498,407 $ 503,364 Mortgage loans at fair value 9,619,076 9,932,729 Derivative assets 83,601 37,567 Investment securities at fair value, pledged 96,044 100,512 Accounts receivable, net 531,790 526,694 Mortgage servicing rights 5,311,465 4,073,781 Premises and equipment, net 174,559 180,199 Operating lease right-of-use asset(includes $90.3 million and $93.4 million with related parties) 90,930 94,310 Finance lease right-of-use asset, net(includes $19.6 million and $20.7 million with related parties) 20,116 21,247 Loans eligible for repurchase from Ginnie Mae 1,141,719 1,133,359 Other assets 372,835 324,914 Total assets $ 17,940,542 $ 16,928,676 Liabilities and Equity Warehouse lines of credit $ 8,600,078 $ 8,912,496 Derivative liabilities 33,566 26,574 Secured line of credit 2,950,000 1,200,000 Borrowings against investment securities 83,660 87,497 Accounts payable, accrued expenses and other 881,997 707,790 Accrued distributions and dividends payable 160,411 161,292 Senior notes 2,984,328 2,981,975 Operating lease liability(includes $96.4 million and $99.7 million with related parties) 97,034 100,596 Finance lease liability(includes $22.0 million and $22.9 million with related parties) 22,441 23,468 Loans eligible for repurchase from Ginnie Mae 1,141,719 1,133,359 Total liabilities 16,955,234 15,335,047 Equity: Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued andoutstanding as of June 30, 2026 or December 31, 2025 — — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 342,247,135 and268,415,480 shares issued and outstanding as of June 30, 2026 and December 31, 2025,respectively 34 27 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued andoutstanding as of June 30, 2026 or December 31, 2025 — — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued andoutstanding as of June 30, 2026 or December 31, 2025 — — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,261,862,603and 1,331,482,620 shares issued and outstanding as of June 30, 2026 and December 31, 2025,respectively 126 133 Additional paid-in capital 15,032 9,910 Retained earnings 118,646 189,447 Non-controlling interest 851,470 1,394,112 Total equity 985,308 1,593,629 Total liabilities and equity $ 17,940,542 $ 16,928,676 6
Page 7
UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) For the three months ended June 30,2026 March 31,2026 June 30,2025 Revenue (Unaudited) (Unaudited) (Unaudited) Loan production income $ 527,217 $ 554,572 $ 447,882 Loan servicing income 220,503 213,379 178,813 Interest income 140,283 133,476 132,005 Total revenue 888,003 901,427 758,700 Other gains (losses) Change in fair value of mortgage servicing rights (122,683) (10,335) (111,421) Gain (loss) on other interest rate derivatives (603,191) (138,198) 208,904 Other gains (losses), net (725,874) (148,533) 97,483 Expenses Salaries, commissions and benefits 213,044 224,554 211,461 Direct loan production costs 72,161 60,505 46,330 Marketing, travel, and entertainment 35,588 30,878 26,379 Depreciation and amortization 14,655 14,385 12,200 General and administrative 89,748 59,034 59,999 Servicing costs 49,745 43,067 35,083 Interest expense 158,939 140,765 133,467 Other expense 1,170 2,206 1,846 Total expenses 635,050 575,394 526,765 Earnings (loss) before income taxes (472,921) 177,500 329,418 Provision (benefit) for income taxes (21,019) 7,126 14,939 Net income (loss) (451,902) 170,374 314,479 Net income (loss) attributable to non-controlling interest (371,308) 145,073 291,570 Net income (loss) attributable to UWMC $ (80,594)$ 25,301 $ 22,909 Earnings (loss) per share of Class A common stock: Basic $ (0.24)$ 0.09 $ 0.11 Diluted $ (0.24)$ 0.09 $ 0.11 Weighted average shares outstanding: Basic 337,525,247 292,122,233 202,133,122 Diluted 337,525,247 1,600,064,853 202,133,122 7
Page 8
Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 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) June 30,2026 March 31,2026 December 31,2025 September 30,2025 June 30,2025 Assets (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cash and cash equivalents, including restricted cash $ 498,407 $ 423,996 $ 503,364 $ 870,703 $ 489,984 Mortgage loans at fair value 9,619,076 10,991,101 9,932,729 10,784,461 8,040,310 Derivative assets 83,601 124,490 37,567 91,446 59,356 Investment securities at fair value, pledged 96,044 98,491 100,512 101,277 101,627 Accounts receivable, net 531,790 1,271,014 526,694 548,090 719,369 Mortgage servicing rights 5,311,465 4,591,855 4,073,781 3,308,585 3,445,195 Premises and equipment, net 174,559 180,523 180,199 164,985 166,460 Operating lease right-of-use asset 90,930 92,616 94,310 95,957 91,004 Finance lease right-of-use asset, net 20,116 20,681 21,247 21,219 21,810 Loans eligible for repurchase from Ginnie Mae 1,141,719 1,124,020 1,133,359 749,089 564,806 Other assets 372,835 347,457 324,914 286,525 186,968 Total assets $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 Liabilities and Equity Warehouse lines of credit $ 8,600,078 $ 9,900,303 $ 8,912,496 $ 9,783,664 $ 7,254,526 Derivative liabilities 33,566 337,817 26,574 41,209 76,683 Secured line of credit 2,950,000 2,000,000 1,200,000 — 425,000 Borrowings against investment securities 83,660 86,724 87,497 87,142 86,896 Accounts payable, accrued expenses and other 881,997 949,788 707,790 706,993 661,496 Accrued distributions and dividends payable 160,411 161,773 161,292 160,846 160,360 Senior notes 2,984,328 2,983,152 2,981,975 3,780,620 2,787,797 Operating lease liability 97,034 98,811 100,596 102,333 97,471 Finance lease liability 22,441 22,955 23,468 23,363 23,872 Loans eligible for repurchase from Ginnie Mae 1,141,719 1,124,020 1,133,359 749,089 564,806 Total liabilities 16,955,234 17,665,343 15,335,047 15,435,259 12,138,907 Equity: Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issuedand 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 - 342,247,135 as of June 30, 2026, 312,883,751 asof March 31, 2026, 268,415,480 as of December 31, 2025, 234,291,930 as ofSeptember 30, 2025 and 205,979,563 as of June 30, 2025 34 31 27 23 21 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 - 1,261,862,603 as of June 30, 2026,1,287,482,620 as of March 31, 2026, 1,331,482,620 as of December 31, 2025,1,365,482,620 as of September 30, 2025 and 1,393,282,620 as of June 30, 2025 126 129 133 137 139 Additional paid-in capital 15,032 12,593 9,910 7,579 5,688 Retained earnings 118,646 216,768 189,447 169,935 170,320 Non-controlling interest 851,470 1,371,380 1,394,112 1,409,404 1,571,814 Total equity 985,308 1,600,901 1,593,629 1,587,078 1,747,982 Total liabilities and equity $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 $ 13,886,889 8
Page 9
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) For the three months ended June 30,2026 March 31,2026 December 31,2025 September 30,2025 June 30,2025 Revenue Loan production income $ 527,217 $ 554,572 $ 603,364 $ 542,144 $ 447,882 Loan servicing income 220,503 213,379 186,392 169,019 178,813 Interest income 140,283 133,476 155,491 132,089 132,005 Total revenue 888,003 901,427 945,247 843,252 758,700 Other gains (losses) Change in fair value of mortgage servicing rights (122,683) (10,335) (247,617) (307,825) (111,421) Gain (loss) on other interest rate derivatives (603,191) (138,198) 61,409 27,813 208,904 Other gains (losses), net (725,874) (148,533) (186,208) (280,012) 97,483 Expenses Salaries, commissions and benefits 213,044 224,554 224,192 222,760 211,461 Direct loan production costs 72,161 60,505 55,141 64,213 46,330 Marketing, travel, and entertainment 35,588 30,878 34,212 23,410 26,379 Depreciation and amortization 14,655 14,385 13,757 12,747 12,200 General and administrative 89,748 59,034 73,670 62,243 59,999 Servicing costs 49,745 43,067 46,184 33,928 35,083 Interest expense 158,939 140,765 144,833 132,084 133,467 Other expense (income) 1,170 2,206 (2,574) (815) 1,846 Total expenses 635,050 575,394 589,415 550,570 526,765 Earnings (loss) before income taxes (472,921) 177,500 169,624 12,670 329,418 Provision (benefit) for income taxes (21,019) 7,126 5,140 582 14,939 Net income (loss) (451,902) 170,374 164,484 12,088 314,479 Net income (loss) attributable to non-controllinginterest (371,308) 145,073 145,072 13,350 291,570 Net income (loss) attributable to UWMC $ (80,594)$ 25,301 $ 19,412 $ (1,262)$ 22,909 Earnings (loss) per share of Class A common stock: Basic $ (0.24)$ 0.09 $ 0.08 $ (0.01)$ 0.11 Diluted $ (0.24)$ 0.09 $ 0.08 $ (0.01)$ 0.11 Weighted average shares outstanding: Basic 337,525,247 292,122,233 256,913,262 221,354,499 202,133,122 Diluted 337,525,247 1,600,064,853 256,913,262 221,354,499 202,133,122 9