Earnings release
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 4, 2026 UWM Holdings Corporation (Exact Name of Registrant as Specified in Charter) Delaware 001-39189 84-2124167 (State or other jurisdictionof incorporation) (CommissionFile Number) (I.R.S. EmployerIdentification Number) 585 South Boulevard E. Pontiac, Michigan 48341 (Address of principal executive offices) (Zip Code) (800) 981-8898 (Registrant’s telephone number, including area code) ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class TradingSymbol(s) Name of each exchangeon which registered Class A Common Stock, par value $0.0001 pershare UWMC New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 ofthe Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 Results of Operations and Financial Condition. On November 4, 2026, UWM Holdings Corporation, (the “Company”) issued a press release announcing its results for the third quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report. ExhibitNo. Description 99.1 Press release dated November 4, 2026 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 4, 2026 UWM HOLDINGS CORPORATION By: /s/ Rami Hasani Name: Rami Hasani Title: Executive Vice President, Chief Financial Officer
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Exhibit 99.1 UWM Holdings Corporation Announces Third Quarter 2026 Results Loan Origination Volume of $33.4 Billion. Net Income of $212.6 million. PONTIAC, MI, November 4, 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 third quarter ended September 30, 2026. Total loan origination volume was $33.4 billion for the third quarter 2026. The Company reported 3Q26 total revenue of $811.1 million, net income of $212.6 million and adjusted EBITDA of $178.3 million. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, “Our third quarter results show the strength of UWM and our ability to performin any market. Even with rates staying higher, our origination engine, operational execution and service levels continue to set us apart. At the same time, theinvestments we’re making in artificial intelligence and technology are driving greater efficiencies across the business and helping lower expenses. The brokerchannel continues to show its strength and resiliency, and we’re going to keep investing in our business, helping mortgage brokers win and finding ways tomake homeownership more affordable for consumers across the U.S.” Third Quarter 2026 Highlights • Originations of $33.4 billion in 3Q26, compared to $39.7 billion in 2Q26 and $41.7 billion in 3Q25 • Purchase originations of $22.8 billion in 3Q26, compared to $23.8 billion in 2Q26 and $25.2 billion in 3Q25 • Refinance originations of $10.6 billion in 3Q26, compared to $15.9 billion in 2Q26 and $16.5 billion in 3Q25 • Total gain margin of 124 bps in 3Q26 compared to 133 bps in 2Q26 and 130 bps in 3Q25 • Total revenue of $811.1 million in 3Q26 compared to $888.0 million in 2Q26 and $843.3 million in 3Q25 • Net income of $212.6 million in 3Q26 compared to net loss of $451.9 million in 2Q26 and net income of $12.1 million in 3Q25 • Adjusted EBITDA of $178.3 million in 3Q26 compared to $185.9 million in 2Q26 and $211.1 million in 3Q25 • Total equity of $1.3 billion at September 30, 2026, compared to $1.0 billion at June 30, 2026, and $1.6 billion at September 30, 2025 • Total redeemable preferred stock of $1.5 billion at September 30, 2026 • Unpaid principal balance of MSRs of $269.8 billion with a WAC of 5.97% at September 30, 2026, compared to $247.6 billion with a WAC of 5.93% at June 30, 2026, and $216.0 billion with a WAC of 5.57% at September 30, 2025 • Ended 3Q26 with approximately $1.35 billion of available liquidity, reflecting $394.8 million of unrestricted cash plus available borrowing capacity under our secured and unsecured lines of credit 1
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Production and Income Statement Highlights (dollars in thousands, except per share amounts) Q3 2026 Q2 2026 Q3 2025 Loan origination volume $ 33,393,756 $ 39,702,264 $ 41,742,070 Total gain margin 1.24% 1.33 % 1.30% Total revenue $ 811,093 $ 888,003 $ 843,252 Net income (loss) 212,570 (451,902) 12,088 Diluted earnings (loss) per share 0.09 (0.24) (0.01) Adjusted diluted earnings (loss) per share 0.10 (0.23) 0.01 Adjusted net income (loss) available to Class A CommonShareholders 158,065 (366,756) 9,621 Adjusted EBITDA 178,261 185,879 211,073 (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) Q3 2026 Q2 2026 Q3 2025 Cash and cash equivalents $ 420,420 $ 498,407 $ 870,703 Mortgage loans at fair value 8,634,559 9,619,076 10,784,461 Mortgage servicing rights 6,527,159 5,311,465 3,308,585 Total assets 18,810,561 17,940,542 17,022,337 Net non-funding debt 4,983,299 5,563,025 3,041,425 Total preferred and common equity 2,819,061 985,308 1,587,078 Net non-funding debt to total preferred and common equity 1.77 5.65 1.92 (1) Non-GAAP metric (see discussion and reconciliations below) Mortgage Servicing Rights (dollars in thousands) Q3 2026 Q2 2026 Q3 2025 Unpaid principal balance $ 269,788,104 $ 247,648,881 $ 216,028,448 Weighted average interest rate 5.97 % 5.93 % 5.57 % Weighted average age (months) 16 12 19 (1) (1)(2) (3) (3) (3) (1) (1) (1) 2
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Third Quarter Business Highlights: ChatUWM Enhancements • UWM announced the most significant evolution of ChatUWM since its launch in 2024. Powered by leading AI models and purpose-built for themortgage industry, the enhanced platform features a refreshed interface, streamlined project access and enhanced intelligence designed to help brokerswork more efficiently and stay focused on serving clients. Brokers can upload and analyze documents, summarize pipeline actions, find answers tocomplex industry questions, and create marketing content and images. ChatUWM Mobile App • UWM launched the ChatUWM mobile app, bringing the power of AI directly into mortgage brokers’ hands. Built exclusively for broker partners, theapp helps brokers manage their pipeline and access UWM tools on the go, combining the functionality they already rely on with ChatUWM’s AIcapabilities, including a new AI Voice Assistant that delivers instant answers. ChatGPT Plugin with Mortgage Matchup • UWM launched a Mortgage Matchup plugin for ChatGPT, making it easier for consumers to find expert mortgage loan originators in their area andnavigate the home buying process. Users can calculate home affordability, access a variety of mortgage calculators, review common mortgage termsand explore educational content. VantageScore® 4.0 • UWM was the first mortgage lender to offer VantageScore® 4.0 and approximately 25% of borrowers have experienced a more advantageous creditresult. This can help improve pricing, and potentially lead to lower costs including LLPAs and mortgage insurance, increasing loan eligibility andaccess to credit. Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) Purchase: Q3 2026 Q2 2026 Q3 2025 Conventional $ 12,831,815 $ 13,209,888 $ 14,677,985 Government 8,439,245 8,721,020 8,411,136 Jumbo and other 1,497,078 1,841,685 2,124,362 Total Purchase $ 22,768,138 $ 23,772,593 $ 25,213,483 Refinance: Q3 2026 Q2 2026 Q3 2025 Conventional $ 3,542,927 $ 6,011,927 $ 7,193,198 Government 5,402,491 8,401,321 7,302,600 Jumbo and other 1,680,200 1,516,423 2,032,789 Total Refinance $ 10,625,618 $ 15,929,671 $ 16,528,587 Total Originations $ 33,393,756 $ 39,702,264 $ 41,742,070 (1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity loans and lines of credit ("HELOCs") (which in many instances aresecond liens). Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 4, 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_RqGxxp-XQKaIaIeRpjkbKg 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. (1) (1) 3
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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) available to Class A common shareholders,” 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, less preferred stock dividends. “Adjusted net income (loss) available to Class A common shareholders” is a non-GAAP metric. “Adjusted diluted EPS” is defined as “Adjusted net income (loss) available to Class A common shareholders” 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 “Net non-funding debt,” “Total preferred and common equity,” and the “Net non-funding debt-to-equity ratio” as a non-GAAP metric. We define “Net non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases, less unrestricted cash, “Total preferred and common equity” as total equity plus total redeemable preferred stock, and the “Net non-funding debt-to-equity ratio” as “Net non-funding debt” divided by “Total preferred and common 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 (loss) available to Class A Common Shareholders Q3 2026 Q2 2026 Q3 2025 Earnings (loss) before income taxes $ 223,701 $ (472,921) $ 12,670 Adjusted income tax (provision) benefit (39,511) 106,165 (3,049) Preferred stock dividends (26,125) — — Adjusted net income (loss) available to Class A Common Shareholders $ 158,065 $ (366,756) $ 9,621 Adjusted Diluted EPS Q3 2026 Q2 2026 Q3 2025 Diluted weighted average Class A Common shares outstanding 343,280,299 337,525,247 221,354,499 Assumed pro forma conversion of Class D shares 1,261,862,603 1,264,749,262 1,378,084,794 Adjusted diluted weighted average shares outstanding 1,605,142,902 1,602,274,509 1,599,439,293 Adjusted net income (loss) available to Class A Common Shareholders 158,065 (366,756) 9,621 Adjusted Diluted EPS 0.10 (0.23) 0.01 (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock (1) (1) 4
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Adjusted EBITDA Q3 2026 Q2 2026 Q3 2025 Net income (loss) 212,570 (451,902) 12,088 Interest expense on non-funding debt 84,981 86,810 51,828 Provision (benefit) for income taxes 11,131 (21,019) 582 Depreciation and amortization 14,611 14,655 12,747 Stock-based compensation expense 10,188 12,494 14,732 Change in fair value of MSRs due to valuation inputs or assumptions, net (632,858) (65,056) 158,842 (Gain) loss on other interest rate derivatives 481,537 603,191 (27,813) Deferred compensation, net (10,064) 2,100 (11,117) Change in fair value of Public and Private Warrants — — 770 Change in Tax Receivable Agreement liability — 612 41 Change in fair value of investment securities 5,824 558 (1,627) Acquisition-related expenses (net of recoveries) 341 3,436 — Adjusted EBITDA 178,261 185,879 211,073 Net non-funding debt and net non-funding debt to total preferred and commonequity Q3 2026 Q2 2026 Q3 2025 Senior notes $ 2,985,505 $ 2,984,328 $ 3,780,620 Secured lines of credit 2,290,000 2,950,000 — Borrowings against investment securities 80,677 83,660 87,142 Finance lease liability 21,922 22,441 23,363 Less: unrestricted cash (394,805) (477,404) (849,700) Total net non-funding debt $ 4,983,299 $ 5,563,025 $ 3,041,425 Total preferred and common equity $ 2,819,061 $ 985,308 $ 1,587,078 Net non-funding debt to total preferred and common equity 1.77 5.65 1.92 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 withrespect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our position amongst ourcompetitors and ability to capture market share and maintain our industry leading position; (2) our investments in technology, including artificial intelligence,and its impact to our operations; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our businessof such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) our expectations for futuremarket environments, including interest rates, and the timing of such market changes; (6) our performance in shifting market conditions and the comparison ofsuch performance against our competitors; and (7) our ability to produce results in future years at or above prior levels or expectations, and our strategies forproducing such results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outsideof 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 estatemarket conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates andinflation; (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 facilitiescausing an unanticipated margin call; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entitiessuch 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 complywith 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 inforward 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 growthof its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technologicalinnovation, 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-partyvendors; (xv) UWM’s ability to continue to comply with the complex state and 5
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federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvi) other risks and uncertainties indicated fromtime to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certainimportant factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially fromthose expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflectevents 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 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 6
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UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) September 30,2026 December 31,2025 Assets (Unaudited) Cash and cash equivalents(includes restricted cash of $25.6 million and $21.0 million, respectively) $ 420,420 $ 503,364 Mortgage loans at fair value 8,634,559 9,932,729 Derivative assets 292,840 37,567 Investment securities at fair value, pledged 88,152 100,512 Accounts receivable, net 726,566 526,694 Mortgage servicing rights 6,527,159 4,073,781 Premises and equipment, net 173,134 180,199 Operating lease right-of-use asset(includes $88.7 million and $93.4 million with related parties) 89,213 94,310 Finance lease right-of-use asset, net(includes $19.1 million and $20.7 million with related parties) 19,550 21,247 Loans eligible for repurchase from Ginnie Mae 1,477,371 1,133,359 Other assets 361,597 324,914 Total assets $ 18,810,561 $ 16,928,676 Liabilities and Equity Warehouse lines of credit $ 7,650,963 $ 8,912,496 Derivative liabilities 256,608 26,574 Secured line of credit 2,290,000 1,200,000 Borrowings against investment securities 80,677 87,497 Accounts payable, accrued expenses and other 1,107,101 707,790 Accrued distributions and dividends payable 26,125 161,292 Senior notes 2,985,505 2,981,975 Operating lease liability(includes $94.7 million and $99.7 million with related parties) 95,228 100,596 Finance lease liability(includes $21.5 million and $22.9 million with related parties) 21,922 23,468 Loans eligible for repurchase from Ginnie Mae 1,477,371 1,133,359 Total liabilities 15,991,500 15,335,047 Redeemable Preferred Stock Series A-1 preferred stock, $0.0001 par value; 1,500,000 shares issued and outstanding(current redemption value of $2,100,000) 1,363,772 — Series A-2 preferred stock, $0.0001 par value; 150,000 shares issued and outstanding(current redemption value of $210,000) 136,378 — Total redeemable preferred stock 1,500,150 — Equity: Preferred stock, $0.0001 par value - 98,350,000 and 100,000,000 shares authorized as of September 30, 2026 and December 31, 2025,respectively; none issued and outstanding as of either date. — — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 345,098,878 and 268,415,480 shares issuedand outstanding as of September 30, 2026 and December 31, 2025, respectively 35 27 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as ofSeptember 30, 2026 or December 31, 2025 — — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as ofSeptember 30, 2026 or December 31, 2025 — — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,261,862,603 and 1,331,482,620 sharesissued and outstanding as of September 30, 2026 and December 31, 2025, respectively 126 133 Additional paid-in capital 46,438 9,910 Retained earnings 150,021 189,447 Non-controlling interest 1,122,291 1,394,112 Total equity 1,318,911 1,593,629 Total liabilities, redeemable preferred stock and equity $ 18,810,561 $ 16,928,676 7
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UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) For the three months ended September 30,2026 June 30,2026 September 30,2025 Revenue Loan production income $ 414,976 $ 527,217 $ 542,144 Loan servicing income 246,621 220,503 169,019 Interest income 149,496 140,283 132,089 Total revenue 811,093 888,003 843,252 Other gains (losses) Change in fair value of mortgage servicing rights 470,324 (122,683) (307,825) Gain (loss) on other interest rate derivatives (481,537) (603,191) 27,813 Other gains (losses), net (11,213) (725,874) (280,012) Expenses Salaries, commissions and benefits 197,683 213,044 222,760 Direct loan production costs 52,571 72,161 64,213 Marketing, travel, and entertainment 32,545 35,588 23,410 Depreciation and amortization 14,611 14,655 12,747 General and administrative 74,067 89,748 62,243 Servicing costs 34,062 49,745 33,928 Interest expense 164,816 158,939 132,084 Other expense 5,824 1,170 (815) Total expenses 576,179 635,050 550,570 Earnings (loss) before income taxes 223,701 (472,921) 12,670 Provision (benefit) for income taxes 11,131 (21,019) 582 Net income (loss) 212,570 (451,902) 12,088 Net income (loss) attributable to non-controlling interest 157,048 (371,308) 13,350 Net income (loss) attributable to UWM Holdings Corporation 55,522 (80,594) (1,262) Less: Preferred stock dividends 26,125 — — Net income (loss) available to Class A common shareholders $ 29,397 $ (80,594)$ (1,262) Earnings (loss) per share of Class A common stock: Basic $ 0.09 $ (0.24)$ (0.01) Diluted $ 0.09 $ (0.24)$ (0.01) Weighted average shares outstanding: Basic 343,280,299 337,525,247 221,354,499 Diluted 343,280,299 337,525,247 221,354,499 8
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Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2026, and the preceding four quarters and Statements of Operations for the quarter ended September 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) September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Assets (Unaudited) (Unaudited) (Unaudited) (Unaudited) Cash and cash equivalents, including restricted cash $ 420,420 $ 498,407 $ 423,996 $ 503,364 $ 870,703 Mortgage loans at fair value 8,634,559 9,619,076 10,991,101 9,932,729 10,784,461 Derivative assets 292,840 83,601 124,490 37,567 91,446 Investment securities at fair value, pledged 88,152 96,044 98,491 100,512 101,277 Accounts receivable, net 726,566 531,790 1,271,014 526,694 548,090 Mortgage servicing rights 6,527,159 5,311,465 4,591,855 4,073,781 3,308,585 Premises and equipment, net 173,134 174,559 180,523 180,199 164,985 Operating lease right-of-use asset 89,213 90,930 92,626 94,310 95,957 Finance lease right-of-use asset, net 19,550 20,116 20,681 21,247 21,219 Loans eligible for repurchase from Ginnie Mae 1,477,371 1,141,719 1,124,020 1,133,359 749,089 Other assets 361,597 372,835 347,457 324,914 286,525 Total assets $ 18,810,561 $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 Liabilities, Redeemable Preferred Stock and Equity Warehouse lines of credit $ 7,650,963 $ 8,600,078 $ 9,900,303 $ 8,912,496 $ 9,783,664 Derivative liabilities 256,608 33,566 337,817 26,574 41,209 Secured line of credit 2,290,000 2,950,000 2,000,000 1,200,000 — Borrowings against investment securities 80,677 83,660 86,724 87,497 87,142 Accounts payable, accrued expenses and other 1,107,101 881,997 949,788 707,790 706,993 Accrued distributions and dividends payable 26,125 160,411 161,773 161,292 160,846 Senior notes 2,985,505 2,984,328 2,983,152 2,981,975 3,780,620 Operating lease liability 95,228 97,034 98,811 100,596 102,333 Finance lease liability 21,922 22,441 22,955 23,468 23,363 Loans eligible for repurchase from Ginnie Mae 1,477,371 1,141,719 1,124,020 1,133,359 749,089 Total liabilities 15,991,500 16,955,234 17,665,343 15,335,047 15,435,259 Redeemable Preferred Stock Series A-1 preferred stock, $0.0001 par value; 1,500,000 shares issued and outstanding(current redemption value of $2,100,000) 1,363,772 — — — — Series A-2 preferred stock, $0.0001 par value; 150,000 shares issued and outstanding (currentredemption value of $210,000) 136,378 — — — — Total redeemable preferred stock 1,500,150 — — — — Equity: Preferred stock, $0.0001 par value - 98,350,000 shares authorized as of September 30, 2026and 100,000,000 shares authorized as of all other periods presented; none issued andoutstanding as of all periods presented. — — — — — Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issuedand outstanding - 345,098,878 as of September 30, 2026, 342,247,135 as of June 30, 2026,312,883,751 as of March 31, 2026, 268,415,480 as of December 31, 2025 and 234,291,930 asof September 30, 2025 35 34 31 27 23 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued andoutstanding as of each of the periods presented — — — — — Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued andoutstanding as of each of the periods presented — — — — — Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized; shares issuedand outstanding - 1,261,862,603 as of September 30, 2026, 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 and1,365,482,620 as of September 30, 2025 126 126 129 133 137 Additional paid-in capital 46,438 15,032 12,593 9,910 7,579 Retained earnings 150,021 118,646 216,768 189,447 169,935 Non-controlling interest 1,122,291 851,470 1,371,380 1,394,112 1,409,404 Total equity 1,318,911 985,308 1,600,901 1,593,629 1,587,078 Total liabilities, redeemable preferred stock and equity $ 18,810,561 $ 17,940,542 $ 19,266,244 $ 16,928,676 $ 17,022,337 9
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CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited) For the three months ended September 30,2026 June 30,2026 March 31,2026 December 31,2025 September 30,2025 Revenue Loan production income $ 414,976 $ 527,217 $ 554,572 $ 603,364 $ 542,144 Loan servicing income 246,621 220,503 213,379 186,392 169,019 Interest income 149,496 140,283 133,476 155,491 132,089 Total revenue 811,093 888,003 901,427 945,247 843,252 Other gains (losses) Change in fair value of mortgage servicing rights 470,324 (122,683) (10,335) (247,617) (307,825) Gain (loss) on other interest rate derivatives (481,537) (603,191) (138,198) 61,409 27,813 Other gains (losses), net (11,213) (725,874) (148,533) (186,208) (280,012) Expenses Salaries, commissions and benefits 197,683 213,044 224,554 224,192 222,760 Direct loan production costs 52,571 72,161 60,505 55,141 64,213 Marketing, travel, and entertainment 32,545 35,588 30,878 34,212 23,410 Depreciation and amortization 14,611 14,655 14,385 13,757 12,747 General and administrative 74,067 89,748 59,034 73,670 62,243 Servicing costs 34,062 49,745 43,067 46,184 33,928 Interest expense 164,816 158,939 140,765 144,833 132,084 Other expense (income) 5,824 1,170 2,206 (2,574) (815) Total expenses 576,179 635,050 575,394 589,415 550,570 Earnings (loss) before income taxes 223,701 (472,921) 177,500 169,624 12,670 Provision (benefit) for income taxes 11,131 (21,019) 7,126 5,140 582 Net income (loss) 212,570 (451,902) 170,374 164,484 12,088 Net income (loss) attributable to non-controlling interest 157,048 (371,308) 145,073 145,072 13,350 Net income (loss) attributable to UWMC $ 55,522 $ (80,594)$ 25,301 $ 19,412 $ (1,262) Less: Preferred stock dividends 26,125 — $ — $ — $ — Net income (loss) available to Class A common shareholders 29,397 (80,594)$ 25,301 $ 19,412 $ (1,262) Earnings (loss) per share of Class A common stock: Basic $ 0.09 $ (0.24)$ 0.09 $ 0.08 $ (0.01) Diluted $ 0.09 $ (0.24)$ 0.09 $ 0.08 $ (0.01) Weighted average shares outstanding: Basic 343,280,299 337,525,247 292,122,233 256,913,262 221,354,499 Diluted 343,280,299 337,525,247 1,600,064,853 256,913,262 221,354,499 10