EX-99.1 2 q32021ex-991pressrelease.htm EX-99.1 EARNINGS RELEASE Document

Exhibit 99.1
uwmlogoa.jpg
UWM Holdings Corporation Announces
Third Quarter 2021 Results
$329.9 million in 3Q21 Net Income; Record Quarterly Total Loan Volume of $63.0 billion and Purchase Volume of $26.5 billion
PONTIAC, MI, November 9, 2021 - UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), the #1 wholesale mortgage lender in America, today announced its results for the third quarter ended September 30, 2021. UWMC reported 3Q21 net income of $329.9 million and diluted earnings per share of $0.16. Loan origination volume for the quarter was a record of $63.0 billion, which included $26.5 billion in purchase volume. Net income for the third quarter was inclusive of a $170.5 million decline in fair value of mortgage servicing rights (MSRs).

Mat Ishbia, Chairman and CEO of UWMC, said: "UWM broke company records yet again in Q3 for overall originations and purchase originations, demonstrating continued momentum for both UWM and the broker channel. I'm proud of our newest technology launches, BOLT, The Source, and UWM Appraisal Direct. These enhancements are just another in a long line of technology initiatives that UWM has pioneered over the years for the benefit of independent mortgage brokers, and by extension, consumers that are wise enough to use them rather than our retail competitors. Now more than ever, the broker channel is the fastest, easiest and cheapest way for a consumer to get a mortgage."
Third Quarter 2021 Financial Highlights
•Originations of $63.0 billion, a 16% increase from $54.3 billion in 3Q20 and a 6% increase from $59.2 billion in 2Q21
•Purchase originations of $26.5 billion, a 119% increase compared to $12.1 billion in 3Q20 and a 10% increase from $24.1 billion in 2Q21
•Total gain margin of 94 bps in 3Q21 compared to 318 bps in 3Q20 and 81 bps in 2Q21
•Third quarter 2021 net income of $329.9 million inclusive of a $170.5 million decline in fair value of MSRs as compared to $1.5 billion of net income for 3Q20 inclusive of $68.9 million of expenses related to amortization, impairment, and pay-offs of MSRs and $138.7 million of net income for 2Q21 inclusive of a $219.1 million decline in fair value of MSRs
•Total equity of $3.0 billion at September 30, 2021 as compared to $2.0 billion at September 30, 2020 and $2.7 billion at June 30, 2021
•Unpaid principal balance of mortgage servicing rights increased to $284.9 billion at September 30, 2021 from $153.1 billion at September 30, 2020 and $260.5 billion at June 30, 2021
•Sale of MSRs in 3Q21 on loans with an aggregate unpaid principal balance of approximately $22.7 billion for proceeds of approximately $269.9 million
•Continued stock buyback, repurchasing 1,952,018 Class A shares in 3Q21; through September 30, 2021, total Class A shares repurchased by the Company of 2,742,617 for $21.0 million for an average price per share of $7.66
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Production and Income Statement Highlights (dollars in thousands)
Q3 2021Q2 2021Q3 2020
Closed loan volume(1)
$63,004,342 $59,210,747 $54,289,429 
Total gain margin(1)(2)
0.94 %0.81 %3.18 %
Net income$329,857 $138,712 $1,450,883 
Adjusted net income(3)
254,672 106,841 1,109,048 
Adjusted EBITDA(3)
290,382 209,651 1,391,204 
 
(1)Key operational metric - see discussion below.
(2)Represents total loan production income divided by total production.
(3)Non-GAAP metric - see discussion below.
Balance Sheet Highlights as of Period-end (dollars in thousands)
Q3 2021Q2 2021Q3 2020
Cash and cash equivalents$950,910 $1,048,177 $755,795 
Mortgage loans at fair value11,736,642 12,404,112 5,215,196 
Mortgage servicing rights (fair value at Q3 2021 and Q2 2021; amortized cost at Q3 2020)(1)
2,900,310 2,662,556 1,411,272 
Total assets16,480,950 16,844,098 7,907,803 
Non-funding debt (2)
1,580,143 1,548,088 346,225 
Total equity2,994,028 2,686,986 2,022,361 
Non-funding debt to equity (2)
0.53 0.58 0.17 
 
(1)The Company elected the fair value method of accounting for mortgage servicing rights effective January 1, 2021.
(2)Non-GAAP metric - please see discussion below.
Mortgage Servicing Rights (dollars in thousands)
Q3 2021Q2 2021Q3 2020
Unpaid principal balance$284,918,293 $260,514,602 $153,113,808 
Weighted average interest rate2.95 %2.97 %3.32 %
Weighted average age (months)8 7 4 
Technology Update
•UWM launched three new technologies in Q3 which are intended to speed-up the loan process and help independent mortgage brokers grow their business:
◦BOLT allows broker clients to obtain an initial underwrite approval for qualified borrowers in as little as 15 minutes which will unlock underwriter capacity and ultimately drive down UWM's cost-per-loan.
◦UWM Appraisal Direct will streamline the appraisal process delivering faster appraisals and a long list of benefits to appraisers and borrowers alike to offer a better experience and relieve a key pain point in the mortgage industry.
◦The Source is a mortgage search engine that learns from past searches and allows for the creation of a personalized hub for every UWM broker client to customize and track the information most important to them from pricing matrices to GSE guidelines and even job aids on all of UWM's technology.











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Operational and Community Highlights
•We maintained an average application to clear to close time (“Days to Close”) of approximately 19 days in 3Q21 while management estimates that the industry remains at an average of 43 days during the third quarter 2021, as released in the August ICE Mortgage Technology Origination Insight Report
•Our 1.01% 60+ days delinquency and our 0.83% forbearance rates, as of September 30, 2021, are significantly better than the industry averages of 3.91% and 2.62%, respectively, highlighting our strong credit quality
•Executed $1.17 billion in Private Label Securitization deals and sold MSRs on loans with an aggregate unpaid principal balance of approximately $22.7 billion for proceeds of approximately $269.9 million
•UWM celebrated National Mortgage Broker Day by inviting 100 mortgage brokers to ring the NYSE closing bell on July 21st
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q3 2021Q2 2021Q3 2020
Conventional$18,633,123 $17,439,162 $10,373,521 
Jumbo3,368,094 3,151,864 — 
Government4,472,931 3,471,430 1,719,375 
Total Purchase$26,474,148 $24,062,456 $12,092,896 
Refinance:Q3 2021Q2 2021Q3 2020
Conventional$31,353,081 $30,143,310 $37,115,641 
Jumbo2,244,459 2,737,040 4,605 
Government2,932,654 2,267,940 5,076,287 
Total Refinance$36,530,194 $35,148,290 $42,196,533 
Total Originations$63,004,342 $59,210,746 $54,289,429 
Chairman and CEO of UWMC, Mat Ishbia, added: “As the mortgage market shifts from heavy refinance to more purchase, UWM and the wholesale channel, are uniquely positioned to best serve the needs of the American consumer as a team. Brokers, by nature, are embedded in their local housing markets and UWM provides them elite technology, speed, and service, especially on purchase loans. Technologies like BOLT and UWM Appraisal Direct will continue to fuel broker channel growth for years to come.”
Fourth Quarter 2021 Outlook
We anticipate fourth quarter production to be in the $52-$60 billion range, with expected gain margin between 85 and 105 bps.
Dividend
Subsequent to September 30, 2021, for the fourth consecutive quarter, the UWMC 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 January 6, 2022 (the “Dividend Payment Date”) to stockholders of record at the close of business on December 10, 2021. On or before the Dividend Payment Date, the Board, in its capacity as the Manager of UWM Holdings LLC ("Holdings LLC") and pursuant to its authority under the Holdings LLC Amended and Restated Operating Agreement, will determine whether to (a) make distributions from Holdings LLC to only UWM Holdings Corporation, as the owner of the Class A Units of Holdings LLC with the proportional amount due to SFS Holding Corp. ("SFS Corp.") as the owner of the Class B Units of Holdings LLC, being distributed upon the sooner to occur of (i) the Board making a determination to do so or (ii) the date on which Class B Units of Holdings LLC are converted into shares of Class B common stock of UWMC or (b) make proportional and simultaneous distributions from Holdings LLC to both UWM Holdings Corporation, as the owner of the Class A Units of Holdings LLC and to SFS Corp. as the owner of the Class B Units of Holdings LLC.
Earnings Conference Call Details
As previously announced, UWMC will hold a conference call for financial analysts and investors on Tuesday, November 9 at 9:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:
 
•https://conferencingportals.com/event/YModynrv
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and transcript will be available on the UWMC investor relations website at https://investors.uwm.com/.
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Key Operational Metrics
“Closed loan volume” and “Total gain margin” are key operational metrics that UWMC management uses to evaluate the performance of the business. “Closed loan volume” is the aggregate principal of the residential mortgage loans originated by UWMC during a period. “Total gain margin” represents total loan production income divided by total loan production.
Non-GAAP Metrics
UWMC's net income for periods prior to the first quarter of 2021 does not reflect a significant income tax provision, since UWM (UWMC's accounting predecessor) is a pass-through entity not subject to federal and most state income taxes. For periods commencing with the first quarter of 2021, UWMC'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 UWMC. Therefore, for comparison purposes, UWMC provides “Adjusted net income”, which is our pre-tax income adjusted for a 23.60% estimated annual effective tax rate. “Adjusted net income” is a Non-GAAP Metric.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization of premises and equipment, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions (for periods subsequent to the election of the fair value method accounting for MSRs), and the impairment or recovery of MSRs (for periods prior to the election of the fair value method of accounting for MSRs), the impact of non-cash deferred compensation expense, the change in fair value of Public and Private Warrants, and the change in Tax Receivable Agreement liability. We exclude the change in Tax Receivable Agreement liability, the change in fair value of Public and Private Warrants and the change in fair value of MSRs due to valuation inputs or assumptions, or impairment or recovery of MSRs prior to the election of the fair value method of accounting for MSRs, as these represent non-cash, non-realized adjustments to our earnings, which 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.

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 UWMC's senior notes, operating lines of credit, borrowings against investment securities, equipment note payable, and finance leases as reported on our balance sheet, and the “Non-funding debt to equity ratio” as total Non-funding debt divided by UWMC’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 table presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands):
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Adjusted net incomeQ3 2021Q2 2021Q3 2020
Earnings before income taxes$333,340 $140,174 $1,451,633 
Impact of estimated annual effective tax rate of 23.60%
(78,668)(33,081)(342,585)
Adjusted net income$254,672 $107,093 $1,109,048 
Adjusted EBITDAQ3 2021Q2 2021Q3 2020
Net income$329,857 $138,712 $1,450,883 
Interest expense on non-funding debt22,034 22,292 4,374 
Provision for income taxes3,483 1,462 750 
Depreciation and amortization9,034 8,353 2,749 
Stock-based compensation expense2,126 2,327 — 
Change in fair value of MSRs due to valuation inputs or assumptions (61,477)38,035 — 
Recovery of MSRs— — (84,519)
Deferred compensation, net(5,965)— 16,967 
Change in fair value of Public and Private Warrants(12,110)(1,530)— 
Change in Tax Receivable Agreement liability
3,400 — — 
Adjusted EBITDA$290,382 $209,651 $1,391,204 
Non-funding debt and non-funding debt to equityQ3 2021Q2 2021Q3 2020
Senior notes$1,484,370 $1,483,587 $— 
Borrowings against investment securities32,560 — — 
Operating lines of credit— — 320,300 
Equipment note payable2,343 2,583 25,925 
Finance lease liability60,871 61,918 — 
Total non-funding debt$1,580,143 $1,548,088 $346,225 
Total equity$2,994,028 $2,686,986 $2,022,361 
Non-funding debt to equity0.53 0.58 0.17 
Forward Looking Statements
This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of 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 include statements regarding: (1) our foundation and strategies for growth and the drivers of that growth; (2) our “All-In” initiative and its impact on our business and industry; (3) our performance in shifting market conditions and the comparison of such performance against our competitors; (4) growth of the wholesale channel and the benefits to our business of such growth; (5) our investments in technology and the impact to our operations and financial results; (6) our purchase production and product mix; and (7) our anticipated ranges for production volume and margin in the third quarter of 2021. 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 materially differ from those stated or implied in the forward-looking statements, including (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) UWM’s reliance on its warehouse facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs’, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) 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; (viii) UWM’s inability to continue to grow, or to effectively manage the growth of, its loan origination volume; (ix) UWM’s ability to continue to attract and retain its Independent Mortgage Advisor relationships; (x) UWM’s ability to implement technological innovation; (xi) 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 (xii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. With respect to expectations regarding the share repurchase program, the amount and timing of share repurchases will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements. 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.


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About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation is the publicly traded indirect parent of United Wholesale Mortgage (“UWM”). UWM is the #1 wholesale lender in the nation six years in a row, providing state-of-the-art technology and unrivaled client service. UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM focuses on providing highly efficient, accurate and expeditious lending support. UWM’s exceptional teamwork and focus on technology result in the delivery of innovative mortgage solutions that drive the company’s ongoing growth in market share and its leadership position as the foremost advocate for independent mortgage brokers. For more information, visit www.uwm.com.
For inquiries regarding UWM, please contact:
INVESTOR CONTACTMEDIA CONTACT
MATT ROSLINNICOLE YELLAND
InvestorRelations@uwm.comMedia@uwm.com
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UWM HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)
September 30,
2021		December 31,
2020
Assets(Unaudited)
Cash and cash equivalents$950,910 $1,223,837 
Mortgage loans at fair value11,736,642 7,916,515 
Derivative assets143,807 61,072 
Investment securities at fair value, pledged41,809 — 
Accounts receivable, net340,028 253,600 
Mortgage servicing rights2,900,310 1,756,864 
Premises and equipment, net145,774 107,572 
Operating lease right-of-use asset, net
(includes $105,594 and $92,571 with related parties)
105,902 93,098 
Finance lease right-of-use asset
(includes $29,129 and $0 with related parties)
60,113 22,929 
Other assets55,655 57,989 
Total assets$16,480,950 $11,493,476 
Liabilities and Equity
Warehouse lines of credit$10,487,950 $6,941,397 
Accounts payable and accrued expenses1,229,483 847,745 
Accrued distributions and dividends payable10,087 — 
Derivative liabilities61,434 66,237 
Borrowings against investment securities 32,560 — 
Equipment note payable2,343 26,528 
Operating lines of credit— 320,300 
Senior notes1,484,370 789,323 
Operating lease liability
(includes $117,516 and $104,006 with related parties)
117,824 104,534 
Finance lease liability
(includes $29,462 and $0 with related parties)
60,871 23,132 
Total liabilities13,486,922 9,119,196 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2021
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 100,367,478 shares issued and outstanding as of September 30, 2021
10 — 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2021
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2021
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of September 30, 2021
150 — 
Additional paid-in capital313 24,839 
Retained earnings129,815 2,349,441 
Non-controlling interest2,863,740 — 
Total equity2,994,028 2,374,280 
Total liabilities and equity$16,480,950 $11,493,476 





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UWM HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
For the nine months ended
September 30,
2021		June 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Revenue
Loan production income$589,461 $479,274 $1,723,981 $2,143,400 $2,884,162 
Loan servicing income174,695 145,278 70,503 443,762 182,656 
Change in fair value of mortgage servicing rights(170,462)(219,104)— (448,825)— 
Gain (loss) on sale of mortgage servicing rights(5,443)10 (324)(670)(65,821)
Interest income102,063 79,194 40,041 227,169 119,308 
Total revenue, net690,314 484,652 1,834,201 2,364,836 3,120,305 
Expenses
Salaries, commissions and benefits164,971 172,951 206,174 550,983 462,706 
Direct loan production costs18,980 15,518 16,685 47,660 39,864 
Marketing, travel, and entertainment14,138 12,157 3,608 37,138 13,913 
Depreciation and amortization9,034 8,353 2,749 24,676 8,071 
Servicing costs29,192 23,067 15,320 72,767 41,286 
Amortization, impairment and pay-offs of mortgage servicing rights— — 68,928 — 357,728 
General and administrative39,148 41,289 28,484 96,867 70,835 
Interest expense90,221 72,673 40,620 215,884 113,683 
Other (income)/expense(8,710)(1,530)— (27,544)— 
Total expenses356,974 344,478 382,568 1,018,431 1,108,086 
Earnings before income taxes333,340 140,174 1,451,633 1,346,405 2,012,219 
Provision for income taxes3,483 1,462 750 17,831 1,500 
Net income329,857 138,712 1,450,883 1,328,574 2,010,719 
Net income attributable to non-controlling interest304,611 130,448 N/A1,247,079 N/A
Net income attributable to UWMC$25,246 $8,264 N/A$81,495 N/A
Earnings per share of Class A common stock:
Basic$0.25 $0.08 N/A$0.80 N/A
Diluted$0.16 $0.07 N/A$0.55 N/A
Weighted average shares outstanding:
Basic101,106,023 102,760,823 N/A102,247,594 N/A
Diluted1,603,710,511 1,605,067,478 N/A1,604,567,758 N/A

















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Addendum to Exhibit 99.1

This addendum includes the Company's Condensed Consolidated Balance Sheets as of September 30, 2021 and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2021 and the preceding four quarters, for purposes of providing historical quarterly trending information to investors.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents$950,910 $1,048,177 $1,592,663 $1,223,837 $755,795 
Mortgage loans at fair value11,736,642 12,404,112 5,503,271 7,916,515 5,215,196 
Derivative assets143,807 75,438 113,168 61,072 51,053 
Investment securities at fair value, pledged41,809 — — — — 
Accounts receivable, net340,028 317,458 549,381 253,600 246,862 
Mortgage servicing rights2,900,310 2,662,556 2,300,434 1,756,864 1,411,272 
Premises and equipment, net145,774 130,864 111,964 107,572 51,548 
Operating lease right-of-use asset, net105,902 87,130 87,896 93,098 109,680 
Finance lease right-of-use asset60,113 61,356 54,456 22,929 — 
Other assets55,655 57,007 59,393 57,989 66,397 
Total assets$16,480,950 $16,844,098 $10,372,626 $11,493,476 $7,907,803 
Liabilities and Equity
Warehouse lines of credit$10,487,950 $11,249,213 $4,823,740 $6,941,397 $4,913,206 
Accounts payable and accrued expenses1,229,483 1,018,536 1,185,499 847,745 462,074 
Accrued dividends payable10,087 160,444 160,517 — — 
Derivative liabilities61,434 82,551 55,479 66,237 41,498 
Borrowings against investment securities32,560 — — — — 
Equipment note payable2,343 2,583 25,424 26,528 25,925 
Operating lines of credit— — 400,000 320,300 320,300 
Senior notes1,484,370 1,483,587 789,870 789,323 — 
Operating lease liability117,824 98,280 99,188 104,534 122,439 
Finance lease liability60,871 61,918 54,873 23,132 — 
Total liabilities13,486,922 14,157,112 7,594,590 9,119,196 5,885,442 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2021— — — — — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 100,367,478 shares issued and outstanding as of September 30, 202110 10 10 — — 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2021— — — — — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2021— — — — — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of September 30, 2021150 150 150 — — 
Additional paid-in capital313 187 — 24,839 24,839 
Retained earnings129,815 109,397 113,078 2,349,441 1,997,522 
Non-controlling interest2,863,740 2,577,242 2,664,798 — — 
Total equity2,994,028 2,686,986 2,778,036 2,374,280 2,022,361 
Total liabilities and equity$16,480,950 $16,844,098 $10,372,626 $11,493,476 $7,907,803 


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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)

For the three months ended
September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Revenue
Loan production income$589,461 $479,274 $1,074,665 $1,667,252 $1,723,981 
Loan servicing income174,695 145,278 123,789 105,648 70,503 
Change in fair value of mortgage servicing rights(170,462)(219,104)(59,259)— — 
Gain (loss) on sale of mortgage servicing rights(5,443)10 4,763 3,538 (324)
Interest income102,063 79,194 45,912 41,852 40,041 
Total revenue, net690,314 484,652 1,189,870 1,818,290 1,834,201 
Expenses
Salaries, commissions and benefits164,971 172,951 213,061 89,437 206,174 
Direct loan production costs18,980 15,518 13,162 14,595 16,685 
Marketing, travel, and entertainment14,138 12,157 10,843 6,454 3,608 
Depreciation and amortization9,034 8,353 7,289 8,749 2,749 
Servicing costs29,192 23,067 20,508 29,549 15,320 
Amortization, impairment and pay-offs of mortgage servicing rights— — — 215,390 68,928 
General and administrative39,148 41,289 16,430 28,022 28,484 
Interest expense90,221 72,673 52,990 53,353 40,620 
Other (income) expense(8,710)(1,530)(17,304)— — 
Total expenses356,974 344,478 316,979 445,549 382,568 
Earnings before income taxes333,340 140,174 872,891 1,372,741 1,451,633 
Provision for income taxes3,483 1,462 12,886 950 750 
Net income329,857 138,712 860,005 1,371,791 1,450,883 
Net income attributable to non-controlling interest304,611 130,448 812,020 N/AN/A
Net income attributable to UWMC$25,246 8,264 47,985 N/AN/A
Earnings per share of Class A common stock:
Basic$0.25 $0.08 $0.47 N/AN/A
Diluted$0.16 $0.07 $0.33 N/AN/A
Weighted average shares outstanding:
Basic101,106,023 102,760,823 103,104,205 N/AN/A
Diluted1,603,710,511 1,605,067,478 1,605,173,992 N/AN/A
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