0001783398-23-000040.txt : 20231108 0001783398-23-000040.hdr.sgml : 20231108 20231108083215 ACCESSION NUMBER: 0001783398-23-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231108 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231108 DATE AS OF CHANGE: 20231108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UWM Holdings Corp CENTRAL INDEX KEY: 0001783398 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 842124167 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39189 FILM NUMBER: 231386122 BUSINESS ADDRESS: STREET 1: 585 SOUTH BLVD E CITY: PONTIAC STATE: MI ZIP: 48341 BUSINESS PHONE: 800-981-8898 MAIL ADDRESS: STREET 1: 585 SOUTH BLVD E CITY: PONTIAC STATE: MI ZIP: 48341 FORMER COMPANY: FORMER CONFORMED NAME: Gores Holdings IV, Inc. DATE OF NAME CHANGE: 20190723 8-K 1 xbrl-20231108.htm 8-K xbrl-20231108
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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 8, 2023
UWM Holdings Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware 001-39189 82-2124167
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (I.R.S. Employer
Identification Number)
585 South Boulevard E.
                                   Pontiac,
Michigan48341
(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 Trading
Symbol(s)
 Name of each exchange
on which registered
Class A Common Stock, par value $0.0001 per share UWMC New York Stock Exchange
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 UWMCWS 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 of the 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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







Item 2.02    Results of Operations and Financial Condition.

On November 8, 2023, UWM Holdings Corporation, (the “Company”) issued a press release announcing its results for the third quarter ended September 30, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On November 8, 2023, the Company announced that its Board of Directors had declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on January 11, 2024, to stockholders of record at the close of business on December 20, 2023. The Board also approved a proportional distribution to SFS Corp., of $150.2 million which is payable on or about January 11, 2024. To the extent required by law, the Company will post Form 8937, with respect to the U.S. federal income tax characteristics of this dividend, to its website at investors.uwm.com.

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.



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 8, 2023

UWM HOLDINGS CORPORATION
By: /s/ Andrew Hubacker
Name: Andrew Hubacker
Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer


EX-99.1 2 q32023ex-991pressrelease.htm EX-99.1 PRESS RELEASE Document



Exhibit 99.1

uwmc_colorlogoa.jpg
UWM Holdings Corporation Announces
Third Quarter 2023 Results

Third Quarter Net Income of $301.0 Million.
Loan Origination Volume of $29.7 Billion, including Purchase Volume of $25.9 Billion.
PONTIAC, MI, November 8, 2023 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2023. Total loan origination volume for the third quarter was $29.7 billion, of which $25.9 billion was purchase volume. The Company reported 3Q23 net income of $301.0 million, inclusive of a $92.9 million increase in fair value of MSRs, and diluted earnings per share of $0.15.

Mat Ishbia, Chairman and CEO of UWMC, said, "The strength of UWM and the broker channel is on full display. While others choose to dwell on high mortgage rates and low housing inventory, at UWM we remain focused on growing our market share and the broker channel. We are investing in new technology and hiring new team members to ensure that we are prepared for the eventual turn in rates. In the meantime, we expect to continue to generate significant purchase volume and remain highly profitable."

Originations of $29.7 billion in 3Q23, compared to $31.8 billion in 2Q23 and $33.5 billion in 3Q22
Purchase originations of $25.9 billion in 3Q23, compared to $28.0 billion in 2Q23 and $27.7 billion in 3Q22
Total gain margin of 97 bps in 3Q23 compared to 88 bps in 2Q23 and 52 bps in 3Q22
Net income of $301.0 million in 3Q23 compared to $228.8 million in 2Q23 and $325.6 million 3Q22
Adjusted EBITDA of $112.1 million in 3Q23 compared to $125.4 million in 2Q23 and $(1.4) million in 3Q22
Total equity of $3.1 billion at September 30, 2023, compared to $2.9 billion at June 30, 2023, and $3.4 billion at September 30, 2022
Unpaid principal balance of MSRs of $281.4 billion with a WAC of 4.20% at September 30, 2023, compared to $294.9 billion with a WAC of 3.84% at June 30, 2023, and $306.0 billion with a WAC of 3.44% at September 30, 2022
Ended 3Q23 with approximately $2.9 billion of available liquidity, including $0.9 billion of cash and self-warehouse, and $2.0 billion of available borrowing capacity, which includes $1.5 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q3 2023Q2 2023Q3 2022
Loan origination volume(1)
$29,721,633 $31,846,800 $33,464,480 
Total gain margin(1)(2)
0.97 %0.88 %0.52 %
Net income
$300,993 $228,794 $325,610 
Diluted EPS0.15 0.08 0.13 
Adjusted diluted EPS(3)
N/A
0.11 0.16 
Adjusted net income(3)
234,713 178,920 254,294 
Adjusted EBITDA(3)
112,062 125,380 (1,392)
 
(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).
1





Balance Sheet Highlights as of Period-end (dollars in thousands)
Q3 2023Q2 2023Q3 2022
Cash and cash equivalents$729,616 $634,576 $799,534 
Mortgage loans at fair value5,560,039 6,269,924 5,341,217 
Mortgage servicing rights4,352,219 4,224,207 4,305,686 
Total assets12,204,137 12,425,919 11,890,083 
Non-funding debt (1)
2,617,903 2,623,991 2,146,157 
Total equity3,092,111 2,947,122 3,392,033 
Non-funding debt to equity (1)
0.85 0.89 0.63 

 (1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
Q3 2023Q2 2023Q3 2022
Unpaid principal balance$281,373,662 $294,945,929 $306,016,670 
Weighted average interest rate4.20 %3.84 %3.44 %
Weighted average age (months)20 20 14 
Technology and Loan Product Launches
Investor Flex, UWM’s Debt Service Coverage Ratio ("DSCR") loan product, has been expanded to offer four loan options, up to $2M for purchases and refinances, for real estate investor borrowers.
Independent mortgage brokers now have access to improved pricing on loans under $200,000 and UWM has removed loan-level pricing adjustments on loans under $100,000.
Expanded Safe Check to now include government and jumbo loans, as well as conventional loans, further protecting independent mortgage brokers and their borrowers from unwanted excessive credit trigger lead solicitations and helping borrowers save on increasing credit costs.
Launched Safe Check Complete, allowing brokers to order a pre-qualification based on a three-bureau soft credit check for $23, with UWM offering a tri-merge hard credit report at no additional cost.
Now accepting FHA/VA loans with FICOs above 580; had previously been at 620 FICO.
Operational Highlights
Achieved Net Promoter Score of +86.4 in 3Q23.
Our 1.09% 60+ days delinquency as of September 30, 2023, was significantly better than the industry average of 1.53% (Source: TransUnion, as of August 2023).
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q3 2023Q2 2023Q3 2022
Conventional$16,237,031 $17,607,736 $19,246,298 
Government8,031,062 9,184,089 7,592,116 
Jumbo and other (1)
1,624,824 1,243,350 854,925 
Total Purchase$25,892,917 $28,035,175 $27,693,339 
Refinance:Q3 2023Q2 2023Q3 2022
Conventional$1,736,055 $2,113,172 $3,935,550 
Government1,528,848 1,336,350 1,640,127 
Jumbo and other (1)
563,813 362,103 195,464 
Total Refinance$3,828,716 $3,811,625 $5,771,141 
Total Originations$29,721,633 $31,846,800 $33,464,480 
(1) Comprised of non-agency jumbo products and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens) and construction loans.


2





Mat Ishbia, Chairman and CEO of UWMC, also said, "We certainly recognize that many in the industry are facing challenges. With that said, UWM will continue to embrace this cycle as a time for purchase dominance and investment in our future. We are not resting on any laurels, nor are we relaxing. We will continue to stay on offense while much of the industry is on defense."
Fourth Quarter 2023 Outlook
We anticipate fourth quarter production to be in the $19 to $26 billion range, with gain margin from 75 to 100 basis points.
Full Year 2023 Outlook
We anticipate full year 2023 production to be in the $103 to $110 billion range.
Dividend
Subsequent to September 30, 2023, for the twelfth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on January 11, 2024, to stockholders of record at the close of business on December 20, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about January 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 8, at 10:30 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/cXqxwDDv
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript 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,” which is our pre-tax income adjusted for a 22.21% and 23.03% estimated annual effective tax rate for the periods during 2023 and 2022, respectively. “Adjusted net income” is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income" 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, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in Tax Receivable Agreement liability and the change in fair value of retained investment securities. We exclude the change in Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions, as these represent non-cash, non-realized adjustments to our earnings, which is 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 the Company's senior notes, lines of credit, borrowings against investment securities, equipment note payable, 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
3





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 incomeQ3 2023Q2 2023Q3 2022
Earnings before income taxes$301,727 $230,004 $330,381 
Impact of estimated annual effective tax rate of 22.21% and 23.03% for periods during 2023 and 2022, respectively
(67,014)(51,084)(76,087)
Adjusted net income$234,713 $178,920 $254,294 

Adjusted diluted EPSQ2 2023Q3 2022
Diluted weighted average Class A common stock outstanding93,107,133 92,571,886 
Assumed pro forma conversion of Class D common stock (1)
1,502,069,787 1,502,069,787 
Adjusted diluted weighted average shares outstanding (1)
1,595,176,920 1,594,641,673 
Adjusted net income $178,920 $254,294 
Adjusted diluted EPS0.11 0.16 
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDAQ3 2023Q2 2023Q3 2022
Net income$300,993 $228,794 $325,610 
Interest expense on non-funding debt42,825 42,756 29,786 
Provision for income taxes734 1,210 4,771 
Depreciation and amortization11,563 11,441 11,426 
Stock-based compensation expense3,822 3,567 1,986 
Change in fair value of MSRs due to valuation inputs or assumptions (236,044)(164,526)(373,232)
Deferred compensation, net(11,755)(564)(8,468)
Change in fair value of Public and Private Warrants(2,021)1,175 (755)
Change in Tax Receivable Agreement liability
(3,000)915 — 
Change in fair value of investment securities4,945 612 7,484 
Adjusted EBITDA$112,062 $125,380 $(1,392)

Non-funding debt and non-funding debt to equityQ3 2023Q2 2023Q3 2022
Senior notes$1,987,284 $1,986,301 $1,983,099 
Secured lines of credit500,000 500,000 — 
Borrowings against investment securities97,328 100,901 114,875 
Equipment note payable 433 1,266 
Finance lease liability33,291 36,356 46,917 
Total non-funding debt$2,617,903 $2,623,991 $2,146,157 
Total equity$3,092,111 $2,947,122 $3,392,033 
Non-funding debt to equity0.85 0.89 0.63 





4





Cautionary Note Regarding 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 and our earnings call include statements regarding: (1) our position amongst our competitors and ability to capture market share; (2) our expectation that we will continue to generate significant purchase volume and remain highly profitable; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) the benefits and liquidity of our MSR portfolio; (6) our beliefs related to the amount and timing of our dividend; (7) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (8) our expectations related to production and margin in the fourth quarter of 2023; (9) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (12) our position and ability to capitalize on market opportunities and the impacts to our results; (13) our investments in technology and the impact to our operations, ability to scale and financial results and (14) our purchase production and product portfolio. 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 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 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; (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 broker 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. 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 nine consecutive years and is also 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 CONTACTMEDIA CONTACT
BLAKE KOLONICOLE ROBERTS
InvestorRelations@uwm.comMedia@uwm.com
5





UWM HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)

September 30,
2023
December 31,
2022
Assets(Unaudited)
Cash and cash equivalents$729,616 $704,898 
Mortgage loans at fair value5,560,039 7,134,960 
Derivative assets92,791 82,869 
Investment securities at fair value, pledged104,526 113,290 
Accounts receivable, net385,922 383,147 
Mortgage servicing rights4,352,219 4,453,261 
Premises and equipment, net146,509 152,477 
Operating lease right-of-use asset, net
(includes $98,813 and $102,322 with related parties)
100,427 104,181 
Finance lease right-of-use asset
(includes $25,318 and $26,867 with related parties)
31,803 42,218 
Loans eligible for repurchase from Ginnie Mae617,490 345,490 
Other assets82,795 83,834 
Total assets$12,204,137 $13,600,625 
Liabilities and Equity
Warehouse lines of credit$5,066,900 $6,443,992 
Derivative liabilities38,882 49,748 
Secured line of credit500,000 750,000 
Borrowings against investment securities 97,328 101,345 
Accounts payable, accrued expenses and other503,890 439,719 
Accrued distributions and dividends payable159,572 159,465 
Senior notes1,987,284 1,984,336 
Operating lease liability
(includes $105,775 and $109,473 with related parties)
107,389 111,332 
Finance lease liability
(includes $26,665 and $27,857 with related parties)
33,291 43,505 
Loans eligible for repurchase from Ginnie Mae617,490 345,490 
Total liabilities9,112,026 10,428,932 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022
 — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 93,654,269 and 92,575,974 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
10 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022
 — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022
 — 
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, 2023 and December 31, 2022, respectively
150 150 
Additional paid-in capital1,484 903 
Retained earnings130,233 142,500 
Non-controlling interest2,960,234 3,028,131 
Total equity3,092,111 3,171,693 
Total liabilities and equity$12,204,137 $13,600,625 

6





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

For the three months endedFor the nine months ended
September 30,
2023
June 30,
2023
September 30,
2022
September 30,
2023
September 30,
2022
Revenue
Loan production income$288,930 $280,757 $172,402 $775,111 $852,808 
Loan servicing income200,428 193,220 196,781 612,205 574,847 
Change in fair value of mortgage servicing rights92,909 24,648 236,780 (219,730)434,912 
Interest income94,849 88,895 78,210 258,324 207,625 
Total revenue, net677,116 587,520 684,173 1,425,910 2,070,192 
Expenses
Salaries, commissions and benefits135,333 131,380 135,028 387,716 434,620 
Direct loan production costs36,184 23,618 20,498 76,285 72,973 
Marketing, travel, and entertainment20,117 21,588 17,730 58,915 51,192 
Depreciation and amortization11,563 11,441 11,426 34,674 33,522 
General and administrative44,904 52,691 51,649 132,214 129,881 
Servicing costs33,640 31,658 37,596 102,160 129,215 
Interest expense93,724 82,437 73,136 239,445 191,069 
Other expense (income)
(76)2,703 6,729 2,386 23,793 
Total expenses375,389 357,516 353,792 1,033,795 1,066,265 
Earnings before income taxes
301,727 230,004 330,381 392,115 1,003,927 
Provision for income taxes
734 1,210 4,771 941 9,585 
Net income
300,993 228,794 325,610 391,174 994,342 
Net income attributable to non-controlling interest
282,762 221,236 313,914 377,326 952,350 
Net income attributable to UWMC
$18,231 $7,558 $11,696 $13,848 $41,992 
Earnings per share of Class A common stock:
Basic$0.20 $0.08 $0.13 $0.15 $0.45 
Diluted$0.15 $0.08 $0.13 $0.15 $0.45 
Weighted average shares outstanding:
Basic93,290,736 93,107,133 92,571,886 93,107,576 92,441,342 
Diluted1,596,624,780 93,107,133 92,571,886 93,107,576 92,441,342 




















7





Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2023, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2023, 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,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents$729,616 $634,576 $740,063 $704,898 $799,534 
Mortgage loans at fair value5,560,039 6,269,924 4,800,259 7,134,960 5,031,068 
Derivative assets92,791 61,407 61,136 82,869 385,348 
Investment securities at fair value, pledged104,526 111,625 114,275 113,290 115,079 
Accounts receivable, net385,922 347,865 433,747 383,147 556,153 
Mortgage servicing rights4,352,219 4,224,207 3,974,870 4,453,261 4,305,686 
Premises and equipment, net146,509 149,515 152,428 152,477 152,172 
Operating lease right-of-use asset, net100,427 101,686 102,923 104,181 101,377 
Finance lease right-of-use asset31,803 34,947 38,320 42,218 45,667 
Loans eligible for repurchase from Ginnie Mae617,490 409,078 440,775 345,490 310,149 
Other assets82,795 81,089 88,920 83,834 87,850 
Total assets$12,204,137 $12,425,919 $10,947,716 $13,600,625 $11,890,083 
Liabilities and Equity
Warehouse lines of credit$5,066,900 $5,732,791 $4,259,834 $6,443,992 $4,712,719 
Derivative liabilities38,882 21,734 62,742 49,748 215,330 
Secured line of credit500,000 500,000 500,000 750,000 — 
Borrowings against investment securities97,328 100,901 101,345 101,345 114,875 
Accounts payable, accrued expenses and other503,890 423,407 416,818 439,719 846,905 
Accrued distributions and dividends payable159,572 159,518 159,517 159,465 159,465 
Senior notes1,987,284 1,986,301 1,985,319 1,984,336 1,983,099 
Operating lease liability107,389 108,711 110,012 111,332 108,591 
Finance lease liability33,291 36,356 36,812 43,505 46,917 
Loans eligible for repurchase from Ginnie Mae617,490 409,078 440,775 345,490 310,149 
Total liabilities9,112,026 9,478,797 8,073,174 10,428,932 8,498,050 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented
 — — — — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 93,654,269 as of September 30, 2023 , 93,114,878 as of June 30, 2023, 93,101,971 as of March 31, 2023, and 92,575,974 as of December 31, 2022 and 92,575,425 as of September 30, 2022
10 
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, 1,502,069,787 shares issued and outstanding as of each of the periods presented
150 150 150 150 150 
Additional paid-in capital1,484 1,267 1,036 903 784 
Retained earnings130,233 120,379 122,136 142,500 141,194 
Non-controlling interest2,960,234 2,825,317 2,751,211 3,028,131 3,249,896 
Total equity3,092,111 2,947,122 2,874,542 3,171,693 3,392,033 
Total liabilities and equity$12,204,137 $12,425,919 $10,947,716 $13,600,625 $11,890,083 
8





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

For the three months ended
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
Revenue
Loan production income$288,930 $280,757 $205,424 $129,180 $172,402 
Loan servicing income200,428 193,220 218,557 217,225 196,781 
Change in fair value of mortgage servicing rights92,909 24,648 (337,287)(150,808)236,780 
Interest income94,849 88,895 74,580 106,837 78,210 
Total revenue, net677,116 587,520 161,274 302,434 684,173 
Expenses
Salaries, commissions and benefits135,333 131,380 121,003 118,266 135,028 
Direct loan production costs36,184 23,618 16,483 17,396 20,498 
Marketing, travel, and entertainment20,117 21,588 17,210 22,976 17,730 
Depreciation and amortization11,563 11,441 11,670 11,713 11,426 
General and administrative44,904 52,691 34,619 49,668 51,649 
Servicing costs33,640 31,658 36,862 36,809 37,596 
Interest expense93,724 82,437 63,284 114,918 73,136 
Other expense (income)(76)2,703 (241)(54)6,729 
Total expenses375,389 357,516 300,890 371,692 353,792 
Earnings (loss) before income taxes301,727 230,004 (139,616)(69,258)330,381 
Provision (benefit) for income taxes734 1,210 (1,003)(6,774)4,771 
Net income (loss)300,993 228,794 (138,613)(62,484)325,610 
Net income (loss) attributable to non-controlling interest282,762 221,236 (126,672)(62,207)313,914 
Net income (loss) attributable to UWMC$18,231 $7,558 $(11,941)$(277)$11,696 
Earnings (loss) per share of Class A common stock:
Basic$0.20 $0.08 $(0.13)$— $0.13 
Diluted$0.15 $0.08 $(0.13)$(0.03)$0.13 
Weighted average shares outstanding:
Basic93,290,736 93,107,133 92,920,794 92,575,549 92,571,886 
Diluted1,596,624,780 93,107,133 92,920,794 1,594,645,336 92,571,886 
9

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Cover
Nov. 08, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 08, 2023
Entity Registrant Name UWM Holdings Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-39189
Entity Tax Identification Number 82-2124167
Entity Address, Address Line One 585 South Boulevard E.
Entity Address, City or Town Pontiac,
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48341
City Area Code (800
Local Phone Number 981-8898
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001783398
Document Information [Line Items]  
Document Period End Date Nov. 08, 2023
Amendment Flag false
Class A Common Stock, par value $0.0001 per share  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol UWMC
Security Exchange Name NYSE
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
Trading Symbol UWMCWS
Security Exchange Name NYSE
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