EX-99.1 2 q42023ex-991pressrelease.htm EX-99.1 EARNINGS RELEASE Document



Exhibit 99.1


uwmc_colorlogoa.jpg
UWM Holdings Corporation Announces
Fourth Quarter & Full Year 2023 Results

Fourth Quarter Loan Origination Volume of $24.4 Billion, Including Purchase Volume of $20.7 Billion.
PONTIAC, MI, February 28, 2024 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the fourth quarter and full year ended December 31, 2023. Total loan origination volume for the fourth quarter 2023 was $24.4 billion, of which $20.7 billion was purchase volume. Total loan originations for full year 2023 were $108.3 billion, of which $93.9 billion was purchase volume. The Company reported 4Q23 net loss of $461.0 million, inclusive of a $634.4 million decline in fair value of MSRs, and diluted loss per share of $0.29. The Company reported full year 2023 loss of $69.8 million, inclusive of a $854.1 million decline in fair value of MSRs, and diluted loss per share of $0.14.

Mat Ishbia, Chairman and CEO of UWMC, said, "2023 was one of the best years in our company history. We were the number one mortgage originator in America, number one in purchase origination again, and, nine years running, the number one wholesale lender. We continue to be operationally profitable, the true measure of a mortgage originator's health, while our financial loss was driven by the MSR markdown which is a result of interest rate movements. Our recipe for success has not and will not change and we are currently doubling down on investing in our people, our products and our technology so that we can continue to provide the broker channel with the tools needed to win. I believe that 2024 is a tremendous opportunity for both UWM and the broker channel."

Fourth Quarter 2023 Highlights
•Originations of $24.4 billion in 4Q23, compared to $29.7 billion in 3Q23 and $25.1 billion in 4Q22
•Purchase originations of $20.7 billion in 4Q23, compared to $25.9 billion in 3Q23 and $21.7 billion in 4Q22
•Total gain margin of 92 bps in 4Q23 compared to 97 bps in 3Q23 and 51 bps in 4Q22
•Net loss of $461.0 million in 4Q23 compared to net income of $301.0 million in 3Q23 and net loss of $62.5 million 4Q22
•Adjusted EBITDA of $99.6 million in 4Q23 compared to $112.1 million in 3Q23 and $60.4 million in 4Q22
•Total equity of $2.5 billion at December 31, 2023, compared to $3.1 billion at September 30, 2023, and $3.2 billion at December 31, 2022
•Unpaid principal balance of MSRs of $299.5 billion with a WAC of 4.43% at December 31, 2023, compared to $281.4 billion with a WAC of 4.20% at September 30, 2023, and $312.5 billion with a WAC of 3.64% at December 31, 2022
•Ended 4Q23 with approximately $2.2 billion of available liquidity, including $497.5 million of cash, and $1.75 billion of available borrowing capacity, which includes $1.25 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

Full Year 2023 Highlights
•    Originations of $108.3 billion in 2023, compared to $127.3 billion in 2022
•    Record purchase originations of $93.9 billion in 2023, compared to $90.8 billion in 2022
•    Net loss of $69.8 million in 2023, as compared to $931.9 million of net income in 2022
•    Total gain margin of 92 bps in 2023 compared to 77 bps in 2022

1




Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q4 2023Q3 2023Q4 2022
FY 2023
FY 2022
Loan origination volume(1)
$24,372,436 $29,721,633 $25,126,844 $108,275,883 $127,285,461 
Total gain margin(1)(2)
0.92 %0.97 %0.51 %0.92 %0.77 %
Net income (loss)
$(460,956)$300,993 $(62,484)$(69,782)$931,858 
Diluted earnings (loss) per share
(0.29)0.15 (0.03)(0.14)0.45 
Adjusted diluted earnings (loss) per share(3)
(0.23)
N/A
N/A
(0.04)0.45 
Adjusted net income (loss)(3)
(361,002)234,713 (53,308)(57,142)719,415 
Adjusted EBITDA(3)
99,566 112,062 60,393 478,270 282,402 
 
(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)
Q4 2023Q3 2023Q4 2022
Cash and cash equivalents$497,468 $729,616 $704,898 
Mortgage loans at fair value5,449,884 5,560,039 7,134,960 
Mortgage servicing rights4,026,136 4,352,219 4,453,261 
Total assets11,871,854 12,204,137 13,600,625 
Non-funding debt (1)
2,862,759 2,617,903 2,880,178 
Total equity2,474,671 3,092,111 3,171,693 
Non-funding debt to equity (1)
1.16 0.85 0.91 

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

Mortgage Servicing Rights (dollars in thousands)
Q4 2023Q3 2023Q4 2022
Unpaid principal balance$299,456,189 $281,373,662 $312,454,025 
Weighted average interest rate4.43 %4.20 %3.64 %
Weighted average age (months)21 20 16 
Fourth Quarter Technology and Loan Product Launches
•Launched Memory Maker, UWM’s tool for independent mortgage brokers to send their choice of thank you items to borrowers and real estate agents, leaving a lasting impression long after a loan is closed
•Enhanced PA+, now allowing independent mortgage brokers and their processors more flexibility in choosing which parts of the loan process they would like a UWM Loan Coordinator to facilitate
•Enhancements to Investor Flex, UWM’s Debt Service Coverage Ratio (“DSCR”) product now allows borrowers to close in a Limited Liability Company (LLC), giving borrowers an additional option to separate their personal properties and investment properties

Fourth Quarter Operational Highlights
•Achieved Net Promoter Score of +86.5 in 4Q23.
•Our 1.15% 60+ days delinquency as of December 31, 2023, was significantly better than the industry average of 1.78% (Source: Mortgage Bankers Association, as of Q4 2023).



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Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q4 2023Q3 2023Q4 2022
FY 2023
FY 2022
Conventional$12,033,818 $16,237,031 $15,030,972 $58,833,673 $62,274,030 
Government6,805,530 8,031,062 6,135,366 29,640,141 23,773,422 
Jumbo and other (1)
1,842,108 1,624,824 484,098 5,381,530 4,782,879 
Total Purchase$20,681,456 $25,892,917 $21,650,436 $93,855,344 $90,830,331 
Refinance:Q4 2023Q3 2023Q4 2022
FY 2023
FY 2022
Conventional$1,386,645 $1,736,055 $2,254,680 $7,082,401 $27,059,252 
Government1,389,884 1,528,848 1,005,048 5,189,598 7,834,636 
Jumbo and other (1)
914,451 563,813 216,680 2,148,540 1,561,242 
Total Refinance$3,690,980 $3,828,716 $3,476,408 $14,420,539 $36,455,130 
Total Originations$24,372,436 $29,721,633 $25,126,844 $108,275,883 $127,285,461 
(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.

First Quarter 2024 Outlook
We anticipate first quarter production to be in the $22 to $28 billion range, with gain margin from 80 to 105 basis points.
Dividend
Subsequent to December 31, 2023, for the thirteenth 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 April 11, 2024, to stockholders of record at the close of business on March 20, 2024. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about April 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 28, 2024 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://registrations.events/direct/Q4I3794250
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 (loss),” which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. “Adjusted net income (loss)” is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.
We also disclose Adjusted EBITDA, which we define as earnings (loss) 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
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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 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)
Q4 2023Q3 2023Q4 2022FY 2023FY 2022
Earnings (loss) before income taxes
$(468,408)$301,727 $(69,258)$(76,293)$934,669 
Adjusted income tax benefit (provision)
107,406 (67,014)15,950 19,151 (215,254)
Adjusted net income (loss)
$(361,002)$234,713 $(53,308)$(57,142)$719,415 

Adjusted diluted EPSQ4 2023FY 2023FY 2022
Diluted weighted average Class A common stock outstanding93,654,269 93,245,373 92,475,170 
Assumed pro forma conversion of Class D common stock (1)
1,502,069,787 1,502,069,787 1,502,069,787 
Adjusted diluted weighted average shares outstanding (1)
1,595,724,056 1,595,315,160 1,594,544,957 
Adjusted net income (loss)
$(361,002)$(57,142)$719,415 
Adjusted diluted EPS(0.23)(0.04)0.45 
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDAQ4 2023Q3 2023Q4 2022
FY 2023
FY 2022
Net income (loss)
$(460,956)$300,993 $(62,484)$(69,782)$931,858 
Interest expense on non-funding debt43,946 42,825 43,611 172,498 132,647 
Provision (benefit) for income taxes
(7,452)734 (6,774)(6,511)2,811 
Depreciation and amortization11,472 11,563 11,713 46,146 45,235 
Stock-based compensation expense3,961 3,822 2,055 13,832 7,545 
Change in fair value of MSRs due to valuation inputs or assumptions 507,686 (236,044)71,865 330,031 (868,803)
Deferred compensation, net3,300 (11,755)461 (7,938)7,370 
Change in fair value of Public and Private Warrants4,808 (2,021)54 6,060 (7,683)
Change in Tax Receivable Agreement liability
260 (3,000)— (1,575)3,200 
Change in fair value of investment securities(7,459)4,945 (108)(4,491)28,222 
Adjusted EBITDA$99,566 $112,062 $60,393 $478,270 $282,402 

4




Non-funding debt and non-funding debt to equityQ4 2023Q3 2023Q4 2022
Senior notes$1,988,267 $1,987,284 $1,984,336 
Secured lines of credit750,000 500,000 750,000 
Borrowings against investment securities93,814 97,328 101,345 
Equipment note payable— — 992 
Finance lease liability30,678 33,291 43,505 
Total non-funding debt$2,862,759 $2,617,903 $2,880,178 
Total equity$2,474,671 $3,092,111 $3,171,693 
Non-funding debt to equity1.16 0.85 0.91 

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 investment in our people, products and technology and the benefits to our results; (3) our beliefs regarding opportunities in 2024 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the first quarter of 2024; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) 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) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiii) 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 (xiv) 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.








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

December 31,
2023		December 31,
2022
Assets
Cash and cash equivalents$497,468 $704,898 
Mortgage loans at fair value5,449,884 7,134,960 
Derivative assets33,019 82,869 
Investment securities at fair value, pledged110,352 113,290 
Accounts receivable, net512,070 383,147 
Mortgage servicing rights4,026,136 4,453,261 
Premises and equipment, net146,417 152,477 
Operating lease right-of-use asset, net
(includes $97,596 and $102,322 with related parties)
99,125 104,181 
Finance lease right-of-use asset
(includes $24,802 and $26,867 with related parties)
29,111 42,218 
Loans eligible for repurchase from Ginnie Mae856,856 345,490 
Other assets111,416 83,834 
Total assets$11,871,854 $13,600,625 
Liabilities and Equity
Warehouse lines of credit$4,902,090 $6,443,992 
Derivative liabilities40,781 49,748 
Secured line of credit750,000 750,000 
Borrowings against investment securities 93,814 101,345 
Accounts payable, accrued expenses and other469,101 439,719 
Accrued distributions and dividends payable159,572 159,465 
Senior notes1,988,267 1,984,336 
Operating lease liability
(includes $104,495 and $109,473 with related parties)
106,024 111,332 
Finance lease liability
(includes $26,260 and $27,857 with related parties)
30,678 43,505 
Loans eligible for repurchase from Ginnie Mae856,856 345,490 
Total liabilities9,397,183 10,428,932 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 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 December 31, 2023 and December 31, 2022, respectively
10 9 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 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 December 31, 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 December 31, 2023 and December 31, 2022, respectively
150 150 
Additional paid-in capital1,702 903 
Retained earnings110,690 142,500 
Non-controlling interest2,362,119 3,028,131 
Total equity2,474,671 3,171,693 
Total liabilities and equity$11,871,854 $13,600,625 

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

For the three months ended
For the year ended
December 31,
2023		September 30,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Revenue
(Unaudited)
(Unaudited)
(Unaudited)
Loan production income$225,436 $288,930 $129,180 $1,000,547 $981,988 
Loan servicing income206,498 200,428 217,225 818,703 792,072 
Change in fair value of mortgage servicing rights(634,418)92,909 (150,808)(854,148)284,104 
Interest income87,901 94,849 106,837 346,225 314,462 
Total revenue, net(114,583)677,116 302,434 1,311,327 2,372,626 
Expenses
Salaries, commissions and benefits142,515 135,333 118,266 530,231 552,886 
Direct loan production costs27,977 36,184 17,396 104,262 90,369 
Marketing, travel, and entertainment25,600 20,117 22,976 84,515 74,168 
Depreciation and amortization11,472 11,563 11,713 46,146 45,235 
General and administrative38,209 44,904 49,668 170,423 179,549 
Servicing costs29,632 33,640 36,809 131,792 166,024 
Interest expense80,811 93,724 114,918 320,256 305,987 
Other expense (income)
(2,391)(76)(54)(5)23,739 
Total expenses353,825 375,389 371,692 1,387,620 1,437,957 
Earnings (loss) before income taxes
(468,408)301,727 (69,258)(76,293)934,669 
Provision (benefit) for income taxes
(7,452)734 (6,774)(6,511)2,811 
Net income (loss)
(460,956)300,993 (62,484)(69,782)931,858 
Net income (loss) attributable to non-controlling interest
(433,878)282,762 (62,207)(56,552)890,143 
Net income (loss) attributable to UWMC
$(27,078)$18,231 $(277)$(13,230)$41,715 
Earnings (loss) per share of Class A common stock:
Basic$(0.29)$0.20 $— $(0.14)$0.45 
Diluted$(0.29)$0.15 $(0.03)$(0.14)$0.45 
Weighted average shares outstanding:
Basic93,654,269 93,290,736 92,575,549 93,245,373 92,475,170 
Diluted93,654,269 1,596,624,780 1,594,645,336 93,245,373 92,475,170 




















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Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2023, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 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)
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Assets(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents$497,468 $729,616 $634,576 $740,063 $704,898 
Mortgage loans at fair value5,449,884 5,560,039 6,269,924 4,800,259 7,134,960 
Derivative assets33,019 92,791 61,407 61,136 82,869 
Investment securities at fair value, pledged110,352 104,526 111,625 114,275 113,290 
Accounts receivable, net512,070 385,922 347,865 433,747 383,147 
Mortgage servicing rights4,026,136 4,352,219 4,224,207 3,974,870 4,453,261 
Premises and equipment, net146,417 146,509 149,515 152,428 152,477 
Operating lease right-of-use asset, net99,125 100,427 101,686 102,923 104,181 
Finance lease right-of-use asset29,111 31,803 34,947 38,320 42,218 
Loans eligible for repurchase from Ginnie Mae856,856 617,490 409,078 440,775 345,490 
Other assets111,416 82,795 81,089 88,920 83,834 
Total assets$11,871,854 $12,204,137 $12,425,919 $10,947,716 $13,600,625 
Liabilities and Equity
Warehouse lines of credit$4,902,090 $5,066,900 $5,732,791 $4,259,834 $6,443,992 
Derivative liabilities40,781 38,882 21,734 62,742 49,748 
Secured line of credit750,000 500,000 500,000 500,000 750,000 
Borrowings against investment securities93,814 97,328 100,901 101,345 101,345 
Accounts payable, accrued expenses and other469,101 503,890 423,407 416,818 439,719 
Accrued distributions and dividends payable159,572 159,572 159,518 159,517 159,465 
Senior notes1,988,267 1,987,284 1,986,301 1,985,319 1,984,336 
Operating lease liability106,024 107,389 108,711 110,012 111,332 
Finance lease liability30,678 33,291 36,356 36,812 43,505 
Loans eligible for repurchase from Ginnie Mae856,856 617,490 409,078 440,775 345,490 
Total liabilities9,397,183 9,112,026 9,478,797 8,073,174 10,428,932 
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 December 31, 2023, 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
10 10 9 9 9 
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 capital1,702 1,484 1,267 1,036 903 
Retained earnings110,690 130,233 120,379 122,136 142,500 
Non-controlling interest2,362,119 2,960,234 2,825,317 2,751,211 3,028,131 
Total equity2,474,671 3,092,111 2,947,122 2,874,542 3,171,693 
Total liabilities and equity$11,871,854 $12,204,137 $12,425,919 $10,947,716 $13,600,625 
9




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

For the three months ended
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Revenue
Loan production income$225,436 $288,930 $280,757 $205,424 $129,180 
Loan servicing income206,498 200,428 193,220 218,557 217,225 
Change in fair value of mortgage servicing rights(634,418)92,909 24,648 (337,287)(150,808)
Interest income87,901 94,849 88,895 74,580 106,837 
Total revenue, net(114,583)677,116 587,520 161,274 302,434 
Expenses
Salaries, commissions and benefits142,515 135,333 131,380 121,003 118,266 
Direct loan production costs27,977 36,184 23,618 16,483 17,396 
Marketing, travel, and entertainment25,600 20,117 21,588 17,210 22,976 
Depreciation and amortization11,472 11,563 11,441 11,670 11,713 
General and administrative38,209 44,904 52,691 34,619 49,668 
Servicing costs29,632 33,640 31,658 36,862 36,809 
Interest expense80,811 93,724 82,437 63,284 114,918 
Other expense (income)(2,391)(76)2,703 (241)(54)
Total expenses353,825 375,389 357,516 300,890 371,692 
Earnings (loss) before income taxes(468,408)301,727 230,004 (139,616)(69,258)
Provision (benefit) for income taxes(7,452)734 1,210 (1,003)(6,774)
Net income (loss)(460,956)300,993 228,794 (138,613)(62,484)
Net income (loss) attributable to non-controlling interest(433,878)282,762 221,236 (126,672)(62,207)
Net income (loss) attributable to UWMC$(27,078)$18,231 $7,558 $(11,941)$(277)
Earnings (loss) per share of Class A common stock:
Basic$(0.29)$0.20 $0.08 $(0.13)$— 
Diluted$(0.29)$0.15 $0.08 $(0.13)$(0.03)
Weighted average shares outstanding:
Basic93,654,269 93,290,736 93,107,133 92,920,794 92,575,549 
Diluted93,654,269 1,596,624,780 93,107,133 92,920,794 1,594,645,336 
10