0001783398-24-000018.txt : 20240509 0001783398-24-000018.hdr.sgml : 20240509 20240509084613 ACCESSION NUMBER: 0001783398-24-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UWM Holdings Corp CENTRAL INDEX KEY: 0001783398 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] ORGANIZATION NAME: 02 Finance 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: 24928809 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-20240509.htm 8-K xbrl-20240509
FALSE000178339800017833982024-05-092024-05-090001783398us-gaap:CommonClassAMember2024-05-092024-05-090001783398us-gaap:WarrantMember2024-05-092024-05-09

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): May 9, 2024
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 May 9, 2024, UWM Holdings Corporation, (the “Company”) issued a press release announcing its results for the first quarter ended March 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On May 9, 2024, 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 July 11, 2024, to stockholders of record at the close of business on June 20, 2024. The Board also approved a proportional distribution to SFS Corp., of $150.2 million which is payable on or about July 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: May 9, 2024

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 q12024ex-991pressrelease.htm EX-99.1 EARNINGS RELEASE Document



Exhibit 99.1


uwmc_colorlogo.jpg
UWM Holdings Corporation Announces
First Quarter 2024 Results

First Quarter Net Income of $180.5 Million. Loan Origination Volume of $27.6 Billion,
Including Purchase Volume of $22.1 Billion.
PONTIAC, MI, May 9, 2024 - UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the first quarter ended March 31, 2024. Total loan origination volume for the first quarter 2024 was $27.6 billion, of which $22.1 billion was purchase volume. The Company reported 1Q24 net income of $180.5 million, inclusive of a $15.6 million decline in the fair value of MSRs, and diluted earnings per share of $0.09.

Mat Ishbia, Chairman and CEO of UWMC, said, "We continue to see positive results from our strategy and investments. Both volume and margin are strengthening and we delivered increased volume performance relative to the fourth quarter of last year. Additionally, despite being in a higher rate environment, we originated 24% more loans than we did in the first quarter of 2023. Even more impressive is the fact that our purchase volume of $22.1 billion was considerably higher than Q1 2023 despite all the industry talk of higher interest rates and lack of inventory. This is reflective of the overall health of our business and soundness in our strategy. I am confident the strong momentum we’ve seen in the broker channel will remain on an upward trajectory and UWM and mortgage brokers will continue to win."

First Quarter 2024 Highlights

•Originations of $27.6 billion in 1Q24, compared to $24.4 billion in 4Q23 and $22.3 billion in 1Q23
•Purchase originations of $22.1 billion in 1Q24, a UWM record for first quarter purchase volume, compared to $20.7 billion in 4Q23 and $19.2 billion in 1Q23
•Total gain margin of 108 bps in 1Q24 compared to 92 bps in 4Q23 and 92 bps in 1Q23
•Net income of $180.5 million in 1Q24 compared to net loss of $461.0 million in 4Q23 and net loss of $138.6 million in 1Q23
•Adjusted EBITDA of $101.5 million in 1Q23 compared to $99.6 million in 4Q23 and $141.0 million in 1Q23
•Total equity of $2.5 billion at March 31, 2024, compared to $2.5 billion at December 31, 2023, and $2.9 billion at March 31, 2023
•Unpaid principal balance of MSRs of $229.7 billion with a WAC of 4.58% at March 31, 2024, compared to $299.5 billion with a WAC of 4.43% at December 31, 2023, and $297.9 billion with a WAC of 3.66% at March 31, 2023
•Ended 1Q24 with approximately $2.9 billion of available liquidity, including $605.6 million of cash, and $2.3 billion of available borrowing capacity, which includes $1.8 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

1




Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q1 2024Q4 2023Q1 2023
Loan origination volume(1)
$27,630,535 $24,372,436 $22,335,014 
Total gain margin(1)(2)
1.08 %0.92 %0.92 %
Net income (loss)
$180,531 $(460,956)$(138,613)
Diluted earnings (loss) per share
0.09 (0.29)(0.13)
Adjusted diluted earnings (loss) per share(3)
N/A
(0.23)(0.07)
Adjusted net income (loss)(3)
141,121 (361,002)(106,625)
Adjusted EBITDA(3)
101,490 99,566 140,994 
 
(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)
Q1 2024Q4 2023Q1 2023
Cash and cash equivalents$605,639 $497,468 $740,063 
Mortgage loans at fair value7,338,135 5,449,884 4,800,259 
Mortgage servicing rights3,191,803 4,026,136 3,974,870 
Total assets12,797,334 11,871,854 10,947,716 
Non-funding debt (1)
2,311,850 2,862,759 2,623,962 
Total equity2,457,058 2,474,671 2,874,542 
Non-funding debt to equity (1)
0.94 1.16 0.91 

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

Mortgage Servicing Rights (dollars in thousands)
Q1 2024Q4 2023Q1 2023
Unpaid principal balance$229,706,006 $299,456,189 $297,906,035 
Weighted average interest rate4.58 %4.43 %3.66 %
Weighted average age (months)22 21 18 
First Quarter Business and Product Highlights
•Mortgage Matchup – A new and improved version of the site formally known as FindAMortgageBroker.com. Mortgage Matchup continues to be a consumer-facing website geared toward homebuyers and real estate agents, and offers educational material around the home buying and refinancing process, along with a searchable database of independent mortgage brokers

•Refi 100 – A 100-basis point pricing incentive on any note rate for conventional rate and term refinances. This pricing incentive helped independent mortgage brokers who work with UWM create refinance opportunities with their borrowers

•1% Down Expansion – When income-qualified borrowers put 1% down, UWM pays an additional 2% toward their down payment, up to $4,000, for a total of 3% down

•No-Cost Credit Reports – UWM is now covering the cost of hard credit report pulls for its broker partners. This initiative aims to combat the impact of increasingly high credit report costs, an out-of-pocket expense for brokers





2




Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q1 2024Q4 2023Q1 2023
Conventional$12,160,107 $12,033,818 $12,969,966 
Government7,567,925 6,805,530 5,623,050 
Jumbo and other (1)
2,393,397 1,842,108 652,780 
Total Purchase$22,121,429 $20,681,456 $19,245,796 
Refinance:Q1 2024Q4 2023Q1 2023
Conventional$1,716,281 $1,386,645 $1,869,911 
Government2,657,541 1,389,884 941,775 
Jumbo and other (1)
1,135,284 914,451 277,532 
Total Refinance$5,509,106 $3,690,980 $3,089,218 
Total Originations$27,630,535 $24,372,436 $22,335,014 
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens).

Second Quarter 2024 Outlook
We anticipate second quarter production to be in the $28 to $35 billion range, with gain margin from 85 to 110 basis points.
Dividend
Subsequent to March 31, 2024, for the fourteenth 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 July 11, 2024, to stockholders of record at the close of business on June 20, 2024. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about July 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, May 9, 2024, at 10:00 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/Q4I430216
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 Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation
3




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)
Q1 2024Q4 2023Q1 2023
Earnings (loss) before income taxes
$184,264 $(468,408)$(139,616)
Adjusted income tax (provision) benefit
(43,143)107,406 32,991 
Adjusted net income (loss)
$141,121 $(361,002)$(106,625)

Adjusted diluted EPSQ4 2023Q1 2023
Diluted weighted average Class A common stock outstanding93,654,269 92,920,794 
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)
1,595,724,056 1,594,990,581 
Adjusted net income (loss)
$(361,002)$(106,625)
Adjusted diluted EPS(0.23)(0.07)
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDAQ1 2024Q4 2023Q1 2023
Net income (loss)
$180,531 $(460,956)$(138,613)
Interest expense on non-funding debt40,243 43,946 42,703 
Provision (benefit) for income taxes
3,733 (7,452)(1,003)
Depreciation and amortization11,340 11,472 11,670 
Stock-based compensation expense5,876 3,961 2,482 
Change in fair value of MSRs due to valuation inputs or assumptions (141,059)507,686 222,915 
Deferred compensation, net1,063 3,300 1,081 
Change in fair value of Public and Private Warrants(686)4,808 2,098 
Change in Tax Receivable Agreement liability
180 260 250 
Change in fair value of investment securities269 (7,459)(2,589)
Adjusted EBITDA$101,490 $99,566 $140,994 

4




Non-funding debt and non-funding debt to equityQ1 2024Q4 2023Q1 2023
Senior notes$1,989,250 $1,988,267 $1,985,319 
Secured lines of credit200,000 750,000 500,000 
Borrowings against investment securities94,064 93,814 101,345 
Equipment note payable— — 486 
Finance lease liability28,536 30,678 36,812 
Total non-funding debt$2,311,850 $2,862,759 $2,623,962 
Total equity$2,457,058 $2,474,671 $2,874,542 
Non-funding debt to equity0.94 1.16 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 using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our position amongst our competitors and ability to capture market share; (2) our investment in our people, products and technology, and the benefits of 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 second 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.








5




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
6




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

March 31,
2024		December 31,
2023
Assets
(Unaudited)
Cash and cash equivalents$605,639 $497,468 
Mortgage loans at fair value7,338,135 5,449,884 
Derivative assets34,050 33,019 
Investment securities at fair value, pledged108,323 110,352 
Accounts receivable, net554,443 512,070 
Mortgage servicing rights3,191,803 4,026,136 
Premises and equipment, net145,265 146,417 
Operating lease right-of-use asset, net
(includes $96,358 and $97,596 with related parties)
97,801 99,125 
Finance lease right-of-use asset
(includes $24,286 and $24,802 with related parties)
26,890 29,111 
Loans eligible for repurchase from Ginnie Mae577,487 856,856 
Other assets117,498 111,416 
Total assets$12,797,334 $11,871,854 
Liabilities and Equity
Warehouse lines of credit$6,681,917 $4,902,090 
Derivative liabilities26,918 40,781 
Secured line of credit200,000 750,000 
Borrowings against investment securities 94,064 93,814 
Accounts payable, accrued expenses and other477,765 469,101 
Accrued distributions and dividends payable159,702 159,572 
Senior notes1,989,250 1,988,267 
Operating lease liability
(includes $103,194 and $104,495 with related parties)
104,637 106,024 
Finance lease liability
(includes $25,851 and $26,260 with related parties)
28,536 30,678 
Loans eligible for repurchase from Ginnie Mae577,487 856,856 
Total liabilities10,340,276 9,397,183 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 94,945,635 and 93,654,269 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
9 10 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
150 150 
Additional paid-in capital2,085 1,702 
Retained earnings111,980 110,690 
Non-controlling interest2,342,834 2,362,119 
Total equity2,457,058 2,474,671 
Total liabilities and equity$12,797,334 $11,871,854 

7




UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
March 31,
2024		December 31,
2023		March 31,
2023
Revenue
Loan production income$298,954 $225,436 $205,424 
Loan servicing income184,702 206,498 218,557 
Change in fair value of mortgage servicing rights(15,563)(634,418)(337,287)
Interest income101,863 87,901 74,580 
Total revenue, net569,956 (114,583)161,274 
Expenses
Salaries, commissions and benefits154,241 142,515 121,003 
Direct loan production costs31,436 27,977 16,483 
Marketing, travel, and entertainment19,111 25,600 17,210 
Depreciation and amortization11,340 11,472 11,670 
General and administrative40,809 38,209 34,619 
Servicing costs30,324 29,632 36,862 
Interest expense98,668 80,811 63,284 
Other income
(237)(2,391)(241)
Total expenses385,692 353,825 300,890 
Earnings (loss) before income taxes
184,264 (468,408)(139,616)
Provision (benefit) for income taxes
3,733 (7,452)(1,003)
Net income (loss)
180,531 (460,956)(138,613)
Net income (loss) attributable to non-controlling interest
171,801 (433,878)(126,672)
Net income (loss) attributable to UWMC
$8,730 $(27,078)$(11,941)
Earnings (loss) per share of Class A common stock:
Basic$0.09 $(0.29)$(0.13)
Diluted$0.09 $(0.29)$(0.13)
Weighted average shares outstanding:
Basic94,365,991 93,654,269 92,920,794 
Diluted1,598,647,205 93,654,269 92,920,794 





















8




Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2024, 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)
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Assets
(Unaudited)
(Unaudited)(Unaudited)
(Unaudited)
Cash and cash equivalents$605,639 $497,468 $729,616 $634,576 $740,063 
Mortgage loans at fair value7,338,135 5,449,884 5,560,039 6,269,924 4,800,259 
Derivative assets34,050 33,019 92,791 61,407 61,136 
Investment securities at fair value, pledged108,323 110,352 104,526 111,625 114,275 
Accounts receivable, net554,443 512,070 385,922 347,865 433,747 
Mortgage servicing rights3,191,803 4,026,136 4,352,219 4,224,207 3,974,870 
Premises and equipment, net145,265 146,417 146,509 149,515 152,428 
Operating lease right-of-use asset, net97,801 99,125 100,427 101,686 102,923 
Finance lease right-of-use asset26,890 29,111 31,803 34,947 38,320 
Loans eligible for repurchase from Ginnie Mae577,487 856,856 617,490 409,078 440,775 
Other assets117,498 111,416 82,795 81,089 88,920 
Total assets$12,797,334 $11,871,854 $12,204,137 $12,425,919 $10,947,716 
Liabilities and Equity
Warehouse lines of credit$6,681,917 $4,902,090 $5,066,900 $5,732,791 $4,259,834 
Derivative liabilities26,918 40,781 38,882 21,734 62,742 
Secured line of credit200,000 750,000 500,000 500,000 500,000 
Borrowings against investment securities94,064 93,814 97,328 100,901 101,345 
Accounts payable, accrued expenses and other477,765 469,101 503,890 423,407 416,818 
Accrued distributions and dividends payable159,702 159,572 159,572 159,518 159,517 
Senior notes1,989,250 1,988,267 1,987,284 1,986,301 1,985,319 
Operating lease liability104,637 106,024 107,389 108,711 110,012 
Finance lease liability28,536 30,678 33,291 36,356 36,812 
Loans eligible for repurchase from Ginnie Mae577,487 856,856 617,490 409,078 440,775 
Total liabilities10,340,276 9,397,183 9,112,026 9,478,797 8,073,174 
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 - 94,945,635 as of March 31, 2024, 93,654,269 as of December 31, 2023, 93,654,269 as of September 30, 2023, 93,114,878 as of June 30, 2023 and 93,101,971 as of March 31, 2023
9 10 10 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 capital2,085 1,702 1,484 1,267 1,036 
Retained earnings111,980 110,690 130,233 120,379 122,136 
Non-controlling interest2,342,834 2,362,119 2,960,234 2,825,317 2,751,211 
Total equity2,457,058 2,474,671 3,092,111 2,947,122 2,874,542 
Total liabilities and equity$12,797,334 $11,871,854 $12,204,137 $12,425,919 $10,947,716 
9




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

For the three months ended
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Revenue
Loan production income$298,954 $225,436 $288,930 $280,757 $205,424 
Loan servicing income184,702 206,498 200,428 193,220 218,557 
Change in fair value of mortgage servicing rights(15,563)(634,418)92,909 24,648 (337,287)
Interest income101,863 87,901 94,849 88,895 74,580 
Total revenue, net569,956 (114,583)677,116 587,520 161,274 
Expenses
Salaries, commissions and benefits154,241 142,515 135,333 131,380 121,003 
Direct loan production costs31,436 27,977 36,184 23,618 16,483 
Marketing, travel, and entertainment19,111 25,600 20,117 21,588 17,210 
Depreciation and amortization11,340 11,472 11,563 11,441 11,670 
General and administrative40,809 38,209 44,904 52,691 34,619 
Servicing costs30,324 29,632 33,640 31,658 36,862 
Interest expense98,668 80,811 93,724 82,437 63,284 
Other expense (income)(237)(2,391)(76)2,703 (241)
Total expenses385,692 353,825 375,389 357,516 300,890 
Earnings (loss) before income taxes184,264 (468,408)301,727 230,004 (139,616)
Provision (benefit) for income taxes3,733 (7,452)734 1,210 (1,003)
Net income (loss)180,531 (460,956)300,993 228,794 (138,613)
Net income (loss) attributable to non-controlling interest171,801 (433,878)282,762 221,236 (126,672)
Net income (loss) attributable to UWMC$8,730 $(27,078)$18,231 $7,558 $(11,941)
Earnings (loss) per share of Class A common stock:
Basic$0.09 $(0.29)$0.20 $0.08 $(0.13)
Diluted$0.09 $(0.29)$0.15 $0.08 $(0.13)
Weighted average shares outstanding:
Basic94,365,991 93,654,269 93,290,736 93,107,133 92,920,794 
Diluted1,598,647,205 93,654,269 1,596,624,780 93,107,133 92,920,794 
10

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Cover
May 09, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 09, 2024
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 May 09, 2024
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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