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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Loan production income $ 465,548 $ 288,930 $ 1,121,611 $ 775,111
Loan servicing income 134,753 200,428 463,365 612,205
Change in fair value of mortgage servicing rights (446,100) 92,909 (604,148) (219,730)
Gain on other interest rate derivatives 226,936 0 254,102 0
Interest income 145,297 94,849 368,554 258,324
Total revenue, net 526,434 677,116 1,603,484 1,425,910
Expenses        
Salaries, commissions and benefits 181,453 135,333 496,005 387,716
Direct loan production costs 58,398 36,184 135,319 76,285
Marketing, travel, and entertainment 22,462 20,117 66,011 58,915
Depreciation and amortization 11,636 11,563 34,380 34,674
General and administrative 53,664 44,904 149,524 132,214
Servicing costs 25,009 33,640 81,120 102,160
Interest expense 141,102 93,724 348,421 239,445
Other expense (income) 421 (76) (921) 2,386
Total expenses 494,145 375,389 1,309,859 1,033,795
Earnings before income taxes 32,289 301,727 293,625 392,115
Provision for income taxes 344 734 4,863 941
Net income 31,945 300,993 288,762 391,174
Net income attributable to non-controlling interest 38,240 282,762 283,277 377,326
Net income (loss) attributable to UWM Holdings Corporation $ (6,295) $ 18,231 $ 5,485 $ 13,848
Earnings (loss) per share of Class A common stock (see Note 17):        
Basic (in usd per share) $ (0.06) $ 0.20 $ 0.06 $ 0.15
Diluted (in usd per share) $ (0.06) $ 0.15 $ 0.06 $ 0.15
Weighted average shares outstanding:        
Basic (in shares) 99,801,301 93,290,736 96,530,282 93,107,576
Diluted (in shares) 99,801,301 1,596,624,780 96,530,282 93,107,576