EX-99.1 2 q12025ex-991pressrelease.htm EX-99.1 Q1 EARNINGS RELEASE Document



Exhibit 99.1


uwmc_colorlogoa.jpg
UWM Holdings Corporation Announces
First Quarter 2025 Results

First Quarter Loan Origination Volume of $32.4 Billion, up 17% Year Over Year, Highest Q1 Originations Since 2022
PONTIAC, MI, May 6, 2025 - 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, 2025. Total loan origination volume was $32.4 billion for the first quarter 2025. The Company also reported 1Q25 total revenue of $613.4 million and a net loss of $247.0 million, inclusive of a decline in fair value of mortgage servicing rights of $388.6 million.
Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The first quarter marked another win for UWM. We executed with precision and broker market share grew. When rates briefly dipped, we swiftly capitalized on the refinance opportunity—all while maintaining our best-in-class performance in the purchase market. In both Q4 of 2024 and Q1 of 2025, we once again proved our ability to quickly adapt and scale in response to rate changes, a direct result of the investments and groundwork we've laid over the past three years. Our focus remains on building long-term, sustainable value—not chasing short-term gains—and we're confident in our ability to perform across all market conditions, even amid economic uncertainty and volatility."

First Quarter 2025 Highlights

•Originations of $32.4 billion in 1Q25, compared to $38.7 billion in 4Q24 and $27.6 billion in 1Q24
•Purchase originations of $21.7 billion in 1Q25, compared to $21.9 billion in 4Q24 and $22.1 billion in 1Q24
•Total gain margin of 94 bps in 1Q25 compared to 105 bps in 4Q24 and 108 bps in 1Q24
•Total revenue of $613.4 million in 1Q25 compared to $720.6 million in 4Q24 and $585.5 million in 1Q24
•Net loss of $247.0 million in 1Q25 compared to net income of $40.6 million in 4Q24 and net income of $180.5 million in 1Q24
•Adjusted EBITDA of $57.8 million in 1Q25 compared to $118.2 million in 4Q24 and $101.5 million in 1Q24
•Total equity of $1.6 billion at March 31, 2025, compared to $2.1 billion at December 31, 2024, and $2.5 billion at March 31, 2024
•Unpaid principal balance of MSRs of $214.6 billion with a WAC of 5.44% at March 31, 2025, compared to $242.4 billion with a WAC of 4.76% at December 31, 2024, and $229.7 billion with a WAC of 4.58% at March 31, 2024
•Ended 1Q25 with approximately $2.4 billion of available liquidity, including $485.0 million of cash and available borrowing capacity under our secured and unsecured lines of credit

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Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q1 2025Q4 2024Q1 2024
Loan origination volume(1)
$32,351,776$38,664,357$27,630,535
Total gain margin(1)(2)
0.94%1.05%1.08 %
Total revenue
$613,370 $720,596 $585,519
Net income (loss)
(247,028)40,613180,531
Diluted earnings (loss) per share
(0.12)0.020.09
Adjusted net income (loss) (3)
(195,300)33,040141,121
Adjusted EBITDA(3)
57,803118,158101,490
(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 2025Q4 2024Q1 2024
Cash and cash equivalents$485,024 $507,339 $605,639 
Mortgage loans at fair value8,402,211 9,516,537 7,338,135 
Mortgage servicing rights3,321,457 3,969,881 3,191,803 
Total assets14,048,433 15,671,116 12,797,334 
Non-funding debt (1)
3,149,687 3,401,066 2,311,850 
Total equity1,635,349 2,053,848 2,457,058 
Non-funding debt to equity (1)
1.93 1.66 0.94 
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
Q1 2025Q4 2024Q1 2024
Unpaid principal balance$214,615,072 $242,405,767 $229,706,006 
Weighted average interest rate5.44 %4.76 %4.58 %
Weighted average age (months)19 24 22 

First Quarter Business and Product Highlights

Sphere LOS Partnership

•We partnered with Sphere LOS, providing our brokers with an all-in-one workflow platform. The platform will be offered for free for UWM clients for two years to help with adoption of the software.

TRAC Lite Expansion

•TRAC Lite, a cost-effective title option for borrowers, was expanded to additional states. Now available in 14 states, this product is offered for a flat fee ranging from $375 to $475.

Paid Search Accelerator

•A UWM tool, designed to help loan officers increase their online visibility and lead generation. For a fixed cost, this tool helps enhance the online presence and brand building for loan officers, increase leads driven to LO’s Mortgage Matchup profiles and raises Google ads to the top of search results.



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Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:Q1 2025Q4 2024Q1 2024
Conventional$13,179,468 $13,841,424 $12,160,107 
Government6,673,499 6,069,761 7,567,925 
Jumbo and other (1)
1,894,070 1,941,420 2,393,397 
Total Purchase$21,747,037 $21,852,605 $22,121,429 
Refinance:Q1 2025Q4 2024Q1 2024
Conventional$4,339,327 $8,898,500 $1,716,281 
Government4,699,294 6,415,421 2,657,541 
Jumbo and other (1)
1,566,118 1,497,831 1,135,284 
Total Refinance$10,604,739 $16,811,752 $5,509,106 
Total Originations$32,351,776 $38,664,357 $27,630,535 
(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 2025 Outlook
We anticipate second quarter production to be in the $38 to $45 billion range, with gain margin from 90 to 115 basis points.
Dividend
Subsequent to March 31, 2025, for the eighteenth 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 10, 2025, to stockholders of record at the close of business on June 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 10, 2025.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 6, 2025, 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/Q4I746365
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials 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 before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities as we believe
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these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.
In addition, we disclose “Non-funding debt” and the “Non-funding debt to equity ratio” as a non-GAAP metric. We define “Non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, 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
Q1 2025Q4 2024Q1 2024
Earnings (loss) before income taxes
$(260,816)$42,332 $184,264 
Adjusted income tax (provision) benefit
65,516 (9,292)(43,143)
Adjusted net income (loss)
$(195,300)$33,040 $141,121 

Adjusted EBITDAQ1 2025Q4 2024Q1 2024
Net income (loss)
$(247,028)$40,613 $180,531 
Interest expense on non-funding debt50,081 44,882 40,243 
Provision (benefit) for income taxes
(13,788)1,719 3,733 
Depreciation and amortization11,340 11,094 11,340 
Stock-based compensation expense8,310 8,999 5,876 
Change in fair value of MSRs due to valuation inputs or assumptions
250,821 (456,253)(141,059)
Loss on other interest rate derivatives
— 469,538 — 
Deferred compensation, net914 2,191 1,063 
Change in fair value of Public and Private Warrants
(685)(8,495)(686)
Change in Tax Receivable Agreement liability
(442)(110)180 
Change in fair value of investment securities(1,721)3,980 269 
Adjusted EBITDA$57,803 $118,158 $101,490 

Non-funding debt and non-funding debt to equityQ1 2025Q4 2024Q1 2024
Senior notes$2,786,467 $2,785,326 $1,989,250 
Secured lines of credit250,000 500,000 200,000 
Borrowings against investment securities88,775 90,646 94,064 
Finance lease liability24,445 25,094 28,536 
Total non-funding debt$3,149,687 $3,401,066 $2,311,850 
Total equity$1,635,349 $2,053,848 $2,457,058 
Non-funding debt to equity1.93 1.66 0.94 

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 ability to quickly capitalize on the refinance markets and its impact on our market performance; (2) our ability to adapt and scale our business when interest rates move; (3) the launch of our internal servicing; (4) our ability to handle our origination volume while limiting the impact on our fixed costs; (5) our position amongst our competitors and ability to capture market share; (6) our beliefs regarding opportunities in 2025 for our business and the broker channel; (7) our beliefs regarding operational profitability; (8) growth of the wholesale and broker
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channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) the benefits and liquidity of our MSR portfolio; (11) our beliefs related to the amount and timing of our dividend; (12) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (13) our expectations related to production, gain margin and our overall success in the second quarter of 2025; (14) our performance in shifting market conditions and the comparison of such performance against our competitors; (15) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (16) our position and ability to capitalize on market opportunities and the impacts to our results and (17) our investments in technology and the impact to our operations, ability to scale and financial results. 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, more specifically caused by changes in Presidential Administration that affect interest rates and inflation; (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) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (vii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (viii) 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; (ix) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (x) UWM’s ability to continue to attract and retain its broker relationships; (xi) UWM’s ability to implement technological innovation, such as AI in our operations; (xii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiv) 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 (xv) 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 ten 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)

March 31,
2025		December 31,
2024
Assets
(Unaudited)
Cash and cash equivalents
(includes restricted cash of $16.1 million and $16.0 million, respectively)
$485,024 $507,339 
Mortgage loans at fair value8,402,211 9,516,537 
Derivative assets43,958 99,964 
Investment securities at fair value, pledged102,982 103,013 
Accounts receivable, net472,299 417,955 
Mortgage servicing rights3,321,457 3,969,881 
Premises and equipment, net153,855 146,199 
Operating lease right-of-use asset
(includes $91,208 and $92,553 with related parties)
92,450 93,730 
Finance lease right-of-use asset, net
(includes $22,221 and $22,737 with related parties)
22,464 23,193 
Loans eligible for repurchase from Ginnie Mae750,769 641,554 
Other assets200,964 151,751 
Total assets$14,048,433 $15,671,116 
Liabilities and Equity
Warehouse lines of credit$7,573,139 $8,697,744 
Derivative liabilities27,922 35,965 
Secured line of credit250,000 500,000 
Borrowings against investment securities 88,775 90,646 
Accounts payable, accrued expenses and other652,701 580,736 
Accrued distributions and dividends payable159,856 159,827 
Senior notes2,786,467 2,785,326 
Operating lease liability
(includes $97,768 and $99,199 with related parties)
99,010 100,376 
Finance lease liability
(includes $24,182 and $24,608 with related parties)
24,445 25,094 
Loans eligible for repurchase from Ginnie Mae750,769 641,554 
Total liabilities12,413,084 13,617,268 
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024
— — 
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 200,781,659 and 157,940,987 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
20 16 
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024
— — 
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024
— — 
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,397,782,620 and 1,440,332,098 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
140 144 
Additional paid-in capital4,298 3,523 
Retained earnings160,407 157,837 
Non-controlling interest1,470,484 1,892,328 
Total equity1,635,349 2,053,848 
Total liabilities and equity$14,048,433 $15,671,116 

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

For the three months ended
March 31,
2025		December 31,
2024		March 31,
2024
Revenue(Unaudited)(Unaudited)(Unaudited)
Loan production income$304,751 $407,229 $298,954 
Loan servicing income190,517 173,300 184,702 
Interest income118,102 140,067 101,863 
Total revenue
613,370 720,596 585,519 
MSR valuation adjustments
Change in fair value of mortgage servicing rights(388,585)309,149 (15,563)
Gain (loss) on other interest rate derivatives
— (469,538)— 
MSR valuation adjustments, net
(388,585)(160,389)(15,563)
Expenses
Salaries, commissions and benefits192,800 193,155 154,241 
Direct loan production costs43,127 54,958 31,436 
Marketing, travel, and entertainment22,190 30,771 19,111 
Depreciation and amortization11,340 11,094 11,340 
General and administrative68,148 60,314 40,809 
Servicing costs30,434 29,866 30,324 
Interest expense120,410 142,342 98,668 
Other expense (income)
(2,848)(4,625)(237)
Total expenses485,601 517,875 385,692 
Earnings (loss) before income taxes
(260,816)42,332 184,264 
Provision (benefit) for income taxes
(13,788)1,719 3,733 
Net income (loss)
(247,028)40,613 180,531 
Net income (loss) attributable to non-controlling interest
(233,349)31,694 171,801 
Net income (loss) attributable to UWMC$(13,679)$8,919 $8,730 
Earnings (loss) per share of Class A common stock:
Basic$(0.08)$0.06 $0.09 
Diluted$(0.12)$0.02 $0.09 
Weighted average shares outstanding:
Basic164,100,022 155,584,329 94,365,991 
Diluted1,598,383,240 1,598,241,235 1,598,647,205 


















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Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2025, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2025, 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,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Assets(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Cash and cash equivalents, including restricted cash$485,024 $507,339 $636,327 $680,153 $605,639 
Mortgage loans at fair value8,402,211 9,516,537 10,141,683 8,236,183 7,338,135 
Derivative assets43,958 99,964 66,977 54,962 34,050 
Investment securities at fair value, pledged102,982 103,013 108,964 105,593 108,323 
Accounts receivable, net472,299 417,955 561,901 516,838 554,443 
Mortgage servicing rights3,321,457 3,969,881 2,800,054 2,650,090 3,191,803 
Premises and equipment, net153,855 146,199 147,981 146,750 145,265 
Operating lease right-of-use asset92,450 93,730 95,123 96,474 97,801 
Finance lease right-of-use asset, net22,464 23,193 24,020 25,061 26,890 
Loans eligible for repurchase from Ginnie Mae750,769 641,554 391,696 279,290 577,487 
Other assets200,964 151,751 145,072 130,247 117,498 
Total assets$14,048,433 $15,671,116 $15,119,798 $12,921,641 $12,797,334 
Liabilities and Equity
Warehouse lines of credit$7,573,139 $8,697,744 $9,207,746 $7,429,591 $6,681,917 
Derivative liabilities27,922 35,965 93,599 26,171 26,918 
Secured line of credit250,000 500,000 300,000 — 200,000 
Borrowings against investment securities88,775 90,646 93,662 91,406 94,064 
Accounts payable, accrued expenses and other652,701 580,736 573,865 486,138 477,765 
Accrued distributions and dividends payable159,856 159,827 159,818 159,766 159,702 
Senior notes2,786,467 2,785,326 1,991,216 1,990,233 1,989,250 
Operating lease liability99,010 100,376 101,833 103,247 104,637 
Finance lease liability24,445 25,094 25,836 26,787 28,536 
Loans eligible for repurchase from Ginnie Mae750,769 641,554 391,696 279,290 577,487 
Total liabilities12,413,084 13,617,268 12,939,271 10,592,629 10,340,276 
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 - 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024, 113,150,968 as of September 30, 2024, 95,587,806 as of June 30, 2024 and 94,945,635 as of March 31, 2024
20 16 11 10 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; shares issued and outstanding - 1,397,782,620 as of March 31, 2025, 1,440,332,098 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented
140 144 149 150 150 
Additional paid-in capital4,298 3,523 2,644 2,305 2,085 
Retained earnings160,407 157,837 116,561 111,021 111,980 
Non-controlling interest1,470,484 1,892,328 2,061,162 2,215,526 2,342,834 
Total equity1,635,349 2,053,848 2,180,527 2,329,012 2,457,058 
Total liabilities and equity$14,048,433 $15,671,116 $15,119,798 $12,921,641 $12,797,334 





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

For the three months ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Revenue
Loan production income$304,751 $407,229 $465,548 $357,109 $298,954 
Loan servicing income190,517 173,300 134,753 143,910 184,702 
Interest income118,102 140,067 145,297 121,394 101,863 
Total revenue613,370 720,596 745,598 622,413 585,519 
MSR valuation adjustments
Change in fair value of mortgage servicing rights(388,585)309,149 (446,100)(142,485)(15,563)
Gain (loss) on other interest rate derivatives
— (469,538)226,936 27,166 — 
MSR valuation adjustments, net(388,585)(160,389)(219,164)(115,319)(15,563)
Expenses
Salaries, commissions and benefits192,800 193,155 181,453 160,311 154,241 
Direct loan production costs43,127 54,958 58,398 45,485 31,436 
Marketing, travel, and entertainment22,190 30,771 22,462 24,438 19,111 
Depreciation and amortization11,340 11,094 11,636 11,404 11,340 
General and administrative68,148 60,314 53,664 55,051 40,809 
Servicing costs30,434 29,866 25,009 25,787 30,324 
Interest expense120,410 142,342 141,102 108,651 98,668 
Other expense (income)(2,848)(4,625)421 (1,105)(237)
Total expenses485,601 517,875 494,145 430,022 385,692 
Earnings (loss) before income taxes(260,816)42,332 32,289 77,072 184,264 
Provision (benefit) for income taxes(13,788)1,719 344 786 3,733 
Net income (loss)(247,028)40,613 31,945 76,286 180,531 
Net income (loss) attributable to non-controlling interest(233,349)31,694 38,240 73,236 171,801 
Net income (loss) attributable to UWMC$(13,679)$8,919 $(6,295)$3,050 $8,730 
Earnings (loss) per share of Class A common stock:
Basic$(0.08)$0.06 $(0.06)$0.03 $0.09 
Diluted$(0.12)$0.02 $(0.06)$0.03 $0.09 
Weighted average shares outstanding:
Basic164,100,022 155,584,329 99,801,301 95,387,609 94,365,991 
Diluted1,598,383,240 1,598,241,235 99,801,301 95,387,609 1,598,647,205 
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