UWM 8K Announces Third Quarter 2023 Results | UWMC 8 Nov 23

Exhibit 99.1

UWM Holdings Corporation Announces

Third Quarter 2023 Results

Third Quarter Net Income of $301.0 Million.

Loan Origination Volume of $29.7 Billion, including Purchase Volume of $25.9 Billion.

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

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

•Originations of $29.7 billion in 3Q23, compared to $31.8 billion in 2Q23 and $33.5 billion in 3Q22

•Purchase originations of $25.9 billion in 3Q23, compared to $28.0 billion in 2Q23 and $27.7 billion in 3Q22

•Total gain margin of 97 bps in 3Q23 compared to 88 bps in 2Q23 and 52 bps in 3Q22

•Net income of $301.0 million in 3Q23 compared to $228.8 million in 2Q23 and $325.6 million 3Q22

•Adjusted EBITDA of $112.1 million in 3Q23 compared to $125.4 million in 2Q23 and $(1.4) million in 3Q22

•Total equity of $3.1 billion at September 30, 2023, compared to $2.9 billion at June 30, 2023, and $3.4 billion at September 30, 2022

•Unpaid principal balance of MSRs of $281.4 billion with a WAC of 4.20% at September 30, 2023, compared to $294.9 billion with a WAC of 3.84% at June 30, 2023, and $306.0 billion with a WAC of 3.44% at September 30, 2022

•Ended 3Q23 with approximately $2.9 billion of available liquidity, including $0.9 billion of cash and self-warehouse, and $2.0 billion of available borrowing capacity, which includes $1.5 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit

Production and Income Statement Highlights (dollars in thousands, except per share amounts)


	Q3 2023			Q2 2023			Q3 2022
Loan origination volume(1)	$	29,721,633		$	31,846,800		$	33,464,480
Total gain margin(1)(2)	0.97		%	0.88		%	0.52		%
Net income	$	300,993		$	228,794		$	325,610
Diluted EPS	0.15			0.08			0.13
Adjusted diluted EPS(3)	N/A			0.11			0.16
Adjusted net income(3)	234,713			178,920			254,294
Adjusted EBITDA(3)	112,062			125,380			(1,392)

(1)Key operational metric (see discussion below).

(2)Represents total loan production income divided by loan origination volume.

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

Balance Sheet Highlights as of Period-end (dollars in thousands)


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

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

Mortgage Servicing Rights (dollars in thousands)


	Q3 2023			Q2 2023			Q3 2022
Unpaid principal balance	$	281,373,662		$	294,945,929		$	306,016,670
Weighted average interest rate	4.20		%	3.84		%	3.44		%
Weighted average age (months)	20			20			14

Technology and Loan Product Launches

•Investor Flex, UWM’s Debt Service Coverage Ratio ("DSCR") loan product, has been expanded to offer four loan options, up to $2M for purchases and refinances, for real estate investor borrowers.

•Independent mortgage brokers now have access to improved pricing on loans under $200,000 and UWM has removed loan-level pricing adjustments on loans under $100,000.

•Expanded Safe Check to now include government and jumbo loans, as well as conventional loans, further protecting independent mortgage brokers and their borrowers from unwanted excessive credit trigger lead solicitations and helping borrowers save on increasing credit costs.

•Launched Safe Check Complete, allowing brokers to order a pre-qualification based on a three-bureau soft credit check for $23, with UWM offering a tri-merge hard credit report at no additional cost.

•Now accepting FHA/VA loans with FICOs above 580; had previously been at 620 FICO.

Operational Highlights

•Achieved Net Promoter Score of +86.4 in 3Q23.

•Our 1.09% 60+ days delinquency as of September 30, 2023, was significantly better than the industry average of 1.53% (Source: TransUnion, as of August 2023).

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)


Purchase:	Q3 2023		Q2 2023		Q3 2022
Conventional	$	16,237,031	$	17,607,736	$	19,246,298
Government	8,031,062		9,184,089		7,592,116
Jumbo and other (1)	1,624,824		1,243,350		854,925
Total Purchase	$	25,892,917	$	28,035,175	$	27,693,339

Refinance:	Q3 2023		Q2 2023		Q3 2022
Conventional	$	1,736,055	$	2,113,172	$	3,935,550
Government	1,528,848		1,336,350		1,640,127
Jumbo and other (1)	563,813		362,103		195,464
Total Refinance	$	3,828,716	$	3,811,625	$	5,771,141
Total Originations	$	29,721,633	$	31,846,800	$	33,464,480

(1) Comprised of non-agency jumbo products and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens) and construction loans.

Mat Ishbia, Chairman and CEO of UWMC, also said, "We certainly recognize that many in the industry are facing challenges. With that said, UWM will continue to embrace this cycle as a time for purchase dominance and investment in our future. We are not resting on any laurels, nor are we relaxing. We will continue to stay on offense while much of the industry is on defense."

Fourth Quarter 2023 Outlook

We anticipate fourth quarter production to be in the $19 to $26 billion range, with gain margin from 75 to 100 basis points.

Full Year 2023 Outlook

We anticipate full year 2023 production to be in the $103 to $110 billion range.

Dividend

Subsequent to September 30, 2023, for the twelfth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on January 11, 2024, to stockholders of record at the close of business on December 20, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about January 11, 2024.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, November 8, at 10:30 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

•https://conferencingportals.com/event/cXqxwDDv

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

“Loan origination volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Loan origination volume” is the aggregate principal of the residential mortgage loans originated by the Company during a period. “Total gain margin” represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides “Adjusted net income,” which is our pre-tax income adjusted for a 22.21% and 23.03% estimated annual effective tax rate for the periods during 2023 and 2022, respectively. “Adjusted net income” is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in Tax Receivable Agreement liability and the change in fair value of retained investment securities. We exclude the change in Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions, as these represent non-cash, non-realized adjustments to our earnings, which is not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose “Non-funding debt” and the “Non-funding debt to equity ratio” as a non-GAAP metric. We define “Non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, equipment note payable, and finance leases and the “Non-funding debt-to-equity ratio” as total non-funding debt divided by the Company’s total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance

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


Adjusted diluted EPS	Q2 2023		Q3 2022
Diluted weighted average Class A common stock outstanding	93,107,133		92,571,886
Assumed pro forma conversion of Class D common stock (1)	1,502,069,787		1,502,069,787
Adjusted diluted weighted average shares outstanding (1)	1,595,176,920		1,594,641,673

Adjusted net income	$	178,920	$	254,294
Adjusted diluted EPS	0.11		0.16

(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.







Adjusted EBITDA	Q3 2023		Q2 2023		Q3 2022
Net income	$	300,993	$	228,794	$	325,610
Interest expense on non-funding debt	42,825		42,756		29,786
Provision for income taxes	734		1,210		4,771
Depreciation and amortization	11,563		11,441		11,426
Stock-based compensation expense	3,822		3,567		1,986
Change in fair value of MSRs due to valuation inputs or assumptions	(236,044)		(164,526)		(373,232)

Deferred compensation, net	(11,755)		(564)		(8,468)
Change in fair value of Public and Private Warrants	(2,021)		1,175		(755)
Change in Tax Receivable Agreement liability	(3,000)		915		—
Change in fair value of investment securities	4,945		612		7,484
Adjusted EBITDA	$	112,062	$	125,380	$	(1,392)


Non-funding debt and non-funding debt to equity	Q3 2023		Q2 2023		Q3 2022
Senior notes	$	1,987,284	$	1,986,301	$	1,983,099
Secured lines of credit	500,000		500,000		—
Borrowings against investment securities	97,328		100,901		114,875
Equipment note payable	—		433		1,266
Finance lease liability	33,291		36,356		46,917
Total non-funding debt	$	2,617,903	$	2,623,991	$	2,146,157
Total equity	$	3,092,111	$	2,947,122	$	3,392,033
Non-funding debt to equity	0.85		0.89		0.63

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our position amongst our competitors and ability to capture market share; (2) our expectation that we will continue to generate significant purchase volume and remain highly profitable; (3) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (4) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (5) the benefits and liquidity of our MSR portfolio; (6) our beliefs related to the amount and timing of our dividend; (7) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (8) our expectations related to production and margin in the fourth quarter of 2023; (9) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (12) our position and ability to capitalize on market opportunities and the impacts to our results; (13) our investments in technology and the impact to our operations, ability to scale and financial results and (14) our purchase production and product portfolio. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including; (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (viii) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM’s ability to continue to attract and retain its broker relationships; (x) UWM’s ability to implement technological innovation; (xi) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for nine consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.


For inquiries regarding UWM, please contact:
INVESTOR CONTACT						MEDIA CONTACT
BLAKE KOLO						NICOLE ROBERTS
InvestorRelations@uwm.com						Media@uwm.com

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)


	September 30, 2023		December 31, 2022
Assets	(Unaudited)
Cash and cash equivalents	$	729,616	$	704,898
Mortgage loans at fair value	5,560,039		7,134,960
Derivative assets	92,791		82,869
Investment securities at fair value, pledged	104,526		113,290
Accounts receivable, net	385,922		383,147
Mortgage servicing rights	4,352,219		4,453,261
Premises and equipment, net	146,509		152,477
Operating lease right-of-use asset, net (includes $98,813 and $102,322 with related parties)	100,427		104,181
Finance lease right-of-use asset (includes $25,318 and $26,867 with related parties)	31,803		42,218
Loans eligible for repurchase from Ginnie Mae	617,490		345,490
Other assets	82,795		83,834
Total assets	$	12,204,137	$	13,600,625
Liabilities and Equity
Warehouse lines of credit	$	5,066,900	$	6,443,992
Derivative liabilities	38,882		49,748
Secured line of credit	500,000		750,000
Borrowings against investment securities	97,328		101,345
Accounts payable, accrued expenses and other	503,890		439,719
Accrued distributions and dividends payable	159,572		159,465

Senior notes	1,987,284		1,984,336

Operating lease liability (includes $105,775 and $109,473 with related parties)	107,389		111,332
Finance lease liability (includes $26,665 and $27,857 with related parties)	33,291		43,505
Loans eligible for repurchase from Ginnie Mae	617,490		345,490
Total liabilities	9,112,026		10,428,932
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022	—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 93,654,269 and 92,575,974 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	10		9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022	—		—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2023 or December 31, 2022	—		—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	150		150
Additional paid-in capital	1,484		903
Retained earnings	130,233		142,500
Non-controlling interest	2,960,234		3,028,131
Total equity	3,092,111		3,171,693
Total liabilities and equity	$	12,204,137	$	13,600,625

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)


	For the three months ended						For the nine months ended
	September 30, 2023		June 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Revenue
Loan production income	$	288,930	$	280,757	$	172,402	$	775,111	$	852,808
Loan servicing income	200,428		193,220		196,781		612,205		574,847
Change in fair value of mortgage servicing rights	92,909		24,648		236,780		(219,730)		434,912
Interest income	94,849		88,895		78,210		258,324		207,625
Total revenue, net	677,116		587,520		684,173		1,425,910		2,070,192
Expenses
Salaries, commissions and benefits	135,333		131,380		135,028		387,716		434,620
Direct loan production costs	36,184		23,618		20,498		76,285		72,973
Marketing, travel, and entertainment	20,117		21,588		17,730		58,915		51,192
Depreciation and amortization	11,563		11,441		11,426		34,674		33,522
General and administrative	44,904		52,691		51,649		132,214		129,881
Servicing costs	33,640		31,658		37,596		102,160		129,215
Interest expense	93,724		82,437		73,136		239,445		191,069
Other expense (income)	(76)		2,703		6,729		2,386		23,793
Total expenses	375,389		357,516		353,792		1,033,795		1,066,265
Earnings before income taxes	301,727		230,004		330,381		392,115		1,003,927
Provision for income taxes	734		1,210		4,771		941		9,585
Net income	300,993		228,794		325,610		391,174		994,342
Net income attributable to non-controlling interest	282,762		221,236		313,914		377,326		952,350
Net income attributable to UWMC	$	18,231	$	7,558	$	11,696	$	13,848	$	41,992

Earnings per share of Class A common stock:
Basic	$	0.20	$	0.08	$	0.13	$	0.15	$	0.45
Diluted	$	0.15	$	0.08	$	0.13	$	0.15	$	0.45
Weighted average shares outstanding:
Basic	93,290,736		93,107,133		92,571,886		93,107,576		92,441,342
Diluted	1,596,624,780		93,107,133		92,571,886		93,107,576		92,441,342

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2023, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2023, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)


	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Assets	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
Cash and cash equivalents	$	729,616	$	634,576	$	740,063	$	704,898	$	799,534
Mortgage loans at fair value	5,560,039		6,269,924		4,800,259		7,134,960		5,031,068
Derivative assets	92,791		61,407		61,136		82,869		385,348
Investment securities at fair value, pledged	104,526		111,625		114,275		113,290		115,079
Accounts receivable, net	385,922		347,865		433,747		383,147		556,153
Mortgage servicing rights	4,352,219		4,224,207		3,974,870		4,453,261		4,305,686
Premises and equipment, net	146,509		149,515		152,428		152,477		152,172
Operating lease right-of-use asset, net	100,427		101,686		102,923		104,181		101,377
Finance lease right-of-use asset	31,803		34,947		38,320		42,218		45,667
Loans eligible for repurchase from Ginnie Mae	617,490		409,078		440,775		345,490		310,149
Other assets	82,795		81,089		88,920		83,834		87,850
Total assets	$	12,204,137	$	12,425,919	$	10,947,716	$	13,600,625	$	11,890,083
Liabilities and Equity
Warehouse lines of credit	$	5,066,900	$	5,732,791	$	4,259,834	$	6,443,992	$	4,712,719
Derivative liabilities	38,882		21,734		62,742		49,748		215,330
Secured line of credit	500,000		500,000		500,000		750,000		—
Borrowings against investment securities	97,328		100,901		101,345		101,345		114,875
Accounts payable, accrued expenses and other	503,890		423,407		416,818		439,719		846,905
Accrued distributions and dividends payable	159,572		159,518		159,517		159,465		159,465

Senior notes	1,987,284		1,986,301		1,985,319		1,984,336		1,983,099
Operating lease liability	107,389		108,711		110,012		111,332		108,591
Finance lease liability	33,291		36,356		36,812		43,505		46,917
Loans eligible for repurchase from Ginnie Mae	617,490		409,078		440,775		345,490		310,149
Total liabilities	9,112,026		9,478,797		8,073,174		10,428,932		8,498,050
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented	—		—		—		—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 93,654,269 as of September 30, 2023 , 93,114,878 as of June 30, 2023, 93,101,971 as of March 31, 2023, and 92,575,974 as of December 31, 2022 and 92,575,425 as of September 30, 2022	10		9		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 capital	1,484		1,267		1,036		903		784
Retained earnings	130,233		120,379		122,136		142,500		141,194
Non-controlling interest	2,960,234		2,825,317		2,751,211		3,028,131		3,249,896
Total equity	3,092,111		2,947,122		2,874,542		3,171,693		3,392,033
Total liabilities and equity	$	12,204,137	$	12,425,919	$	10,947,716	$	13,600,625	$	11,890,083

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)


	For the three months ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Revenue
Loan production income	$	288,930	$	280,757	$	205,424	$	129,180	$	172,402
Loan servicing income	200,428		193,220		218,557		217,225		196,781
Change in fair value of mortgage servicing rights	92,909		24,648		(337,287)		(150,808)		236,780

Interest income	94,849		88,895		74,580		106,837		78,210
Total revenue, net	677,116		587,520		161,274		302,434		684,173
Expenses
Salaries, commissions and benefits	135,333		131,380		121,003		118,266		135,028
Direct loan production costs	36,184		23,618		16,483		17,396		20,498
Marketing, travel, and entertainment	20,117		21,588		17,210		22,976		17,730
Depreciation and amortization	11,563		11,441		11,670		11,713		11,426
General and administrative	44,904		52,691		34,619		49,668		51,649
Servicing costs	33,640		31,658		36,862		36,809		37,596

Interest expense	93,724		82,437		63,284		114,918		73,136
Other expense (income)	(76)		2,703		(241)		(54)		6,729
Total expenses	375,389		357,516		300,890		371,692		353,792
Earnings (loss) before income taxes	301,727		230,004		(139,616)		(69,258)		330,381
Provision (benefit) for income taxes	734		1,210		(1,003)		(6,774)		4,771
Net income (loss)	300,993		228,794		(138,613)		(62,484)		325,610
Net income (loss) attributable to non-controlling interest	282,762		221,236		(126,672)		(62,207)		313,914
Net income (loss) attributable to UWMC	$	18,231	$	7,558	$	(11,941)	$	(277)	$	11,696

Earnings (loss) per share of Class A common stock:
Basic	$	0.20	$	0.08	$	(0.13)	$	—	$	0.13
Diluted	$	0.15	$	0.08	$	(0.13)	$	(0.03)	$	0.13
Weighted average shares outstanding:
Basic	93,290,736		93,107,133		92,920,794		92,575,549		92,571,886
Diluted	1,596,624,780		93,107,133		92,920,794		1,594,645,336		92,571,886

UWM (UWMC) 8-KUWM Holdings Corporation Announces Third Quarter 2023 Results