UWM Holdings Corporation Announces Fourth Quarter & Full Year 2024 Results

Rhea-AI Summary

UWM Holdings (NYSE: UWMC) reported strong financial results for Q4 and full year 2024. The company achieved total loan origination volume of $139.4 billion for 2024, up nearly 30% year-over-year, with a gain margin of 110 basis points.

Key highlights include:

• Record purchase originations of $96.1 billion in 2024
• Refinance originations increased 201% to $43.4 billion in 2024
• Net income of $329.4 million in 2024, compared to a net loss of $69.8 million in 2023
• Q4 2024 net income of $40.6 million with originations of $38.7 billion

The company maintains strong liquidity with approximately $2.5 billion available, including $507.3 million in cash. For Q1 2025, UWM anticipates production between $28-35 billion with gain margins of 90-115 basis points. The Board declared a cash dividend of $0.10 per share, marking the seventeenth consecutive quarter of dividends.

Positive

• Net income improved to $329.4M in 2024 from -$69.8M loss in 2023
• Total loan origination volume up 30% YoY to $139.4B
• Record purchase originations of $96.1B in 2024
• Refinance originations increased 201% to $43.4B
• Gain margin improved 19% to 110 bps in 2024
• Strong liquidity position of $2.5B available

Negative

• Total equity decreased to $2.1B from $2.5B YoY
• Q4 purchase originations declined to $21.9B from $26.2B QoQ
• Q4 gain margin decreased to 105 bps from 118 bps QoQ

Insights

Financial Analyst

UWMC's Q4 and full-year 2024 results reveal exceptional performance amid challenging market conditions, with full-year loan origination volume reaching $139.4 billion – a 29% increase over 2023. This growth stands out considering 2024 recorded the lowest existing home sales since 1995.

The company's financial transformation is remarkable, swinging from a $69.8 million net loss in 2023 to $329.4 million in net income for 2024. This turnaround was driven by two key factors: volume growth and margin expansion. The total gain margin improved to 110 bps, up 19% from 2023's 92 bps – significantly outperforming industry averages that typically hover around 75-85 bps.

UWMC's ability to triple refinance volume to $43.4 billion despite the high-rate environment demonstrates exceptional execution and product differentiation. Meanwhile, purchase originations reached a record $96.1 billion, showing the company's strengthening position in the core purchase market.

The company's technology investments, particularly ChatUWM's AI capabilities that reduced income calculation time from minutes to seconds, are creating meaningful operational efficiencies. Management's assertion that they can handle double the current volume without adding fixed costs suggests significant embedded operating leverage that could dramatically improve profitability in a more favorable market environment.

With $2.5 billion in available liquidity and a $242.4 billion MSR portfolio, UWMC maintains a strong balance sheet position. The Q1 2025 guidance of $28-35 billion in originations with 90-115 bps gain margins indicates some seasonal slowdown but continued healthy margins.

The company's seventeenth consecutive $0.10 quarterly dividend demonstrates confidence in sustainable cash flow generation, though the declining equity position (from $2.5 billion to $2.1 billion year-over-year) warrants monitoring.

Industry Analyst

UWM's 2024 results demonstrate remarkable market share expansion in a historically challenging mortgage environment. With industry-wide existing home sales at their lowest since 1995, UWM not only grew total originations by 29% to $139.4 billion but simultaneously expanded gain margins by 19% to 110 bps – a rare achievement in an industry where volume and margin typically move inversely.

The company's wholesale channel focus is proving increasingly effective as broker market share continues to expand. UWM's exceptional Net Promoter Score of +82.5 and industry-leading 17-day application-to-clear-to-close timeline demonstrate why mortgage brokers are increasingly routing business through their platform. These operational metrics significantly outperform industry averages that typically range from 30-45 days for loan processing.

UWM's technology investments are creating measurable competitive advantages. Their AI-powered ChatUWM platform has transformed income calculation from a minutes-long manual process to an automated solution completed in seconds. This technology infrastructure explains management's confident assertion that they could double volume without increasing fixed costs – suggesting a 40-50% potential reduction in unit costs at scale.

The company's product innovation strategy is yielding results, particularly with the Conventional Cash-Out 90 offering that allows borrowers to access up to 89.99% LTV without mortgage insurance – addressing the significant untapped equity in today's housing market estimated at over $11 trillion nationally.

While the $2.1 billion equity position (down from $2.5 billion YoY) warrants monitoring, the $2.5 billion in available liquidity provides substantial operational flexibility. The MSR portfolio at $242.4 billion with a 4.76% WAC represents a valuable asset that should generate significant servicing income while providing natural hedging against market shifts.

The Q1 guidance suggests typical seasonal moderation but maintains healthy margins, positioning UWM to capitalize on potential market expansion as rates potentially decline through 2025.

Full Year 2024 Loan Origination Volume of $139.4 Billion and Gain Margin of 110 Basis Points

PONTIAC, Mich.--(BUSINESS WIRE)-- 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, 2024. Total loan origination volume was $38.7 billion for the fourth quarter 2024 and $139.4 billion for the full year 2024. The Company reported 4Q24 net income of $40.6 million and full year 2024 net income of $329.4 million.

Mat Ishbia, Chairman and CEO of UWMC, said, "It's not by chance that UWM continues to perform at a high level - it's a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day. Our dominance in the mortgage industry comes down to one simple truth: We never stop improving so we can be the best option for our partners and their borrowers. I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the US since 1995. In addition we tripled our refinance volume in 2024 compared to 2023 despite the interest rate environment. We have also continued to invest in our people and technology such that we believe we can do double the volume without adding to our fixed costs. The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, will continue to be a championship combination in the future."

Fourth Quarter 2024 Highlights

• Originations of $38.7 billion in 4Q24, compared to $39.5 billion in 3Q24 and $24.4 billion in 4Q23
• Purchase originations of $21.9 billion in 4Q24, compared to $26.2 billion in 3Q24 and $20.7 billion in 4Q23
• Total gain margin of 105 bps in 4Q24 compared to 118 bps in 3Q24 and 92 bps in 4Q23
• Net income of $40.6 million in 4Q24 compared to net income of $31.9 million in 3Q24 and net loss of $461.0 million in 4Q23
• Adjusted EBITDA of $118.2 million in 4Q24 compared to $107.2 million in 3Q24 and $99.6 million in 4Q23
• Total equity of $2.1 billion at December 31, 2024, compared to $2.2 billion at September 30, 2024, and $2.5 billion at December 31, 2023
• Unpaid principal balance of MSRs of $242.4 billion with a WAC of 4.76% at December 31, 2024, compared to $212.2 billion with a WAC of 4.56% at September 30, 2024, and $299.5 billion with a WAC of 4.43% at December 31, 2023
• Ended 4Q24 with approximately $2.5 billion of available liquidity, including $507.3 million of cash and available borrowing capacity under our secured and unsecured lines of credit

Full Year 2024 Highlights

• Originations of $139.4 billion in 2024, compared to $108.3 billion in 2023
• Record purchase originations of $96.1 billion in 2024, compared to $93.9 billion in 2023
• Refinance originations of $43.4 billion in 2024, an increase of 201%, compared to $14.4 billion in 2023
• Net income of $329.4 million in 2024, as compared to a net loss of $69.8 million in 2023
• Gain margin of 110 bps in 2024, an increase of 19%, compared to 92 bps in 2023

Mat Ishbia, Chairman and CEO of UWMC, also said, "It's important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost 30% year-over-year increase in overall loan production and a nearly 20% increase in gain margin. I am excited to see what we can accomplish together in 2025."

Production and Income Statement Highlights (dollars in thousands, except per share amounts)
	Q4 2024				Q3 2024				Q4 2023				FY 2024				FY 2023
Loan origination volume(1)	$	38,664,357			$	39,509,521			$	24,372,436			$	139,433,406			$	108,275,883
Total gain margin(1)(2)		1.05	%			1.18	%			0.92	%			1.10	%			0.92	%
Net income (loss)	$	40,613			$	31,945			$	(460,956	)		$	329,375			$	(69,782	)
Diluted earnings (loss) per share		0.02				(0.06	)			(0.29	)			0.13				(0.14	)
Adjusted diluted earnings (loss) per share(3)		N/A				0.01				(0.23	)			0.16				(0.04	)
Adjusted net income (loss) (3)		33,040				23,334				(361,002	)			257,303				(57,142	)
Adjusted EBITDA(3)		118,159				107,180				99,566				459,975				478,270
(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 2024			Q3 2024			Q4 2023
Cash and cash equivalents		$	507,339		$	636,327		$	497,468
Mortgage loans at fair value			9,516,537			10,141,683			5,449,884
Mortgage servicing rights			3,969,881			2,800,054			4,026,136
Total assets			15,671,116			15,119,798			11,871,854
Non-funding debt (1)			3,401,066			2,410,714			2,862,759
Total equity			2,053,848			2,180,527			2,474,671
Non-funding debt to equity (1)			1.66			1.11			1.16
(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
		Q4 2024				Q3 2024				Q4 2023
Unpaid principal balance		$	242,405,767			$	212,218,975			$	299,456,189
Weighted average interest rate			4.76	%			4.56	%			4.43	%
Weighted average age (months)			24				25				21

Fourth Quarter Business and Product Highlights

TRAC Lite

• Introduced in select states to offer a low cost title option, potentially saving borrowers thousands of dollars per loan

ChatUWM Enhancements

• Significant enhancements help provide brokers with a faster, easier and more comprehensive loan experience. With these updates, ChatUWM has decreased the time it takes to calculate income from minutes to seconds, and provides brokers with personalized product recommendations for their borrowers in a matter of minutes

Conventional Cash-Out 90

• Created to help homeowners take full advantage of today's record-high home equity by allowing borrowers access to up to 89.99% loan-to-value (LTV) on their homes without incurring mortgage insurance

Net Promoter Score

• Achieved NPS of +82.5

Application to Clear to Close

• Delivered an average App to CTC of 17 business days

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:		Q4 2024			Q3 2024			Q4 2023			FY 2024			FY 2023
Conventional		$	13,841,424		$	15,874,674		$	12,033,818		$	56,899,265		$	58,833,673
Government			6,069,761			7,786,158			6,805,530			29,257,856			29,640,141
Jumbo and other (1)			1,941,420			2,499,626			1,842,108			9,924,433			5,381,530
Total Purchase		$	21,852,605		$	26,160,458		$	20,681,456		$	96,081,554		$	93,855,344
Refinance:		Q4 2024			Q3 2024			Q4 2023			FY 2024			FY 2023
Conventional		$	8,898,500		$	3,552,067		$	1,386,645		$	17,300,663		$	7,082,401
Government			6,415,421			8,271,580			1,389,884			20,382,191			5,189,598
Jumbo and other (1)			1,497,831			1,525,416			914,451			5,668,998			2,148,540
Total Refinance		$	16,811,752		$	13,349,063		$	3,690,980		$	43,351,852		$	14,420,539
Total Originations		$	38,664,357		$	39,509,521		$	24,372,436		$	139,433,406		$	108,275,883
(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).

First Quarter 2025 Outlook

We anticipate first quarter production to be in the $28 to $35 billion range, with gain margin from 90 to 115 basis points.

Dividend

Subsequent to December 31, 2024, for the seventeenth 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 10, 2025, to stockholders of record at the close of business on March 20, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around April 10, 2025.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, February 26, 2025, at 11:00 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/Q4I329117

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, 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. We exclude the non-cash income/expense impact of the change in the 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, 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		Q4 2024				Q3 2024				Q4 2023				FY 2024				FY 2023
Earnings before income taxes		$	42,332			$	32,289			$	(468,408	)		$	335,957			$	(76,293	)
Adjusted income tax (provision) benefit			(9,292	)			(8,955	)			107,406				(78,654	)			19,151
Adjusted net income (loss)		$	33,040			$	23,334			$	(361,002	)		$	257,303			$	(57,142	)

Adjusted diluted EPS		Q3 2024			Q4 2023				FY 2024			FY 2023
Diluted weighted average Class A common stock outstanding			99,801,301			93,654,269				111,374,469			93,245,373
Assumed pro forma conversion of Class D common stock (1)			1,498,013,741			1,502,069,787				1,486,115,849			1,502,069,787
Adjusted diluted weighted average shares outstanding (1)			1,597,815,042			1,595,724,056				1,597,490,318			1,595,315,160
Adjusted net income (loss)		$	23,334		$	(361,002	)		$	257,303		$	(57,142	)
Adjusted diluted EPS			0.01			(0.23	)			0.16			(0.04	)
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDA		Q4 2024				Q3 2024				Q4 2023				FY 2024				FY 2023
Net income (loss)		$	40,613			$	31,945			$	(460,956	)		$	329,375			$	(69,782	)
Interest expense on non-funding debt			44,882				31,544				43,946				148,620				172,498
Provision (benefit) for income taxes			1,719				344				(7,452	)			6,582				(6,511	)
Depreciation and amortization			11,094				11,636				11,472				45,474				46,146
Stock-based compensation expense			8,999				5,768				3,961				24,580				13,832
Change in fair value of MSRs due to valuation inputs or assumptions			(456,253	)			263,893				507,686				(295,197	)			330,031
Loss (gain) on other interest rate derivatives			469,538				(226,936	)			—				215,436				—
Deferred compensation, net			2,191				(11,434	)			3,300				(9,349	)			(7,938	)
Change in fair value of Public and Private Warrants			(8,495	)			5,829				4,808				(5,091	)			6,060
Change in Tax Receivable Agreement liability			(110	)			—				260				70				(1,575	)
Change in fair value of investment securities			3,980				(5,409	)			(7,459	)			(526	)			(4,491	)
Adjusted EBITDA		$	118,159			$	107,180			$	99,566			$	459,975			$	478,270

Non-funding debt and non-funding debt to equity		Q4 2024			Q3 2024			Q4 2023
Senior notes		$	2,785,326		$	1,991,216		$	1,988,267
Secured lines of credit			500,000			300,000			750,000
Borrowings against investment securities			90,646			93,662			93,814
Finance lease liability			25,094			25,836			30,678
Total non-funding debt		$	3,401,066		$	2,410,714		$	2,862,759
Total equity		$	2,053,848		$	2,180,527		$	2,474,671
Non-funding debt to equity			1.66			1.11			1.16

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 2025 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 2025; (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, 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) 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, such as AI in our operations; (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.

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.

UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts)
		December 31, 2024			December 31, 2023
Assets
Cash and cash equivalents (includes restricted cash of $16.0 million and $1.0 million, respectively)		$	507,339		$	497,468
Mortgage loans at fair value			9,516,537			5,449,884
Derivative assets			99,964			33,019
Investment securities at fair value, pledged			103,013			110,352
Accounts receivable, net			417,955			512,070
Mortgage servicing rights			3,969,881			4,026,136
Premises and equipment, net			146,199			146,417
Operating lease right-of-use asset (includes $92,553 and $97,596 with related parties)			93,730			99,125
Finance lease right-of-use asset, net (includes $22,737 and $24,802 with related parties)			23,193			29,111
Loans eligible for repurchase from Ginnie Mae			641,554			856,856
Other assets			151,751			111,416
Total assets		$	15,671,116		$	11,871,854
Liabilities and Equity
Warehouse lines of credit		$	8,697,744		$	4,902,090
Derivative liabilities			35,965			40,781
Secured line of credit			500,000			750,000
Borrowings against investment securities			90,646			93,814
Accounts payable, accrued expenses and other			580,736			469,101
Accrued distributions and dividends payable			159,827			159,572
Senior notes			2,785,326			1,988,267
Operating lease liability (includes $99,199 and $104,495 with related parties)			100,376			106,024
Finance lease liability (includes $24,608 and $26,260 with related parties)			25,094			30,678
Loans eligible for repurchase from Ginnie Mae			641,554			856,856
Total liabilities			13,617,268			9,397,183
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 or December 31, 2023			—			—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 157,940,987 and 93,654,269 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively			16			10
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 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 December 31, 2024 or December 31, 2023			—			—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,440,332,098 and 1,502,069,787 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively			144			150
Additional paid-in capital			3,523			1,702
Retained earnings			157,837			110,690
Non-controlling interest			1,892,328			2,362,119
Total equity			2,053,848			2,474,671
Total liabilities and equity		$	15,671,116		$	11,871,854

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, 2024				September 30, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Revenue		(Unaudited)				(Unaudited)				(Unaudited)
Loan production income		$	407,229			$	465,548			$	225,436			$	1,528,840			$	1,000,547
Loan servicing income			173,300				134,753				206,498				636,665				818,703
Change in fair value of mortgage servicing rights			309,149				(446,100	)			(634,418	)			(294,999	)			(854,148	)
Gain (loss) on other interest rate derivatives			(469,538	)			226,936				—				(215,436	)			—
Interest income			140,067				145,297				87,901				508,621				346,225
Total revenue, net			560,207				526,434				(114,583	)			2,163,691				1,311,327
Expenses
Salaries, commissions and benefits			193,155				181,453				142,515				689,160				530,231
Direct loan production costs			54,958				58,398				27,977				190,277				104,262
Marketing, travel, and entertainment			30,771				22,462				25,600				96,782				84,515
Depreciation and amortization			11,094				11,636				11,472				45,474				46,146
General and administrative			60,314				53,664				38,209				209,838				170,423
Servicing costs			29,866				25,009				29,632				110,986				131,792
Interest expense			142,342				141,102				80,811				490,763				320,256
Other expense (income)			(4,625	)			421				(2,391	)			(5,546	)			(5	)
Total expenses			517,875				494,145				353,825				1,827,734				1,387,620
Earnings (loss) before income taxes			42,332				32,289				(468,408	)			335,957				(76,293	)
Provision (benefit) for income taxes			1,719				344				(7,452	)			6,582				(6,511	)
Net income (loss)			40,613				31,945				(460,956	)			329,375				(69,782	)
Net income (loss) attributable to non-controlling interest			31,694				38,240				(433,878	)			314,971				(56,552	)
Net income (loss) attributable to UWMC		$	8,919			$	(6,295	)		$	(27,078	)		$	14,404			$	(13,230	)
Earnings (loss) per share of Class A common stock:
Basic		$	0.06			$	(0.06	)		$	(0.29	)		$	0.13			$	(0.14	)
Diluted		$	0.02			$	(0.06	)		$	(0.29	)		$	0.13			$	(0.14	)
Weighted average shares outstanding:
Basic			155,584,329				99,801,301				93,654,269				111,374,469				93,245,373
Diluted			1,598,241,235				99,801,301				93,654,269				111,374,469				93,245,373

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended December 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)
		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets					(Unaudited)			(Unaudited)			(Unaudited)
Cash and cash equivalents, including restricted cash		$	507,339		$	636,327		$	680,153		$	605,639		$	497,468
Mortgage loans at fair value			9,516,537			10,141,683			8,236,183			7,338,135			5,449,884
Derivative assets			99,964			66,977			54,962			34,050			33,019
Investment securities at fair value, pledged			103,013			108,964			105,593			108,323			110,352
Accounts receivable, net			417,955			561,901			516,838			554,443			512,070
Mortgage servicing rights			3,969,881			2,800,054			2,650,090			3,191,803			4,026,136
Premises and equipment, net			146,199			147,981			146,750			145,265			146,417
Operating lease right-of-use asset			93,730			95,123			96,474			97,801			99,125
Finance lease right-of-use asset, net			23,193			24,020			25,061			26,890			29,111
Loans eligible for repurchase from Ginnie Mae			641,554			391,696			279,290			577,487			856,856
Other assets			151,751			145,072			130,247			117,498			111,416
Total assets		$	15,671,116		$	15,119,798		$	12,921,641		$	12,797,334		$	11,871,854
Liabilities and Equity
Warehouse lines of credit		$	8,697,744		$	9,207,746		$	7,429,591		$	6,681,917		$	4,902,090
Derivative liabilities			35,965			93,599			26,171			26,918			40,781
Secured line of credit			500,000			300,000			—			200,000			750,000
Borrowings against investment securities			90,646			93,662			91,406			94,064			93,814
Accounts payable, accrued expenses and other			580,736			573,865			486,138			477,765			469,101
Accrued distributions and dividends payable			159,827			159,818			159,766			159,702			159,572
Senior notes			2,785,326			1,991,216			1,990,233			1,989,250			1,988,267
Operating lease liability			100,376			101,833			103,247			104,637			106,024
Finance lease liability			25,094			25,836			26,787			28,536			30,678
Loans eligible for repurchase from Ginnie Mae			641,554			391,696			279,290			577,487			856,856
Total liabilities			13,617,268			12,939,271			10,592,629			10,340,276			9,397,183
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 - 157,940,987 as of December 31, 2024, 113,150,968 as of September 30, 2024, 95,587,806 as of June 30, 2024, 94,945,635 as of March 31, 2024 and 93,654,269 as of December 31, 2023			16			11			10			9			10
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 - 1,440,332,098 as of December 31, 2024, 1,485,027,775 as of September 30, 2024 and 1,502,069,787 as each of the rest of periods presented			144			149			150			150			150
Additional paid-in capital			3,523			2,644			2,305			2,085			1,702
Retained earnings			157,837			116,561			111,021			111,980			110,690
Non-controlling interest			1,892,328			2,061,162			2,215,526			2,342,834			2,362,119
Total equity			2,053,848			2,180,527			2,329,012			2,457,058			2,474,671
Total liabilities and equity		$	15,671,116		$	15,119,798		$	12,921,641		$	12,797,334		$	11,871,854

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited)
		For the three months ended
		December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Revenue
Loan production income		$	407,229			$	465,548			$	357,109			$	298,954			$	225,436
Loan servicing income			173,300				134,753				143,910				184,702				206,498
Change in fair value of mortgage servicing rights			309,149				(446,100	)			(142,485	)			(15,563	)			(634,418	)
Gain (loss) on other interest rate derivatives			(469,538	)			226,936				27,166				—				—
Interest income			140,067				145,297				121,394				101,863				87,901
Total revenue, net			560,207				526,434				507,094				569,956				(114,583	)
Expenses
Salaries, commissions and benefits			193,155				181,453				160,311				154,241				142,515
Direct loan production costs			54,958				58,398				45,485				31,436				27,977
Marketing, travel, and entertainment			30,771				22,462				24,438				19,111				25,600
Depreciation and amortization			11,094				11,636				11,404				11,340				11,472
General and administrative			60,314				53,664				55,051				40,809				38,209
Servicing costs			29,866				25,009				25,787				30,324				29,632
Interest expense			142,342				141,102				108,651				98,668				80,811
Other expense (income)			(4,625	)			421				(1,105	)			(237	)			(2,391	)
Total expenses			517,875				494,145				430,022				385,692				353,825
Earnings (loss) before income taxes			42,332				32,289				77,072				184,264				(468,408	)
Provision (benefit) for income taxes			1,719				344				786				3,733				(7,452	)
Net income (loss)			40,613				31,945				76,286				180,531				(460,956	)
Net income (loss) attributable to non-controlling interest			31,694				38,240				73,236				171,801				(433,878	)
Net income (loss) attributable to UWMC		$	8,919			$	(6,295	)		$	3,050			$	8,730			$	(27,078	)
Earnings (loss) per share of Class A common stock:
Basic		$	0.06			$	(0.06	)		$	0.03			$	0.09			$	(0.29	)
Diluted		$	0.02			$	(0.06	)		$	0.03			$	0.09			$	(0.29	)
Weighted average shares outstanding:
Basic			155,584,329				99,801,301				95,387,609				94,365,991				93,654,269
Diluted			1,598,241,235				99,801,301				95,387,609				1,598,647,205				93,654,269

 

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Source: UWM Holdings Corporation

FAQ

What was UWMC's loan origination volume for full year 2024?

UWMC's total loan origination volume for 2024 was $139.4 billion, representing a nearly 30% increase from 2023.

How much did UWMC's refinance originations grow in 2024?

UWMC's refinance originations grew by 201% to $43.4 billion in 2024, compared to $14.4 billion in 2023.

What is UWMC's Q1 2025 production guidance?

UWMC expects Q1 2025 production to be between $28-35 billion with gain margins of 90-115 basis points.

What dividend did UWMC declare for Q1 2025?

UWMC declared a cash dividend of $0.10 per share, payable on April 10, 2025, marking their 17th consecutive quarterly dividend.

How much net income did UWMC generate in 2024?

UWMC reported net income of $329.4 million in 2024, compared to a net loss of $69.8 million in 2023.