Full Year 2024 Loan Origination Volume of
$139.4 Billion and Gain Margin of 110 Basis Points
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
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250226975571/en/
For inquiries regarding UWM, please contact: INVESTOR
CONTACT BLAKE KOLO InvestorRelations@uwm.com MEDIA
CONTACT NICOLE ROBERTS Media@uwm.com
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