UWM Holdings Corporation Announces First Quarter 2025 Results

Business Wire

Tue, May 6, 2025, 6:30 AM 18 min read

PONTIAC, Mich., May 06, 2025--(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 first quarter ended March 31, 2025. Total loan origination volume was $32.4 billion for the first quarter 2025. The Company also reported 1Q25 total revenue of $613.4 million and a net loss of $247.0 million, inclusive of a decline in fair value of mortgage servicing rights of $388.6 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The first quarter marked another win for UWM. We executed with precision and broker market share grew. When rates briefly dipped, we swiftly capitalized on the refinance opportunity—all while maintaining our best-in-class performance in the purchase market. In both Q4 of 2024 and Q1 of 2025, we once again proved our ability to quickly adapt and scale in response to rate changes, a direct result of the investments and groundwork we've laid over the past three years. Our focus remains on building long-term, sustainable value—not chasing short-term gains—and we're confident in our ability to perform across all market conditions, even amid economic uncertainty and volatility."

First Quarter 2025 Highlights

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

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

	Q1 2025			Q4 2024			Q1 2024
Loan origination volume⁽¹⁾	$	32,351,776		$	38,664,357		$	27,630,535
Total gain margin⁽¹⁾⁽²⁾		0.94	%		1.05	%		1.08	%
Total revenue	$	613,370		$	720,596		$	585,519
Net income (loss)		(247,028	)		40,613			180,531
Diluted earnings (loss) per share		(0.12	)		0.02			0.09
Adjusted net income (loss)⁽³⁾		(195,300	)		33,040			141,121
Adjusted EBITDA⁽³⁾		57,803			118,158			101,490

(1) Key operational metric (see discussion below)
(2) Represents total loan production income divided by loan origination volume.
(3) Non-GAAP metric (see discussion and reconciliations below).

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

	Q1 2025		Q4 2024		Q1 2024
Cash and cash equivalents	$	485,024	$	507,339	$	605,639
Mortgage loans at fair value		8,402,211		9,516,537		7,338,135
Mortgage servicing rights		3,321,457		3,969,881		3,191,803
Total assets		14,048,433		15,671,116		12,797,334
Non-funding debt ⁽¹⁾		3,149,687		3,401,066		2,311,850
Total equity		1,635,349		2,053,848		2,457,058
Non-funding debt to equity ⁽¹⁾		1.93		1.66		0.94

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

Mortgage Servicing Rights (dollars in thousands)

	Q1 2025			Q4 2024			Q1 2024
Unpaid principal balance	$	214,615,072		$	242,405,767		$	229,706,006
Weighted average interest rate		5.44	%		4.76	%		4.58	%
Weighted average age (months)		19			24			22

First Quarter Business and Product Highlights

Sphere LOS Partnership

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

TRAC Lite Expansion

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

Paid Search Accelerator

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

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

Purchase:	Q1 2025		Q4 2024		Q1 2024
Conventional	$	13,179,468	$	13,841,424	$	12,160,107
Government		6,673,499		6,069,761		7,567,925
Jumbo and other ⁽¹⁾		1,894,070		1,941,420		2,393,397
Total Purchase	$	21,747,037	$	21,852,605	$	22,121,429

Refinance:	Q1 2025		Q4 2024		Q1 2024
Conventional	$	4,339,327	$	8,898,500	$	1,716,281
Government		4,699,294		6,415,421		2,657,541
Jumbo and other ⁽¹⁾		1,566,118		1,497,831		1,135,284
Total Refinance	$	10,604,739	$	16,811,752	$	5,509,106
Total Originations	$	32,351,776	$	38,664,357	$	27,630,535

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

Second Quarter 2025 Outlook

We anticipate second quarter production to be in the $38 to $45 billion range, with gain margin from 90 to 115 basis points.

Dividend

Subsequent to March 31, 2025, for the eighteenth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 10, 2025, to stockholders of record at the close of business on June 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 10, 2025.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, May 6, 2025, at 10:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I746365

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

Key Operational Metrics

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

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

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

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

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

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Adjusted net income	Q1 2025			Q4 2024			Q1 2024
Earnings (loss) before income taxes	$	(260,816	)	$	42,332		$	184,264
Adjusted income tax (provision) benefit		65,516			(9,292	)		(43,143	)
Adjusted net income (loss)	$	(195,300	)	$	33,040		$	141,121

Adjusted EBITDA	Q1 2025			Q4 2024			Q1 2024
Net income (loss)	$	(247,028	)	$	40,613		$	180,531
Interest expense on non-funding debt		50,081			44,882			40,243
Provision (benefit) for income taxes		(13,788	)		1,719			3,733
Depreciation and amortization		11,340			11,094			11,340
Stock-based compensation expense		8,310			8,999			5,876
Change in fair value of MSRs due to valuation inputs or assumptions		250,821			(456,253	)		(141,059	)
Loss on other interest rate derivatives		—			469,538			—
Deferred compensation, net		914			2,191			1,063
Change in fair value of Public and Private Warrants		(685	)		(8,495	)		(686	)
Change in Tax Receivable Agreement liability		(442	)		(110	)		180
Change in fair value of investment securities		(1,721	)		3,980			269
Adjusted EBITDA	$	57,803		$	118,158		$	101,490

Non-funding debt and non-funding debt to equity	Q1 2025		Q4 2024		Q1 2024
Senior notes	$	2,786,467	$	2,785,326	$	1,989,250
Secured lines of credit		250,000		500,000		200,000
Borrowings against investment securities		88,775		90,646		94,064
Finance lease liability		24,445		25,094		28,536
Total non-funding debt	$	3,149,687	$	3,401,066	$	2,311,850
Total equity	$	1,635,349	$	2,053,848	$	2,457,058
Non-funding debt to equity		1.93		1.66		0.94

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict" and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our ability to quickly capitalize on the refinance markets and its impact on our market performance; (2) our ability to adapt and scale our business when interest rates move; (3) the launch of our internal servicing; (4) our ability to handle our origination volume while limiting the impact on our fixed costs; (5) our position amongst our competitors and ability to capture market share; (6) our beliefs regarding opportunities in 2025 for our business and the broker channel; (7) our beliefs regarding operational profitability; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) the benefits and liquidity of our MSR portfolio; (11) our beliefs related to the amount and timing of our dividend; (12) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (13) our expectations related to production, gain margin and our overall success in the second quarter of 2025; (14) our performance in shifting market conditions and the comparison of such performance against our competitors; (15) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (16) our position and ability to capitalize on market opportunities and the impacts to our results and (17) our investments in technology and the impact to our operations, ability to scale and financial results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in Presidential Administration that affect interest rates and inflation; (ii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM’s ability to sell loans in the secondary market; (iv) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (vii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (viii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (ix) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (x) UWM’s ability to continue to attract and retain its broker relationships; (xi) UWM’s ability to implement technological innovation, such as AI in our operations; (xii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiii) the occurrence of data breaches or other cybersecurity failures at our third-party sub- servicers or other third-party vendors; (xiv) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xv) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

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

UWM HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts)

		March 31, 2025		December 31, 2024
Assets		(Unaudited)
Cash and cash equivalents
(includes restricted cash of $16.1 million and $16.0 million, respectively)	$	485,024	$	507,339
Mortgage loans at fair value		8,402,211		9,516,537
Derivative assets		43,958		99,964
Investment securities at fair value, pledged		102,982		103,013
Accounts receivable, net		472,299		417,955
Mortgage servicing rights		3,321,457		3,969,881
Premises and equipment, net		153,855		146,199
Operating lease right-of-use asset
(includes $91,208 and $92,553 with related parties)		92,450		93,730
Finance lease right-of-use asset, net
(includes $22,221 and $22,737 with related parties)		22,464		23,193
Loans eligible for repurchase from Ginnie Mae		750,769		641,554
Other assets		200,964		151,751
Total assets	$	14,048,433	$	15,671,116
Liabilities and Equity
Warehouse lines of credit	$	7,573,139	$	8,697,744
Derivative liabilities		27,922		35,965
Secured line of credit		250,000		500,000
Borrowings against investment securities		88,775		90,646
Accounts payable, accrued expenses and other		652,701		580,736
Accrued distributions and dividends payable		159,856		159,827
Senior notes		2,786,467		2,785,326
Operating lease liability
(includes $97,768 and $99,199 with related parties)		99,010		100,376
Finance lease liability
(includes $24,182 and $24,608 with related parties)		24,445		25,094
Loans eligible for repurchase from Ginnie Mae		750,769		641,554
Total liabilities		12,413,084		13,617,268
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024		—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 200,781,659 and 157,940,987 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		20		16
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024		—		—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2025 or December 31, 2024		—		—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,397,782,620 and 1,440,332,098 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		140		144
Additional paid-in capital		4,298		3,523
Retained earnings		160,407		157,837
Non-controlling interest		1,470,484		1,892,328
Total equity		1,635,349		2,053,848
Total liabilities and equity	$	14,048,433	$	15,671,116

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

	For the three months ended
	March 31, 2025			December 31, 2024			March 31, 2024
Revenue	(Unaudited)			(Unaudited)			(Unaudited)
Loan production income	$	304,751		$	407,229		$	298,954
Loan servicing income		190,517			173,300			184,702
Interest income		118,102			140,067			101,863
Total revenue		613,370			720,596			585,519
MSR valuation adjustments
Change in fair value of mortgage servicing rights		(388,585	)		309,149			(15,563	)
Gain (loss) on other interest rate derivatives		—			(469,538	)		—
MSR valuation adjustments, net		(388,585	)		(160,389	)		(15,563	)
Expenses
Salaries, commissions and benefits		192,800			193,155			154,241
Direct loan production costs		43,127			54,958			31,436
Marketing, travel, and entertainment		22,190			30,771			19,111
Depreciation and amortization		11,340			11,094			11,340
General and administrative		68,148			60,314			40,809
Servicing costs		30,434			29,866			30,324
Interest expense		120,410			142,342			98,668
Other expense (income)		(2,848	)		(4,625	)		(237	)
Total expenses		485,601			517,875			385,692
Earnings (loss) before income taxes		(260,816	)		42,332			184,264
Provision (benefit) for income taxes		... (13,788	)		1,719			3,733
Net income (loss)		(247,028	)		40,613			180,531
Net income (loss) attributable to non-controlling interest		(233,349	)		31,694			171,801
Net income (loss) attributable to UWMC	$	(13,679	)	$	8,919		$	8,730

Earnings (loss) per share of Class A common stock:
Basic	$	(0.08	)	$	0.06		$	0.09
Diluted	$	(0.12	)	$	0.02		$	0.09
Weighted average shares outstanding:
Basic		164,100,022			155,584,329			94,365,991
Diluted		1,598,383,240			1,598,241,235			1,598,647,205

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2025, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2025, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts)

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Assets	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
Cash and cash equivalents, including restricted cash	$	485,024	$	507,339	$	636,327	$	680,153	$	605,639
Mortgage loans at fair value		8,402,211		9,516,537		10,141,683		8,236,183		7,338,135
Derivative assets		43,958		99,964		66,977		54,962		34,050
Investment securities at fair value, pledged		102,982		103,013		108,964		105,593		108,323
Accounts receivable, net		472,299		417,955		561,901		516,838		554,443
Mortgage servicing rights		3,321,457		3,969,881		2,800,054		2,650,090		3,191,803
Premises and equipment, net		153,855		146,199		147,981		146,750		145,265
Operating lease right-of-use asset		92,450		93,730		95,123		96,474		97,801
Finance lease right-of-use asset, net		22,464		23,193		24,020		25,061		26,890
Loans eligible for repurchase from Ginnie Mae		750,769		641,554		391,696		279,290		577,487
Other assets		200,964		151,751		145,072		130,247		117,498
Total assets	$	14,048,433	$	15,671,116	$	15,119,798	$	12,921,641	$	12,797,334
Liabilities and Equity
Warehouse lines of credit	$	7,573,139	$	8,697,744	$	9,207,746	$	7,429,591	$	6,681,917
Derivative liabilities		27,922		35,965		93,599		26,171		26,918
Secured line of credit		250,000		500,000		300,000		—		200,000
Borrowings against investment securities		88,775		90,646		93,662		91,406		94,064
Accounts payable, accrued expenses and other		652,701		580,736		573,865		486,138		477,765
Accrued distributions and dividends payable		159,856		159,827		159,818		159,766		159,702
Senior notes		2,786,467		2,785,326		1,991,216		1,990,233		1,989,250
Operating lease liability		99,010		100,376		101,833		103,247		104,637
Finance lease liability		24,445		25,094		25,836		26,787		28,536
Loans eligible for repurchase from Ginnie Mae		750,769		641,554		391,696		279,290		577,487
Total liabilities		12,413,084		13,617,268		12,939,271		10,592,629		10,340,276
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented		—		—		—		—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024, 113,150,968 as of September 30, 2024, 95,587,806 as of June 30, 2024 and 94,945,635 as of March 31, 2024		20		16		11		10		9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented		—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented		—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized; shares issued and outstanding - 1,397,782,620 as of March 31, 2025, 1,440,332,098 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented		140		144		149		150		150
Additional paid-in capital		4,298		3,523		2,644		2,305		2,085
Retained earnings		160,407		157,837		116,561		111,021		111,980
Non-controlling interest		1,470,484		1,892,328		2,061,162		2,215,526		2,342,834
Total equity		1,635,349		2,053,848		2,180,527		2,329,012		2,457,058
Total liabilities and equity	$	14,048,433	$	15,671,116	$	15,119,798	$	12,921,641	$	12,797,334

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

	For the three months ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Revenue
Loan production income	$	304,751		$	407,229		$	465,548		$	357,109		$	298,954
Loan servicing income		190,517			173,300			134,753			143,910			184,702
Interest income		118,102			140,067			145,297			121,394			101,863
Total revenue		613,370			720,596			745,598			622,413			585,519
MSR valuation adjustments
Change in fair value of mortgage servicing rights		(388,585	)		309,149			(446,100	)		(142,485	)		(15,563	)
Gain (loss) on other interest rate derivatives		—			(469,538	)		226,936			27,166			—
MSR valuation adjustments, net		(388,585	)		(160,389	)		(219,164	)		(115,319	)		(15,563	)
Expenses
Salaries, commissions and benefits		192,800			193,155			181,453			160,311			154,241
Direct loan production costs		43,127			54,958			58,398			45,485			31,436
Marketing, travel, and entertainment		22,190			30,771			22,462			24,438			19,111
Depreciation and amortization		11,340			11,094			11,636			11,404			11,340
General and administrative		68,148			60,314			53,664			55,051			40,809
Servicing costs		30,434			29,866			25,009			25,787			30,324
Interest expense		120,410			142,342			141,102			108,651			98,668
Other expense (income)		(2,848	)		(4,625	)		421			(1,105	)		(237	)
Total expenses		485,601			517,875			494,145			430,022			385,692
Earnings (loss) before income taxes		(260,816	)		42,332			32,289			77,072			184,264
Provision (benefit) for income taxes		(13,788	)		1,719			344			786			3,733
Net income (loss)		(247,028	)		40,613			31,945			76,286			180,531
Net income (loss) attributable to non-controlling interest		(233,349	)		31,694			38,240			73,236			171,801
Net income (loss) attributable to UWMC	$	(13,679	)	$	8,919		$	(6,295	)	$	3,050		$	8,730

Earnings (loss) per share of Class A common stock:
Basic	$	(0.08	)	$	0.06		$	(0.06	)	$	0.03		$	0.09
Diluted	$	(0.12	)	$	0.02		$	(0.06	)	$	0.03		$	0.09
Weighted average shares outstanding:
Basic		164,100,022			155,584,329			99,801,301			95,387,609			94,365,991
Diluted		1,598,383,240			1,598,241,235			99,801,301			95,387,609			1,598,647,205