UWM Holdings Corp

Listed Company

UWMCCIK 0001783398NYSELarge AcceleratedMortgage Bankers & Loan CorrespondentsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.16B

Net Income

$27.38M

Total Assets

$16.93B

Equity

$1.59B

Shares Out

103.10M

Op. Cash Flow

$-2.65B

Business

UWM Holdings Corp is the publicly traded indirect parent of United Wholesale Mortgage, LLC and operates as a wholesale residential mortgage lender. It originates primarily conforming and government loans—conventional agency‑eligible, FHA, VA and USDA—and also offers jumbo and non‑QM products, loan servicing with MSR retention, and title and closing services such as TRAC. Key business segments include origination, capital markets/secondary marketing, servicing, and technology/infrastructure. It operates across all 50 states and the District of Columbia exclusively through the wholesale channel via independent mortgage brokers and broker‑facing digital platforms.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loan production income	1,898	1,529	1,001	982	2,586
Loan servicing income	725	637	819	792	639
Interest income	538	509	346	314	332
Total revenue	3,161	2,674	2,165	2,373	2,970
Change in fair value of mortgage servicing rights	−1,055	−295	−854	284	—
Gain (loss) on other interest rate derivatives	298	−215	0	—	—
Other gains (losses), net	−757	−510	−854	—	—
Salaries, commissions and benefits	851	689	530	553	698
Direct loan production costs	209	190	104	90	73
Marketing, travel, and entertainment	106	97	85	74	62
Depreciation and amortization	50	45	46	45	35
General and administrative	264	210	170	180	133
Servicing costs	146	111	132	166	109
Interest expense	531	491	320	306	—
Other income	−4	−6	−5,000	24	−23
Total expenses	2,152	1,828	1,388	1,438	1,392
Earnings (loss) before income taxes	251	336	−76	935	1,578
Provision (benefit) for income taxes	7	7	−7	3	10
Net income (loss)	244	329	−70	932	1,385
Net income (loss) attributable to non-controlling interest	217	315	−57	890	1,470
Net income (loss) attributable to UWM Holdings Corporation	27	14	−13	42	98
Basic (in usd per share)	0.13	0.13	−0.14	0.45	0.98
Diluted (in usd per share)	0.12	0.13	−0.14	0.45	0.66
Basic (in shares)	211	111	93	92	101
Diluted (in shares)	1,599	111	93	92	1,603

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively)	503	507	497	705	731
Mortgage loans at fair value	9,933	9,517	5,450	7,135	16,910
Derivative assets	38	100	33	83	67
Investment securities at fair value, pledged	101	103	—	—	—
Accounts receivable, net	527	418	512	383	416
Mortgage servicing rights	4,074	3,970	4,026	4,453	3,315
Premises and equipment, net	180	146	146	152	152
Operating lease right-of-use asset (includes $93.4 million and $92.6 million, respectively, with related parties)	94	94	99	104	105
Finance lease right-of-use asset, net (includes $20.7 million and $22.7 million, respectively, with related parties)	21	23	29	42	57
Loans eligible for repurchase from Ginnie Mae	1,133	642	857	345	563
Other assets	325	152	111	84	60
Total assets	16,929	15,671	11,872	13,601	22,528
Warehouse lines of credit	8,912	8,698	4,902	6,444	15,955
Derivative liabilities	27	36	41	50	37
Secured lines of credit	1,200	500	750	750	0
Borrowings against investment securities	88	91	94	101	119
Accounts payable, accrued expenses and other	708	581	469	440	524
Accrued distributions and dividends payable	161	160	160	159	9
Senior notes	2,982	2,785	1,988	1,984	1,980
Operating lease liability (includes $99.7 million and $99.2 million, respectively, with related parties)	101	100	106	111	112
Finance lease liability (includes $22.9 million and $24.6 million, respectively, with related parties)	23	25	31	44	58
Loans eligible for repurchase from Ginnie Mae	1,133	642	857	345	563
Total liabilities	15,335	13,617	9,397	10,429	19,357
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2025 or December 31, 2024	0	0	0	0	0
Additional paid-in capital	10	4	2	903,000	437,000
Retained earnings	189	158	111	143	142
Non-controlling interest	1,394	1,892	2,362	3,028	3,029
Total equity	1,594	2,054	2,475	3,172	3,171
Total liabilities and equity	16,929	15,671	11,872	13,601	22,528

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Reserve for representations and warranties	35	43	50	57	45
Capitalization of mortgage servicing rights	−3,647	−2,932	−2,269	−2,214	−2,397
Change in fair value of mortgage servicing rights	1,055	295	854	−284	—
Depreciation & amortization	56	49	50	49	38
Stock-based compensation expense	50	25	14	8	6
Increase in fair value of investment securities	−5	−550,000	−5	28	1
(Decrease) increase in fair value of warrants liability	−3	−5	6	−8	−36
Mortgage loans at fair value	−416	−4,067	1,685	9,775	−9,444
Derivative assets	62	−67	50	−16	−6
Other assets	−10	57	−169	57	−166
Derivative liabilities	−9	−5	−9	13	−29
Other liabilities	−60	36	−22	−130	31
Net cash (used in) provided by operating activities	−2,648	−6,241	165	8,268	−9,957
Purchases of premises and equipment	−74	−39	−26	−27	−65
Net proceeds from sale of mortgage servicing rights	2,424	2,712	1,844	1,311	264
Proceeds from principal payments on investment securities	7	8	7	11	1
Margin calls on borrowings against investment securities	3	−4	5	−5	—
Investment in private company equity securities	−100	0	0	—	—
Net cash provided by investing activities	2,260	2,676	1,830	1,290	200
Net borrowings (repayments) under warehouse lines of credit	215	3,796	−1,542	−9,511	9,014
Repayments of finance lease liabilities	−2	−6	−13	−17	−14
Repayments under equipment notes payable	0	0	−991,000	−1	−26
Borrowings under secured lines of credit	3,050	1,675	1,000	1,250	80
Repayments under secured lines of credit	−2,350	−1,925	−1,000	−500	−400
Borrowings against investment securities	350	370	166	101	119
Repayments of borrowings against investment securities	−353	−373	−174	−119	0
Proceeds from issuance of senior notes	1,000	800	0	0	1,200
Discount and direct issuance cost of senior notes	−8	−7	0	0	—
Repayments of senior notes	−800	0	0	—	—
Dividends paid to Class A common stockholders	−79	−40	−37	−37	−31
Member distributions paid to SFS Corp.	−638	−714	−601	−751	−1,469
Other financing activities	−365,000	−909,000	−1	0	0
Net cash provided by (used in) financing activities	384	3,575	−2,203	−9,585	9,264
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−4	10	−207	−26	−493
Cash paid for interest	496	477	341	242	287
Cash paid (received) for taxes	914,000	3	−56,000	0	2

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