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  Title	UWM Holdings Corporation Announces First Quarter 2026 Results (2026-05-06)
  ID	31273221
  External ID	d08861c1702a6a34191eb1a24631493c
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  Published Date	May 6, 2026, 7:30 a.m.
  Summary	UWM Holdings Corporation, the publicly traded indirect parent of United Wholesale Mortgage, today announced its results for the first quarter ended March 31, 2026. The Company reported 1 Q26 total…
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  URL	https://seekingalpha.com/pr/20503089-uwm-holdings-corporation-announces-first-quarter-2026-results
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  Key	c11f12f9-bd05-4f05-bb7e-f39529c5eee3
  Content	Loan Origination Volume of $44.9 Billion; Net income of $170.4 million PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (UWMC) ('UWMC' or the 'Company'), the publicly traded indirect parent of United Wholesale Mortgage ('UWM'), today announced its results for the first quarter ended March 31, 2026. Total loan origination volume was $44.9 billion for the first quarter 2026, up 39% year-over-year, and the second-highest first quarter production in company history. The Company reported 1Q26 total revenue of $901.4 million, net income of $170.4 million and adjusted EBITDA of $160.9 million. Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, 'Q1 was an exceptional quarter for UWM and our second‑best first quarter of all time. The last time we delivered results of this magnitude, interest rates were nearly 50% lower, which underscores the strength, scale and resilience of our business. Our team and broker partners executed at the highest level, using UWM's proprietary technology and AI‑powered tools like Mia to win more loans, more efficiently, every day. We continue to move ahead of schedule with bringing servicing in‑house, and regardless of whether rates stay higher or move lower, we are positioned to keep winning as we are built to perform through all cycles. This quarter is a clear proof point of that.' First Quarter 2026 Highlights Production and Income Statement Highlights (dollars in thousands, except per share amounts) Q1 2026 Q4 2025 Q1 2025 Loan origination volume(1) $ 44,944,156 49,608,104 32,351,776 Total gain margin(1)(2) 1.23 % 1.22 0.94 Total revenue 901,427 945,247 613,370 Net income (loss) 170,374 164,484 (247,028 ) Diluted earnings (loss) per share 0.09 0.08 (0.12 Adjusted diluted earnings per share(3) N/A Adjusted net income (loss) (3) 137,154 130,561 (195,300 Adjusted EBITDA(3) 160,909 232,778 57,803 (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) Cash and cash equivalents 423,996 503,364 485,024 Mortgage loans at fair value 10,991,101 9,932,729 8,402,211 Mortgage servicing rights 4,591,855 4,073,781 3,321,457 Total assets 19,266,244 16,928,676 14,048,433 Non-funding debt (1) 5,092,831 4,292,940 3,149,687 Total equity 1,600,901 1,593,629 1,635,349 Non-funding debt to equity (1) 3.18 2.69 1.93 (1) Non-GAAP metric (see discussion and reconciliations below) Mortgage Servicing Rights (dollars in thousands) Unpaid principal balance 229,503,024 240,813,979 214,615,072 Weighted average interest rate 5.90 5.65 5.44 Weighted average age (months) 17 18 19 First Quarter Business and Product Highlights: In-House Servicing Progress Bilt Built-In Rewards Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands) Purchase: Conventional 10,598,851 10,208,384 13,179,468 Government 6,622,457 6,741,182 6,673,499 Jumbo and other (1) 1,443,526 1,970,160 1,894,070 Total Purchase 18,664,834 18,919,726 21,747,037 Refinance: 12,113,599 15,042,112 4,339,327 12,268,457 13,135,275 4,699,294 1,897,266 2,510,991 1,566,118 Total Refinance 26,279,322 30,688,378 10,604,739 Total Originations (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) Dividend Subsequent to March 31, 2026, for the 22nd 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 9, 2026, to stockholders of record at the close of business on June 18, 2026. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around July 9, 2026. Earnings Conference Call Details As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, May 6, 2026, at 11:00 a.m. ET to review the results. Interested parties may register for a toll-free dial-in number by visiting: https://uwm.zoom.us/webinar/register/WN_eZ1x8OrhQjWXUFFZTYD47A Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Replay 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, the change in fair value of retained investment securities, and acquisition-related expenses (net of recoveries) 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. Non-funding debt includes the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases. 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 Earnings (loss) before income taxes 177,500 169,624 (260,816 Adjusted income tax (provision) benefit (40,346 (39,063 65,516 Adjusted net income (loss) Adjusted Diluted EPS Diluted weighted average Class A Common shares outstanding 256,913,262 Assumed pro forma conversion of Class D shares(1) 1,342,939,142 Adjusted diluted weighted average shares outstanding(1) 1,599,852,404 Adjusted Net Income (in thousands) (1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock Adjusted EBITDA Interest expense on non-funding debt 70,727 61,829 50,081 Provision (benefit) for income taxes 7,126 5,140 (13,788 Depreciation and amortization 14,385 13,757 11,340 Stock-based compensation expense 13,162 15,592 8,310 Change in fair value of MSRs due to valuation inputs or assumptions, net (247,897 28,758 250,821 (Gain) loss on other interest rate derivatives 138,198 (61,409 — Deferred compensation, net 2,250 2,235 914 Change in fair value of Public and Private Warrants (1,519 (685 Change in Tax Receivable Agreement liability 1,903 (12 (442 Change in fair value of investment securities 303 (1,043 (1,721 Acquisition-related expenses (net of recoveries) (9,622 4,966 Non-funding debt and non-funding debt to equity Senior notes 2,983,152 2,981,975 2,786,467 Secured lines of credit 2,000,000 1,200,000 250,000 Borrowings against investment securities 86,724 87,497 88,775 Finance lease liability 22,955 23,468 24,445 Total non-funding debt Non-funding debt to equity 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) the benefits of our business model; (2) our strategic collaboration with Bilt; (3) our position amongst our competitors and ability to capture market share and maintain our industry leading position; (4) the timing of in-house servicing and our beliefs regarding our servicing operations; (5) our beliefs regarding opportunities in the broker channel; (6) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (7) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, and the timing of such market changes; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (12) our position and ability to capitalize on market opportunities and the impacts to our results and (13) our investments in technology, including artificial intelligence, and its 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 ability to successfully implement strategic decisions and product launches; (ii) UWM's dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (iii) 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; (iv) UWM's ability to sell loans in the secondary market; (v) UWM's dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (viii) UWM's dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) 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; (x) UWM's inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM's ability to continue to attract and retain its broker relationships; (xii) UWM's ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM's cybersecurity or information security systems; (xiv) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) 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 (xvi) 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 eleven 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, 2026 December 31, 2025 Assets (Unaudited) (includes restricted cash of $21.0 million and $16.0 million, respectively) Derivative assets 124,490 37,567 Investment securities at fair value, pledged 98,491 100,512 Accounts receivable, net 1,271,014 526,694 Premises and equipment, net 180,523 180,199 Operating lease right-of-use asset (includes $91.8 million and $93.4 million with related parties) 92,616 94,310 Finance lease right-of-use asset, net (includes $20.2 million and $20.7 million with related parties) 20,681 21,247 Loans eligible for repurchase from Ginnie Mae 1,124,020 1,133,359 Other assets 347,457 324,914 Liabilities and Equity Warehouse lines of credit 9,900,303 8,912,496 Derivative liabilities 337,817 26,574 Secured line of credit Accounts payable, accrued expenses and other 949,788 707,790 Accrued distributions and dividends payable 161,773 161,292 Operating lease liability (includes $98.0 million and $99.7 million with related parties) 98,811 100,596 (includes $22.4 million and $22.9 million with related parties) Total liabilities 17,665,343 15,335,047 Equity: Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 312,883,751 and 268,415,480 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 31 27 Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2026 or December 31, 2025 Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,287,482,620 and 1,331,482,620 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 129 133 Additional paid-in capital 12,593 9,910 Retained earnings 216,768 189,447 Non-controlling interest 1,371,380 1,394,112 Total liabilities and equity CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 2025 Revenue Loan production income 554,572 603,364 304,751 Loan servicing income 213,379 186,392 190,517 Interest income 133,476 155,491 118,102 Other gains (losses) Change in fair value of mortgage servicing rights (10,335 (247,617 (388,585 Gain (loss) on other interest rate derivatives (138,198 61,409 Other gains (losses), net (148,533 (186,208 Expenses Salaries, commissions and benefits 224,554 224,192 192,800 Direct loan production costs 60,505 55,141 43,127 Marketing, travel, and entertainment 30,878 34,212 22,190 General and administrative 59,034 73,670 68,148 Servicing costs 43,067 46,184 30,434 Interest expense 140,765 144,833 120,410 Other expense (income) 2,206 (2,574 (2,848 Total expenses 575,394 589,415 485,601 Net income (loss) attributable to non-controlling interest 145,073 145,072 (233,349 Net income (loss) attributable to UWMC 25,301 19,412 (13,679 Earnings (loss) per share of Class A common stock: Basic (0.08 Diluted Weighted average shares outstanding: 292,122,233 164,100,022 1,600,064,853 1,598,383,240 Addendum to Exhibit 99.1 This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2026, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2026, and the preceding four quarters for purposes of providing historical quarterly trending information to investors. September 30, 2025 June 30, 2025 Cash and cash equivalents, including restricted cash 870,703 489,984 10,784,461 8,040,310 91,446 59,356 43,958 101,277 101,627 102,982 548,090 719,369 472,299 3,308,585 3,445,195 164,985 166,460 153,855 95,957 91,004 92,450 21,219 21,810 22,464 749,089 564,806 750,769 286,525 186,968 200,964 17,022,337 13,886,889 9,783,664 7,254,526 7,573,139 41,209 76,683 27,922 425,000 87,142 86,896 706,993 661,496 652,701 160,846 160,360 159,856 3,780,620 2,787,797 102,333 97,471 99,010 23,363 23,872 15,435,259 12,138,907 12,413,084 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 - 312,883,751 as of March 31, 2026, 268,415,480 as of December 31, 2025, 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025 and 200,781,659 as of March 31, 2025 23 21 20 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 - 1,287,482,620 as of March 31, 2026, 1,331,482,620 as of December 31, 2025, 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025 and 1,397,782,620 as of March 31, 2025 137 139 140 7,579 5,688 4,298 169,935 170,320 160,407 1,409,404 1,571,814 1,470,484 1,587,078 1,747,982 542,144 447,882 169,019 178,813 132,089 132,005 843,252 758,700 (307,825 (111,421 27,813 208,904 (280,012 97,483 222,760 211,461 64,213 46,330 23,410 26,379 12,747 12,200 62,243 59,999 33,928 35,083 132,084 133,467 (815 1,846 550,570 526,765 12,670 329,418 582 14,939 12,088 314,479 13,350 291,570 (1,262 22,909 (0.01 0.11 221,354,499 202,133,122 View source version on businesswire.com: https://www.businesswire.com/news/home/20260506628254/en/ For inquiries regarding UWM, please contact: INVESTOR CONTACT BLAKE KOLO InvestorRelations@uwm.com MEDIA CONTACT NICOLE ROBERTS Media@uwm.com Source: UWM Holdings Corporation
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