UWM Holdings Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $811.1 million in Q3 2026, compared to $888.0 million in Q2 2026 and $843.3 million in Q3 2025.
• Net income was $212.6 million in Q3 2026, a reversal from a net loss of $451.9 million in Q2 2026 and an increase from $12.1 million in Q3 2025.
• Adjusted EBITDA was $178.3 million in Q3 2026, down from $185.9 million in Q2 2026 and $211.1 million in Q3 2025.
• Loan origination volume totaled $33.4 billion in Q3 2026, down from $39.7 billion in Q2 2026 and $41.7 billion in Q3 2025.
• Total gain margin was 124 basis points in Q3 2026, compared to 133 basis points in Q2 2026 and 130 basis points in Q3 2025.
• Diluted earnings per share were $0.09 in Q3 2026, compared to a loss of $0.24 in Q2 2026 and a loss of $0.01 in Q3 2025.
• Adjusted diluted earnings per share were $0.10 in Q3 2026, compared to a loss of $0.23 in Q2 2026 and $0.01 in Q3 2025.
• Adjusted net income available to Class A common shareholders was $158.1 million in Q3 2026, compared to a loss of $366.8 million in Q2 2026 and $9.6 million in Q3 2025.
• Total equity was $1.3 billion at September 30, 2026, up from $1.0 billion at June 30, 2026, and down from $1.6 billion at September 30, 2025.
• Total redeemable preferred stock was $1.5 billion at September 30, 2026.
• Net non-funding debt was $4.98 billion at September 30, 2026, down from $5.56 billion at June 30, 2026, and up from $3.04 billion at September 30, 2025.
• The net non-funding debt to total preferred and common equity ratio was 1.77 at September 30, 2026, down from 5.65 at June 30, 2026, and down from 1.92 at September 30, 2025.
• Unrestricted cash was $394.8 million at September 30, 2026, compared to $477.4 million at June 30, 2026, and $849.7 million at September 30, 2025.
• Available liquidity was approximately $1.35 billion at the end of Q3 2026.

Business Segments and Product Lines:

• Purchase originations were $22.8 billion in Q3 2026, compared to $23.8 billion in Q2 2026 and $25.2 billion in Q3 2025.
• Refinance originations were $10.6 billion in Q3 2026, compared to $15.9 billion in Q2 2026 and $16.5 billion in Q3 2025.
• Purchase originations by product type in Q3 2026 included $12.8 billion in conventional, $8.4 billion in government, and $1.5 billion in jumbo and other.
• Refinance originations by product type in Q3 2026 included $3.5 billion in conventional, $5.4 billion in government, and $1.7 billion in jumbo and other.
• UWM launched enhancements to ChatUWM, featuring a refreshed interface, streamlined project access, and enhanced AI intelligence for brokers.
• UWM launched the ChatUWM mobile app, which includes an AI Voice Assistant for pipeline management.
• UWM launched a Mortgage Matchup plugin for ChatGPT to assist consumers in finding loan originators and calculating affordability.
• UWM became the first mortgage lender to offer VantageScore® 4.0, with approximately 25% of borrowers experiencing more advantageous credit results.
• Unpaid principal balance of Mortgage Servicing Rights (MSRs) was $269.8 billion at September 30, 2026, with a weighted average coupon (WAC) of 5.97%.
• MSR unpaid principal balance was $247.6 billion with a WAC of 5.93% at June 30, 2026, and $216.0 billion with a WAC of 5.57% at September 30, 2025.
• The weighted average age of MSRs was 16 months at September 30, 2026, compared to 12 months at June 30, 2026, and 19 months at September 30, 2025.

Other Key Points:

• The company held a conference call on November 4, 2026, to review results.
• Preferred stock dividends for Q3 2026 were $26.1 million, compared to $0 in Q2 2026 and Q3 2025.
• The change in fair value of MSRs due to valuation inputs or assumptions resulted in a gain of $632.9 million in Q3 2026, compared to a loss of $65.1 million in Q2 2026 and a gain of $158.8 million in Q3 2025.
• The change in fair value of other interest rate derivatives resulted in a loss of $481.5 million in Q3 2026, compared to a loss of $603.2 million in Q2 2026 and a gain of $27.8 million in Q3 2025.
• UWM is the largest wholesale mortgage lender for eleven consecutive years and the largest purchase lender in the nation.