UWM Holdings — Third Quarter 2026 Earnings Summary

Financial Performance:

• Preliminary loan origination volume for Q3 2026 is $33.4 billion, comprising $22.8 billion in purchase originations and $10.6 billion in refinance originations.
• Gain margin is approximately 124 basis points.
• Total revenue is estimated between $800 million and $825 million.
• Loan servicing income is projected between $240 million and $250 million.
• Loan production income is projected between $410 million and $420 million.
• Operating expenses (net of interest expense and servicing cost) are estimated between $375 million and $385 million.
• Net income is expected to be between $205 million and $220 million.
• Adjusted EBITDA is estimated between $170 million and $190 million.
• Total Preferred and Common Equity is approximately $2.8 billion as of September 30, 2026.
• Net non-funding debt to Total Preferred and Common Equity ratio is between 1.75x and 1.80x.
• The MSR portfolio unpaid principal balance is approximately $270 billion with a weighted average coupon of 5.97% and a weighted average servicing fee of 40 basis points.
• Full-year 2026 total revenue is estimated between $3.35 billion and $3.50 billion, noted as lower than earlier expectations due to lower industry origination volume.

Guidance and Future Outlook:

• The Company estimates originating approximately 8% of total U.S. residential mortgage production in 2026.
• The MSR portfolio unpaid principal balance is expected to end 2026 between $210 billion and $230 billion.
• The Company plans to sell between $70 billion and $80 billion of MSRs in Q4 2026, with anticipated proceeds exceeding $1.8 billion.
• Proceeds from MSR sales and $400 million in gross proceeds from a rights offering will be used to support the ongoing paydown of non-funding debt.

Business Segments and Product Lines:

• UWM originates primarily conforming and government loans across all 50 states and the District of Columbia.
• UWM is the nation's largest purchase lender and has been the largest wholesale mortgage lender for eleven consecutive years.
• The Company utilizes proprietary and exclusively licensed technology platforms and focuses on partnerships with the independent mortgage broker community.

Market and Competitive Landscape:

• The Company's performance is dependent on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies.
• UWM relies on government-sponsored entities (Fannie Mae, Freddie Mac) and faces risks related to changes in their guidelines or guarantees.
• The Company depends on the Independent Mortgage Advisors channel for loan origination.

Risks and Challenges:

• Preliminary financial results are unaudited estimates subject to material changes upon finalization of financial closing procedures and independent auditor review.
• Risks include potential margin calls due to decreases in the value of collateral underlying warehouse and MSR facilities or increases in the value of MBS sold in forward markets to hedge the pipeline.
• Operational risks include the ability to sell loans in the secondary market, compliance with complex state and federal laws, and the transition to internal servicing.
• Cybersecurity risks include data breaches or failures of information security systems at UWM or third-party sub-servicers.
• The completion of the rights offering or the closing of the related backstop agreement on anticipated terms is not guaranteed.

Management Commentary and Tone:

• Management provided preliminary estimates to ensure investors have updated operating and financial information prior to the measurement period for a previously announced rights offering.
• The Company explicitly states that actual financial results may differ materially from preliminary estimates due to finalization of accounting analyses, valuations, adjustments, and other matters.
• The Company does not intend to update this preliminary financial information prior to filing its Form 10-Q for the quarter ended September 30, 2026, except as required by law.

Other Key Points:

• The rights offering is expected to generate $400 million in gross proceeds.
• Adjusted EBITDA is defined as earnings before interest expense on non-funding debt, taxes, depreciation, and amortization, excluding stock-based compensation, MSR valuation changes, and other non-cash items.
• Total Preferred and Common Equity is defined as the sum of total redeemable preferred stock ($1.5 billion) and total equity ($1.3 billion) as of September 30, 2026.
• Net non-funding debt includes senior notes, lines of credit, borrowings against investment securities, and finance leases, net of unrestricted cash.
• Reconciliations of non-GAAP measures to GAAP measures are not provided in this release due to the difficulty of projecting event-driven transactional items without unreasonable effort.