# UWM Holdings Corp (UWMC) Informational only - not investment advice. CIK: 0001783398 SIC: 6162 Mortgage Bankers & Loan Correspondents SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6162 Mortgage Bankers & Loan Correspondents](/industry/6162/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1783398 Filing source: https://www.sec.gov/Archives/edgar/data/1783398/000178339826000013/uwmc-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001783398-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001783398.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,160,569,000 USD | 2025 | verified | | Net income | 27,380,000 USD | 2025 | verified | | Assets | 16,928,676,000 USD | 2025 | verified | | Free cash flow | -2,721,605,000 USD | 2025 | computed | | Net margin | 0.87% | 2025 | computed | | Revenue YoY | +18.19% | 2025 | computed | | ROE | 1.72% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | UWMC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 0.9% | 6.6% | 32 | 58 | | Revenue growth | 18.2% | 18.6% | 48 | 59 | | FCF margin | -86.1% | -7.3% | 28 | 48 | | ROE | 1.7% | 7.3% | 39 | 58 | | ROA | 0.2% | 1.0% | 39 | 60 | | Liabilities / equity | 9.62 | 3.99 | 79 | 58 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 61 SIC Major Group 61, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3160569000 | USD | 2025 | 2026-02-25 | | Net income | 27380000 | USD | 2025 | 2026-02-25 | | Assets | 16928676000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001783398.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,278,420,000 | 4,938,594,000 | 2,970,293,000 | 2,372,626,000 | 2,165,475,000 | 2,674,126,000 | 3,160,569,000 | | Net income | | -5,807,306 | 98,445,000 | 41,715,000 | -13,230,000 | 14,404,000 | 27,380,000 | | Diluted EPS | | | 0.66 | 0.45 | -0.14 | 0.13 | 0.12 | | Operating cash flow | -3,496,012,000 | 56,412,000 | -9,956,963,000 | 8,268,182,000 | 165,244,000 | -6,241,495,000 | -2,647,557,000 | | Capital expenditures | 16,775,000 | 57,288,000 | 65,384,000 | 26,615,000 | 26,434,000 | 39,455,000 | 74,048,000 | | Dividends paid | 0.00 | 0.00 | 30,634,000 | 36,936,000 | 37,244,000 | 39,734,000 | 78,596,000 | | Assets | 412,494 | 11,493,476,000 | 22,528,358,000 | 13,600,625,000 | 11,871,854,000 | 15,671,116,000 | 16,928,676,000 | | Liabilities | 426,496 | 9,119,196,000 | 19,357,357,000 | 10,428,932,000 | 9,397,183,000 | 13,617,268,000 | 15,335,047,000 | | Stockholders' equity | 661,323,000 | 2,374,280,000 | 3,171,001,000 | 3,171,693,000 | 2,474,671,000 | 2,053,848,000 | 1,593,629,000 | | Cash and cash equivalents | 1,120 | 1,223,837,000 | 731,088,000 | 704,898,000 | 497,468,000 | 507,339,000 | 503,364,000 | | Free cash flow | -3,512,787,000 | -876,000 | -10,022,347,000 | 8,241,567,000 | 138,810,000 | -6,280,950,000 | -2,721,605,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -0.12% | 3.31% | 1.76% | -0.61% | 0.54% | 0.87% | | Return on equity | | -0.24% | 3.10% | 1.32% | -0.53% | 0.70% | 1.72% | | Return on assets | | -0.05% | 0.44% | 0.31% | -0.11% | 0.09% | 0.16% | | Liabilities / equity | 0.00 | 3.84 | 6.10 | 3.29 | 3.80 | 6.63 | 9.62 | ## As-reported value updates 6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/UWMC/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001783398.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-03-31 | | | 0.22 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | 0.09 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.13 | reported discrete quarter | | 2022-Q4 | 2022-12-31 | 302,434,000 | | | derived Q4 = FY annual - nine-month YTD | | 2023-Q3 | 2023-09-30 | 677,116,000 | 18,231,000 | 0.15 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -27,078,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 569,956,000 | 8,730,000 | 0.09 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 507,094,000 | 3,050,000 | 0.03 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 526,434,000 | -6,295,000 | -0.06 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 560,207,000 | 8,919,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 613,370,000 | -13,679,000 | -0.12 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 758,700,000 | 22,909,000 | 0.11 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 843,252,000 | -1,262,000 | -0.01 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 945,247,000 | 19,412,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 901,427,000 | 25,301,000 | 0.09 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 888,003,000 | -80,594,000 | -0.24 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from UWMC's latest 10-K: [/company/UWMC/business/](/company/UWMC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from UWMC's latest 10-K: [/company/UWMC/risk-factors/](/company/UWMC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1783398/000178339826000117/uwmc-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our condensed consolidated financial statements and the related notes and other information included elsewhere in this Quarterly Report on Form 10-Q (the “Form 10-Q”). This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading “Cautionary Note Regarding Forward-Looking Statements,” in this report and in Part I. Item 1A. “Risk Factors” included in our Form 10-K filed with the SEC on February 25, 2026. Unless otherwise indicated or the context otherwise requires, when used in this Form 10-Q, the term “UWM” means United Wholesale Mortgage, LLC and “we,” “our” and “us” refer to UWM Holdings Corporation and our subsidiaries. Business Overview We are the largest overall residential mortgage lender in the U.S., by closed loan volume, despite originating mortgage loans exclusively through the wholesale channel. For the last eleven years, including the year ended December 31, 2025, we have also been the largest wholesale mortgage lender in the U.S. by closed loan volume. With a culture of continuous innovation of technology and enhanced client experience, we lead our market by building upon our proprietary and exclusively licensed technology platforms, superior service and focused partnership with the Independent Mortgage Broker community. We originate primarily conforming and government loans across all 50 states and the District of Columbia. Our mortgage origination business derives revenue from originating, processing and underwriting primarily GSE conforming mortgage loans, along with FHA, USDA and VA mortgage loans, which are subsequently pooled and sold in the secondary market. For both the three and six months ended June 30, 2026, 93% of the loans we originated were sold to Fannie Mae or Freddie Mac, or were transferred to Ginnie Mae pools in the secondary market, while the remainder primarily include non-agency jumbo loans that are underwritten to the same “Qualified Mortgage" underwriting standards and have a similar risk profile but are sold to third party investors primarily due to loan size, construction loans, and non-qualified mortgage products, including home equity loans and lines of credit (which in many instances are second liens). The mortgage origination process generally begins with a borrower entering into an IRLC with us that is arranged by an Independent Mortgage Broker, pursuant to which we have committed to enter into a mortgage at specified interest rates and terms within a specified period of time with a borrower who has applied for a loan and met certain credit and underwriting criteria. As we have committed to providing a mortgage loan at a specific interest rate, we generally hedge that risk by selling forward-settling mortgage-backed securities and FLSCs in the To Be Announced market. When the mortgage loan is closed, we fund the loan with approximately 2-3%, on average, of our own funds and the remainder with funds drawn under one of our warehouse facilities (except when we opt to "self-warehouse" in which case we use our cash to fund the entire loan). At that point, the mortgage loan is legally owned by our warehouse facility lender and is subject to our repurchase right (other than when we self-warehouse). When we have identified a pool of mortgage loans to sell to the agencies, non-governmental entities, other investors, or through our private label securitization transactions, we repurchase loans not already owned by us from our warehouse lender and sell the pool of mortgage loans into the secondary market, but in most instances retain the MSRs associated with those loans. We currently retain the MSRs associated with the majority of our production, but we have, and intend to continue to opportunistically sell MSRs depending on market conditions. This nimble approach has provided us funding flexibility, and reduced legacy MSR asset exposure. When we sell MSRs, we typically sell them in the bulk MSR secondary market. Our unique model, focusing exclusively on the wholesale channel, results in what we believe to be complete alignment with our clients and superior customer service arising from our investments in people and technology that has driven demand for our services from our clients. New Accounting Pronouncements See Note 1 – Organization, Basis of Presentation and Summary of Significant Accounting Policies to the condensed consolidated financial statements for details of recently issued accounting pronouncements and their expected impact on our condensed consolidated financial statements. Table of Contents Components of Revenue We generate revenue from the following three components of the loan origination business: (i) loan production income, (ii) loan servicing income, and (iii) interest income. Loan production income. Loan production income includes all components related to the origination and sale of mortgage loans, including: •    primary gain (loss), which includes the following: ◦the difference between the estimated fair value or sale price of newly originated loans when sold in the secondary market and the purchase price of such originated loans. The purchase price of originated loans includes the loan principal amount, as well as any compensation paid by us to our clients (i.e., the Independent Mortgage Brokers) and any lender credits provided by us to borrowers, offset by discount points (if any) paid by borrowers to us to reduce their interest rate. Primary gain (loss) also includes changes in the estimated fair value of loans from the origination date to the sale date, and any difference between proceeds received upon sale (net of certain fees charged by investors) and the current fair value of a loan when sold into the secondary market; ◦the change in fair value of IRLCs and FLSCs (used to economically hedge IRLCs and loans at fair value from the origination to the sale date) due to changes in estimated fair value, driven primarily by interest rates but also influenced by other valuation assumptions; •    loan origination and certain other fees related to the origination of a loan, which generally represent flat, per-loan fee amounts; •    provision for representation and warranty obligations, which represent the reserves initially established at the time of sale for our estimated liabilities associated with the potential repurchase or indemnity of purchasers of loans previously sold due to representation and warranty claims by investors. Included within these reserves are amounts for estimated liabilities for requirements to repay a portion of any premium received from investors on the sale of certain loans if such loans are repaid in their entirety within a specified time period after the sale of the loans; and •capitalization of MSRs, representing the estimated fair value of newly originated MSRs when loans are sold and the associated servicing rights are retained. Loan servicing income. Loan servicing income consists of the contractual fees earned for servicing the loans and includes ancillary revenue such as late fees and modification incentives. Loan servicing income is recognized upon collection of payments from borrowers. Interest income. Interest income represents interest earned on mortgage loans at fair value. Components of Operating Expenses Our operating expenses include salaries, commissions and benefits, direct loan production costs, marketing, travel and entertainment, depreciation and amortization, servicing costs, general and administrative (including professional services, occupancy and equipment), interest expense, and other expense (income) (primarily related to the increase or decrease, respectively, in the fair value of the liability for the Public and Private Warrants (all unexercised Public and Private Warrants expired on January 21, 2026), the increase or decrease, respectively, in the Tax Receivable Agreement liability (other than from Exchange Transactions), and the decrease or increase, respectively, in the fair value of retained investment securities). Three and Six Months Ended June 30, 2026 and 2025 Summary For the three months ended June 30, 2026, we originated $39.7 billion in loans, which remained essentially flat with the $39.7 billion of originations during the three months ended June 30, 2025. We reported net loss of $451.9 million for the three months ended June 30, 2026, which was an decrease of $766.4 million, compared to net income of $314.5 million for the three months ended June 30, 2025. Adjusted EBITDA for the three months ended June 30, 2026 was $185.9 million as compared to $195.7 million for the three months ended June 30, 2025. Refer to the "Non-GAAP Financial Measures" section below for a detailed discussion of how we define and calculate Adjusted EBITDA. For the six months ended June 30, 2026, we originated $84.6 billion in loans, which was an increase of $12.6 billion, or 17.4%, from the $72.1 billion of originations during the six months ended June 30, 2025. We reported net loss of $281.5 Table of Contents million for the six months ended June 30, 2026, which was a decrease of $349.0 million, compared to net income of $67.5 million for the six months ended June 30, 2025. Adjusted EBITDA for the six months ended June 30, 2026 was $346.8 million as compared to $253.5 million for the six months ended June 30, 2025. Refer to the "Non-GAAP Financial Measures" section below for a detailed discussion of how we define and calculate Adjusted EBITDA. Non-GAAP Financial Measures To provide investors with information in addition to our results as determined by U.S. GAAP, we disclose Adjusted EBITDA as a non-GAAP measure, which our management believes provides useful information on our performance to investors. This measure is not a measurement of our financial performance under U.S. GAAP, and it may not be comparable to a similarly titled measure reported by other companies. Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as an alternative to revenue, net income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA 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. We use Adjusted EBITDA to evaluate our operating performance, and it is on [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1783398/000178339826000013/uwmc-20251231.htm Complete FY 2025 MD&A: /company/UWMC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes and other information included elsewhere in this Annual Report on Form 10-K (the “Form 10-K”). This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading “Cautionary Note Regarding Forward-Looking Statements,” in this report and in Part I, Item 1A “Risk Factors” and elsewhere in this Form 10-K. Business Overview We are the largest overall residential mortgage lender in the U.S., by closed loan volume, despite originating mortgage loans exclusively through the wholesale channel. For the last eleven years, including the year ended December 31, 2025, we have also been the largest wholesale mortgage lender in the U.S. by closed loan volume. With a culture of continuous innovation of technology and enhanced client experience, we lead our market by building upon our proprietary and exclusively licensed technology platforms, superior service and focused partnership with the Independent Mortgage Broker community. We originate primarily conforming and government loans across all 50 states and the District of Columbia. Our mortgage origination business derives revenue from originating, processing and underwriting primarily GSE conforming mortgage loans, along with FHA, USDA and VA mortgage loans, which are subsequently pooled and sold in the secondary market. For the year ended December 31, 2025, approximately 90% of the loans we originated were sold to Fannie Mae or Freddie Mac, or were transferred to Ginnie Mae pools in the secondary market, while the remainder primarily include non-agency jumbo loans that are underwritten to the same “Qualified Mortgage" underwriting standards and have a similar risk profile but are sold to third party investors primarily due to loan size, construction loans, and non-qualified mortgage products, including home equity lines of credit (which in many instances are second liens). The mortgage origination process generally begins with a borrower entering into an IRLC with us that is arranged by an Independent Mortgage Broker, pursuant to which we have committed to enter into a mortgage at specified interest rates and terms within a specified period of time with a borrower who has applied for a loan and met certain credit and underwriting criteria. As we have committed to providing a mortgage loan at a specific interest rate, we generally hedge that risk by selling forward-settling mortgage-backed securities and FLSCs in the To Be Announced market. When the mortgage loan is closed, we fund the loan with approximately 2-3%, on average, of our own funds and the remainder with funds drawn under one of our warehouse facilities (except when we opt to "self-warehouse" in which case we use our cash to fund the entire loan). At that point, the mortgage loan is legally owned by our warehouse facility lender and is subject to our repurchase right (other than when we self-warehouse). When we have identified a pool of mortgage loans to sell to the agencies, non-governmental entities, other investors, or through our private label securitization transactions, we repurchase loans not already owned by us from our warehouse lender and sell the pool of mortgage loans into the secondary market, but in most instances retain the MSRs associated with those loans. We currently retain the MSRs associated with the majority of our production, but we have, and intend to continue to opportunistically sell MSRs depending on market conditions. This nimble approach has provided us funding flexibility, and reduced legacy MSR asset exposure. When we sell MSRs, we typically sell them in the bulk MSR secondary market. Our unique model, focusing exclusively on the wholesale channel, results in what we believe to be complete alignment with our clients and superior customer service arising from our investments in people and technology that has driven demand for our services from our clients. New Accounting Pronouncements See Note 1 – Organization, Basis of Presentation and Summary of Significant Accounting Policies to the consolidated financial statements for details of recently issued accounting pronouncements and their expected impact on the Company's consolidated financial statements. Components of Revenue We generate revenue from the following three components of the loan origination business: (i) loan production income, (ii) loan servicing income, and (iii) interest income. 42 Table of Contents Loan production income. Loan production income includes all components related to the origination and sale of mortgage loans, including: •    primary gain (loss), which includes the following: ◦the difference between the estimated fair value or sale price of newly originated loans when sold in the secondary market and the purchase price of such originated loans. The purchase price of originated loans includes the loan principal amount, as well as any compensation paid by us to our clients (i.e., the Independent Mortgage Brokers) and any lender credits provided by us to borrowers, offset by discount points (if any) paid by borrowers to us to reduce their interest rate. Primary gain (loss) also includes changes in the estimated fair value of loans from the origination date to the sale date, and any difference between proceeds received upon sale (net of certain fees charged by investors) and the current fair value of a loan when sold into the secondary market; ◦the change in fair value of IRLCs and FLSCs (used to economically hedge IRLCs and loans at fair value from the origination to the sale date) due to changes in estimated fair value, driven primarily by interest rates but also influenced by other valuation assumptions; •    loan origination and certain other fees related to the origination of a loan, which generally represent flat, per-loan fee amounts; •    provision for representation and warranty obligations, which represent the reserves initially established at the time of sale for our estimated liabilities associated with the potential repurchase or indemnity of purchasers of loans previously sold due to representation and warranty claims by investors. Included within these reserves are amounts for estimated liabilities for requirements to repay a portion of any premium received from investors on the sale of certain loans if such loans are repaid in their entirety within a specified time period after the sale of the loans; and •capitalization of MSRs, representing the estimated fair value of newly originated MSRs when loans are sold and the associated servicing rights are retained. Loan servicing income. Loan servicing income consists of the contractual fees earned for servicing the loans and includes ancillary revenue such as late fees and modification incentives. Loan servicing income is recognized upon collection of payments from borrowers. Interest income. Interest income represents interest earned on mortgage loans at fair value. Components of Operating Expenses Our operating expenses include salaries, commissions and benefits, direct loan production costs, marketing, travel and entertainment, depreciation and amortization, servicing costs, general and administrative (including professional services, occupancy and equipment), interest expense, and other expense (income) (primarily related to the increase or decrease, respectively, in the fair value of the liability for the Public and Private Warrants (all unexercised Public and Private Warrants expired on January 21, 2026), the increase or decrease, respectively, in the Tax Receivable Agreement liability, and the decrease or increase, respectively, in the fair value of retained investment securities). Years Ended December 31, 2025, 2024 and 2023 Summary For the year ended December 31, 2025, we originated $163.4 billion in loans, which was an increase of $24.0 billion, or 17.2%, from the $139.4 billion of originations during the year ended December 31, 2024. We reported net income of $244.0 million for the year ended December 31, 2025, which was a decrease of $85.4 million, compared to net income of $329.4 million for the year ended December 31, 2024. Adjusted EBITDA for the year ended December 31, 2025 was $697.3 million as compared to $460.0 million for the year ended December 31, 2024. Refer to the "Non-GAAP Financial Measures" section below for a detailed discussion of how we define and calculate Adjusted EBITDA. For the year ended December 31, 2024, we originated $139.4 billion in loans, which was an increase of $31.1 billion, or 28.8%, from the $108.3 billion of originations during the year ended December 31, 2023. We reported net income of $329.4 million for the year ended December 31, 2024, which was an increase of $399.2 million, compared to net loss of $69.8 million for the year ended December 31, 2023. Adjusted EBITDA for the year ended December 31, 2024 was $460.0 million as compared to $478.3 million for the year ended December 31, 2023. Refer to the "Non-GAAP Financial Measures" section below for a detailed discussion of how we define and calculate Adjusted EBITDA. 43 Table of Contents Non-GAAP Financial Measures To provide investors with information in addition to our results as determined by U.S. GAAP, we disclose Adjusted EBITDA as a non-GAAP measure, which our management believes provides useful information on our performance to investors. This measure is not a measurement of our financial performance under U.S. GAAP, and it may not be comparable to a similarly titled measure reported by other companies. Adjusted EBITDA has limitations as an analytical tool, and it should not be considered in isolation or as an alternative to revenue, net income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA 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 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. We use Adjusted EBITDA to evaluate our operating performance, and it is one of the measures used by our management for planning and forecasting future periods. We believe the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by our management and may make it easier to compare our results with other companies that have different financin [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/UWMC/mda/fy2025/ All MD&A years: /company/UWMC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/UWMC/mda/fy2024/): filed 2025-02-26; accession 0001783398-25-000007 (https://www.sec.gov/Archives/edgar/data/1783398/000178339825000007/uwmc-20241231.htm) - [FY 2023 MD&A](/company/UWMC/mda/fy2023/): filed 2024-02-28; accession 0001783398-24-000012 (https://www.sec.gov/Archives/edgar/data/1783398/000178339824000012/uwmc-20231231.htm) - [FY 2022 MD&A](/company/UWMC/mda/fy2022/): filed 2023-03-01; accession 0001783398-23-000008 (https://www.sec.gov/Archives/edgar/data/1783398/000178339823000008/uwmc-20221231.htm) - [FY 2021 MD&A](/company/UWMC/mda/fy2021/): filed 2022-03-01; accession 0001783398-22-000012 (https://www.sec.gov/Archives/edgar/data/1783398/000178339822000012/uwmc-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6162 Mortgage Bankers & Loan Correspondents) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [M2SL](/indicator/M2SL/): M2 - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/UWMC.md · JSON record: /company/UWMC.json · verified financials: /company/UWMC/financials.json / /company/UWMC/financials.csv · machine TOC for the whole site: /llms.txt