UWM Holdings Corporation Announces Second Quarter 2024 Results

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE: UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the second quarter ended June 30, 2024. Total loan origination volume for the second quarter 2024 was $33.6 billion, of which $27.2 billion was purchase volume. The Company reported 2Q24 net income of $76.3 million, inclusive of a $115.3 million decline in fair value of MSRs, net, and diluted earnings per share of $0.03.

Mat Ishbia, Chairman and CEO of UWMC, said, "The second quarter was another strong quarter, by all measures, for UWM and the wholesale channel. We collectively continue to dominate the current purchase market while investing and preparing for lower rates ahead. Our momentum is building, with margins and production both up year over year, and our focus remains on our best-in-class people, process and technology. UWM and the mortgage broker community are in a position of strength. With wholesale channel market share at a 15-year high, we are in a prime position to capitalize and grow when rates inevitably drop. UWM has never been as prepared for the upcoming opportunity as we are now."

Second Quarter Financial 2024 Highlights

• Originations of $33.6 billion in 2Q24, compared to $27.6 billion in 1Q24 and $31.8 billion in 2Q23
• Purchase originations of $27.2 billion in 2Q24, compared to $22.1 billion in 1Q24 and $28.0 billion in 2Q23
• Total gain margin of 106 bps in 2Q24 compared to 108 bps in 1Q24 and 88 bps in 2Q23
• Net income of $76.3 million in 2Q24 compared to net income of $180.5 million in 1Q24 and net income of $228.8 million in 2Q23
• Adjusted EBITDA of $133.1 million in 2Q24 compared to $101.5 million in 1Q24 and $125.4 million in 2Q23
• Total equity of $2.3 billion at June 30, 2024, compared to $2.5 billion at March 31, 2024, and $2.9 billion at June 30, 2023
• Unpaid principal balance of MSRs of $189.5 billion with a WAC of 4.31% at June 30, 2024, compared to $229.7 billion with a WAC of 4.58% at March 31, 2024, and $294.9 billion with a WAC of 3.84% at June 30, 2023
• Ended 2Q24 with approximately $2.7 billion of available liquidity, including $680.2 million of cash, and available borrowing capacity under our secured and unsecured lines of credit

Production and Income Statement Highlights (dollars in thousands, except per share amounts)
	Q2 2024	Q1 2024	Q2 2023
Loan origination volume (1)	$	33,628,993		$	27,630,535		$	31,846,800
Total gain margin (1)(2)		1.06	%		1.08	%		0.88	%
Net income	$	76,286		$	180,531		$	228,794
Diluted earnings per share		0.03			0.09			0.08
Adjusted diluted earnings per share (3)		0.04			N/A			0.11
Adjusted net income (3)		59,809			141,121			175,953
Adjusted EBITDA (3)		133,146			101,490			125,380

(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)
	Q2 2024	Q1 2024	Q2 2023
Cash and cash equivalents	$	680,153	$	605,639	$	634,576
Mortgage loans at fair value		8,236,183		7,338,135		6,269,924
Mortgage servicing rights		2,650,090		3,191,803		4,224,207
Total assets		12,921,641		12,797,334		12,425,919
Non-funding debt (1)		2,108,426		2,311,850		2,623,991
Total equity		2,329,012		2,457,058		2,947,122
Non-funding debt to equity (1)		0.91		0.94		0.89

(1)	Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)
	Q2 2024	Q1 2024	Q2 2023
Unpaid principal balance	$	189,482,798		$	229,706,006		$	294,945,929
Weighted average interest rate		4.31	%		4.58	%		3.84	%
Weighted average age (months)		26			22			20

Second Quarter Business and Product Highlights

• UWM LIVE!
  • For the third consecutive year, UWM hosted over 5,000 independent mortgage brokers, processors and real estate agents for UWM LIVE!, one of the largest mortgage events of the year
• Launched TRAC+
  • UWM can now handle everything throughout title review, closing and disbursement. As a result, brokers have the option to close the loan without working with a title company or a settlement agent
• Launched ChatUWM
  • An innovative AI-powered smart search designed to support independent mortgage brokers, providing instant responses on topics including guidelines, matrices, summaries of UWM's tools and technology and more
• Continued Investment in Mortgage Matchup
  • Mortgage Matchup was announced as the official mortgage partner of the NBA and WNBA, the first-ever mortgage partnership for both leagues

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:	Q2 2024	Q1 2024	Q2 2023
Conventional	$	15,650,022	$	12,160,107	$	17,607,736
Government		8,298,147		7,567,925		9,184,089
Jumbo and other (1)		3,224,482		2,393,397		1,243,350
Total Purchase	$	27,172,651	$	22,121,429	$	28,035,175
Refinance:	Q2 2024	Q1 2024	Q2 2023
Conventional	$	2,506,853	$	1,716,281	$	2,113,172
Government		2,573,514		2,657,541		1,336,350
Jumbo and other (1)		1,375,975		1,135,284		362,103
Total Refinance	$	6,456,342	$	5,509,106	$	3,811,625
Total Originations	$	33,628,993	$	27,630,535	$	31,846,800

(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).

Third Quarter 2024 Outlook

We anticipate third quarter production to be in the $31 to $38 billion range, with gain margin from 85 to 110 basis points.

Dividend

Subsequent to June 30, 2024, for the fifteenth 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 October 10, 2024, to stockholders of record at the close of business on September 19, 2024. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about October 10, 2024.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Tuesday, August 6, 2024, at 10:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I2815784

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript 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 (loss) before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions (net), the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in Tax Receivable Agreement liability and the change in fair value of retained investment securities. We exclude the change in Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions as these represent non-cash, non-realized adjustments to our earnings, which is 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.

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, equipment note payable, 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	Q2 2024	Q1 2024	Q2 2023
Earnings before income taxes	$	77,072		$	184,264		$	230,004
Adjusted income tax provision		(17,263	)		(43,143	)		(54,051	)
Adjusted net income	$	59,809		$	141,121		$	175,953

Adjusted diluted EPS	Q2 2024	Q2 2023
Diluted weighted average Class A common stock outstanding	95,387,609	93,107,133
Assumed pro forma conversion of Class D common stock (1)	1,502,069,787	1,502,069,787
Adjusted diluted weighted average shares outstanding (1)	1,597,457,396	1,595,176,920

Adjusted net income	$	59,809	$	175,953
Adjusted diluted EPS		0.04		0.11
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDA	Q2 2024	Q1 2024	Q2 2023
Net income		$	76,286			$	180,531			$	228,794
Interest expense on non-funding debt			31,951				40,243				42,756
Provision for income taxes			786				3,733				1,210
Depreciation and amortization			11,404				11,340				11,441
Stock-based compensation expense			3,937				5,876				3,567
Change in fair value of MSRs due to valuation inputs or assumptions, net			11,056				(141,059	)			(164,526	)
Deferred compensation, net			(1,169	)			1,063				(564	)
Change in fair value of Public and Private Warrants			(1,739	)			(686	)			1,175
Change in Tax Receivable Agreement liability			-				180				915
Change in fair value of investment securities			634				269				612
Adjusted EBITDA		$	133,146			$	101,490			$	125,380

Non-funding debt and non-funding debt to equity		Q2 2024		Q1 2024		Q2 2023
Senior notes		$	1,990,233		$	1,989,250		$	1,986,301
Secured lines of credit			-			200,000			500,000
Borrowings against investment securities			91,406			94,064			100,901
Equipment note payable			-			-			433
Finance lease liability			26,787			28,536			36,356
Total non-funding debt		$	2,108,426		$	2,311,850		$	2,623,991
Total equity		$	2,329,012		$	2,457,058		$	2,947,122
Non-funding debt to equity			0.91			0.94			0.89

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) our position amongst our competitors and ability to capture market share; (2) our investment in our people, products and technology, and the benefits of our results; (3) our beliefs regarding opportunities in 2024 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the third quarter of 2024; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) our purchase production and product portfolio. 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 dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) 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; (iii) UWM's ability to sell loans in the secondary market; (iv) UWM's dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM's dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) 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; (viii) UWM's inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM's ability to continue to attract and retain its broker relationships; (x) UWM's ability to implement technological innovation; (xi) the occurrence of a data breach or other failure of UWM's cybersecurity or information security systems; (xii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiii) 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 (xiv) 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 nine 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)
	June 30,		December 31,
	2024		2023
Assets		(Unaudited)
Cash and cash equivalents	$	680,153		$	497,468
Mortgage loans at fair value		8,236,183			5,449,884
Derivative assets		54,962			33,019
Investment securities at fair value, pledged		105,593			110,352
Accounts receivable, net		516,838			512,070
Mortgage servicing rights		2,650,090			4,026,136
Premises and equipment, net		146,750			146,417
Operating lease right-of-use asset, net (includes $95,118 and $97,596 with related parties)		96,474			99,125
Finance lease right-of-use asset (includes $23,769 and $24,802 with related parties)		25,061			29,111
Loans eligible for repurchase from Ginnie Mae		279,290			856,856
Other assets		130,247			111,416
Total assets	$	12,921,641		$	11,871,854
Liabilities and Equity
Warehouse lines of credit	$	7,429,591		$	4,902,090
Derivative liabilities		26,171			40,781
Secured line of credit		-			750,000
Borrowings against investment securities		91,406			93,814
Accounts payable, accrued expenses and other		486,138			469,101
Accrued distributions and dividends payable		159,766			159,572
Senior notes		1,990,233			1,988,267
Operating lease liability
(includes $101,891 and $104,495 with related parties)		103,247			106,024
Finance lease liability
(includes $25,441 and $26,260 with related parties)		26,787			30,678
Loans eligible for repurchase from Ginnie Mae		279,290			856,856
Total liabilities		10,592,629			9,397,183
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2024 or December 31, 2023		-		-
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 95,587,806 and 93,654,269 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		10		10
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2024 or December 31, 2023		-		-
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of June 30, 2024 or December 31, 2023		-			-
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		150		150
Additional paid-in capital		2,305			1,702
Retained earnings		111,021			110,690
Non-controlling interest		2,215,526			2,362,119
Total equity		2,329,012			2,474,671
Total liabilities and equity	$	12,921,641	$	11,871,854

UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
	June 30, 2024		March 31, 2024		June 30, 2023
Revenue
Loan production income	$	357,109			$	298,954			$	280,757
Loan servicing income		143,910				184,702				193,220
Change in fair value of mortgage servicing rights, net		(115,319	)			(15,563	)			24,648
Interest income		121,394				101,863				88,895
Total revenue, net		507,094				569,956				587,520
Expenses
Salaries, commissions and benefits		160,311				154,241				131,380
Direct loan production costs		45,485				31,436				23,618
Marketing, travel, and entertainment		24,438				19,111				21,588
Depreciation and amortization		11,404				11,340				11,441
General and administrative		55,051				40,809				52,691
Servicing costs		25,787				30,324				31,658
Interest expense		108,651				98,668				82,437
Other expense (income)		(1,105	)			(237	)			2,703
Total expenses		430,022				385,692				357,516
Earnings before income taxes		77,072				184,264				230,004
Provision for income taxes		786				3,733				1,210
Net income		76,286				180,531				228,794
Net income attributable to non-controlling interest		73,236				171,801				221,236
Net income attributable to UWMC	$	3,050			$	8,730			$	7,558

Earnings (loss) per share of Class A common stock:
Basic	$	0.03		$	0.09		$	0.08
Diluted	$	0.03		$	0.09		$	0.08
Weighted average shares outstanding:
Basic		95,387,609			94,365,991			93,107,133
Diluted		95,387,609			1,598,647,205			93,107,133

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of June 30, 2024, and the preceding four quarters and Statements of Operations for the quarter ended June 30, 2024, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Assets	(Unaudited)		(Unaudited)				(Unaudited)		(Unaudited)
Cash and cash equivalents	$	680,153		$	605,639		$	497,468		$	729,616		$	634,576
Mortgage loans at fair value		8,236,183			7,338,135			5,449,884			5,560,039			6,269,924
Derivative assets		54,962			34,050			33,019			92,791			61,407
Investment securities at fair value, pledged		105,593			108,323			110,352			104,526			111,625
Accounts receivable, net		516,838			554,443			512,070			385,922			347,865
Mortgage servicing rights		2,650,090			3,191,803			4,026,136			4,352,219			4,224,207
Premises and equipment, net		146,750			145,265			146,417			146,509			149,515
Operating lease right-of-use asset, net		96,474			97,801			99,125			100,427			101,686
Finance lease right-of-use asset		25,061			26,890			29,111			31,803			34,947
Loans eligible for repurchase from Ginnie Mae		279,290			577,487			856,856			617,490			409,078
Other assets		130,247			117,498			111,416			82,795			81,089
Total assets	$	12,921,641		$	12,797,334		$	11,871,854		$	12,204,137		$	12,425,919
Liabilities and Equity
Warehouse lines of credit	$	7,429,591		$	6,681,917		$	4,902,090		$	5,066,900		$	5,732,791
Derivative liabilities		26,171			26,918			40,781			38,882			21,734
Secured line of credit		-			200,000			750,000			500,000			500,000
Borrowings against investment securities		91,406			94,064			93,814			97,328			100,901
Accounts payable, accrued expenses and other		486,138			477,765			469,101			503,890			423,407
Accrued distributions and dividends payable		159,766			159,702			159,572			159,572			159,518
Senior notes		1,990,233			1,989,250			1,988,267			1,987,284			1,986,301
Operating lease liability		103,247			104,637			106,024			107,389			108,711
Finance lease liability		26,787			28,536			30,678			33,291			36,356
Loans eligible for repurchase from Ginnie Mae		279,290			577,487			856,856			617,490			409,078
Total liabilities		10,592,629			10,340,276			9,397,183			9,112,026			9,478,797
Equity:
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 - 95,587,806 as of June 30, 2024, 94,945,635 as of March 31, 2024, 93,654,269 as of December 31, 2023, 93,654,269 as of September 30, 2023 and 93,114,878 as of June 30, 2023	10	9	10	10	9
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, 1,502,069,787 shares issued and outstanding as of each of the periods presented		150			150			150			150			150
Additional paid-in capital		2,305			2,085			1,702			1,484			1,267
Retained earnings		111,021			111,980			110,690			130,233			120,379
Non-controlling interest		2,215,526			2,342,834			2,362,119			2,960,234			2,825,317
Total equity		2,329,012			2,457,058			2,474,671			3,092,111			2,947,122
Total liabilities and equity	$	12,921,641		$	12,797,334		$	11,871,854		$	12,204,137		$	12,425,919

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Revenue
Loan production income	$	357,109		$	298,954		$	225,436		$	288,930		$	280,757
Loan servicing income		143,910			184,702			206,498			200,428			193,220
Change in fair value of mortgage servicing rights, net		(115,319	)		(15,563	)		(634,418	)		92,909			24,648
Interest income		121,394			101,863			87,901			94,849			88,895
Total revenue, net		507,094			569,956			(114,583	)		677,116			587,520
Expenses
Salaries, commissions and benefits		160,311			154,241			142,515			135,333			131,380
Direct loan production costs		45,485			31,436			27,977			36,184			23,618
Marketing, travel, and entertainment		24,438			19,111			25,600			20,117			21,588
Depreciation and amortization		11,404			11,340			11,472			11,563			11,441
General and administrative		55,051			40,809			38,209			44,904			52,691
Servicing costs		25,787			30,324			29,632			33,640			31,658
Interest expense		108,651			98,668			80,811			93,724			82,437
Other expense (income)		(1,105	)		(237	)		(2,391	)		(76	)		2,703
Total expenses		430,022			385,692			353,825			375,389			357,516
Earnings (loss) before income taxes		77,072			184,264			(468,408	)		301,727			230,004
Provision (benefit) for income taxes		786			3,733			(7,452	)		734			1,210
Net income (loss)		76,286			180,531			(460,956	)		300,993			228,794
Net income (loss) attributable to non-controlling interest		73,236			171,801			(433,878	)		282,762			221,236
Net income (loss) attributable to UWMC	$	3,050		$	8,730		$	(27,078	)	$	18,231		$	7,558

Earnings (loss) per share of Class A common stock:
Basic	$	0.03	$	0.09	$	(0.29	)	$	0.20	$	0.08
Diluted	$	0.03	$	0.09	$	(0.29	)	$	0.15	$	0.08
Weighted average shares outstanding:
Basic		95,387,609		94,365,991		93,654,269			93,290,736		93,107,133
Diluted		95,387,609		1,598,647,205		93,654,269			1,596,624,780		93,107,133

Source: UWM Holdings Corporation

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