UWMC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• For the three months ended March 31, 2026, we originated $44.9 billion in loans, which was an increase of $12.6 billion, or 38.9%, from the $32.4 billion of originations during the three months ended March 31, 2025. We reported net income of $170.4 million for the three months ended March 31, 2026, …

• 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 …

• 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 intere…

• Change in fair value of MSRs due to valuation inputs or assumptions, net (1)

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Three and Nine Months Ended September 30, 2025 and 2024 Summary

• For the three months ended September 30, 2025, we originated $41.7 billion in loans, which was an increase of $2.2 billion, or 5.6%, from the $39.5 billion of originations during the three months ended September 30, 2024. We reported net income of $12.1 million for the three months ended September 3…

• For the nine months ended September 30, 2025, we originated $113.8 billion in loans, which was an increase of $13.1 billion, or 13.0%, from the $100.8 billion of originations during the nine months ended September 30, 2024. We reported net income of $79.5 million for the nine months ended September …

• 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 un…

• 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 intere…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Announced ("TBA") securities as our primary hedge instrument. The TBA market is a secondary market where FLSCs or TBAs are sold by lenders seeking to hedge the risk that market interest rates may change and lock in a price for the mortgages they are in the process of originating.

• We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on fair values based on hypothetical changes (increases and decreases) in interest rates. Our total market risk is influenced by a wide variety of fac…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on fair values based on hypothetical changes (increases and decreases) in interest rates. Our total market risk is influenced by a wide variety of fac…

• modeled. We used September 30, 2025 market rates on our instruments outstanding at that time to perform the sensitivity analysis. These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on variations in assumptions generally cannot be extrapolat…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• On December 2, 2025, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM by Andrew James McGonigle, et al. (collectively, the “McGonigle Plaintiffs”). The McGonigle Plaintiffs seek class certification, monetary damages, attorneys’ fees and declaratory an…

• On February 4, 2026, a complaint was filed in the U.S. District Court for the District of Colorado against UWM by Bridget A. Warne, et al. (collectively, the “Warne Plaintiffs”). The Warne Plaintiffs seek class certification, monetary damages and declaratory and injunctive relief. The Warne Plaintif…

• On March 3, 2026, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM by William Mogck, et al. (collectively, the “Mogck Plaintiffs”). The Mogck Plaintiffs seek class certification, monetary damages and declaratory and injunctive relief. The Mogck Plaint…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• On April 2, 2024, a complaint was filed in the U.S. District Court for the Eastern District of Michigan against UWM, the Company, SFS Corp., and Mat Ishbia, individually (collectively, the “UWM Defendants”) by Therisa D. Escue, et al. (collectively, the “Escue Plaintiffs”). The Escue Plaintiffs seek…

• On June 26, 2025, a complaint was filed by Ethan Allison and Mark Caloca, et al. (“Website Plaintiffs”) in the United States District Court for the Northern District of California against UWM alleging certain damages associated with the tracking

• technologies on UWM’s website (the “Website Complaint”). Pursuant to the Website Complaint, the Website Plaintiffs seek class certification, monetary damages, attorneys’ fees, equitable relief and declaratory relief. On August 22, 2025, UWM filed a motion to dismiss the class action complaint. On Se…

• On October 3, 2025, a complaint was filed in the U.S. District Court for the Middle District of Tennessee against Optimal Blue, LLC and numerous other residential mortgage industry participants, including UWM, by Angel D. Mendez, et al. (collectively, the “Mendez Plaintiffs”). The Mendez Plaintiffs …

Text added vs the prior filing · source: 10-Q · 2026-05-11

• SFS Corp., an entity controlled by our CEO and director Mat Ishbia, had previously announced entering into 10b5-1 trading arrangements, adopted on March 17, 2025 and September 16, 2025, as part of its strategy to increase public float and trading liquidity. On May 11, 2026, SFS Corp. announced that …

• No other director or officer of the Company adopted or terminated a Rule 10b5‑1 trading arrangement or non‑Rule 10b5‑1 trading arrangement during the fiscal quarter.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• For the three months ended September 30, 2025, the following officers adopted a Rule 10b5-1 trading arrangement as defined in Item 408 of Regulation S-K, which is intended to satisfy the affirmative defense in Rule 10b5-A(c):

• On September 16, 2025, SFS Corp. adopted a Rule 10b5-1 trading arrangement which provides for the potential sale from time to time of up to 80,000,000 shares of the Company’s Class A common stock which are issuable upon the conversion of the Paired Interests of Class B Units in Holdings LLC and Clas…

• No other officers or directors adopted, modified, or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement for the three months ended September 30, 2025.