Group 1: Program Overview - The Mark Cuban Foundation, in partnership with United Wholesale Mortgage (UWM), is hosting a free AI Bootcamp for high school students in Pontiac, with applications closing on September 30 [1][2] - The bootcamp offers a custom curriculum focused on the latest developments in AI and Generative AI, aiming to educate and inspire the next generation of AI professionals [2][3] - Students can choose from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness [3] Group 2: Target Audience and Accessibility - The program specifically targets underserved high school students, with a focus on recruiting girls, students of color, first-generation college students, and those from low to moderate-income households [4] - The bootcamp provides students with lunch, snacks, transportation assistance, and technology equipment during the program [4] Group 3: Company Background and Commitment - UWM is recognized as the 1 overall mortgage lender in America and has been the largest wholesale mortgage lender for nine consecutive years [5][10] - UWM has a commitment to innovation and has been named a Top Workplace USA for four years in a row, reflecting its dedication to fostering an environment for the next generation of innovators [5][6] - The AI Bootcamp is part of a broader initiative by the Mark Cuban Foundation to inspire young people with emerging technology, aiming to create more equitable futures for themselves and their communities [9]

Financial Performance - For the three months ended June 30, 2024, the company originated $33.6 billion in loans, an increase of $1.8 billion, or 5.6%, from $31.8 billion in the same period in 2023[79]. - The net income for the three months ended June 30, 2024, was $76.3 million, a decrease of $152.5 million compared to $228.8 million for the same period in 2023[79]. - Adjusted EBITDA for the three months ended June 30, 2024, was $133.1 million, compared to $125.4 million for the same period in 2023[79]. - For the six months ended June 30, 2024, the company originated $61.3 billion in loans, an increase of $7.1 billion, or 13.1%, from $54.2 billion in the same period in 2023[80]. - The net income for the six months ended June 30, 2024, was $256.8 million, an increase of $166.6 million compared to $90.2 million for the same period in 2023[80]. - Adjusted EBITDA for the six months ended June 30, 2024, was $234.6 million, compared to $266.4 million for the same period in 2023[80]. - Total revenue for the six months ended June 30, 2024, was $1,077,050,000, compared to $748,794,000 for the same period in 2023, representing a 43.8% increase[84]. - Net income for Q2 2024 was $76,286,000, down 66.7% from $228,794,000 in Q2 2023[84]. - Loan production income for Q2 2024 was $357,109,000, a 27.2% increase from $280,757,000 in Q2 2023[86]. Loan Origination and Servicing - 89% of loans originated in the three months ended June 30, 2024, were sold to Fannie Mae or Freddie Mac, or transferred to Ginnie Mae pools[73]. - The company retains the majority of the mortgage servicing rights (MSRs) associated with its production but intends to opportunistically sell MSRs depending on market conditions[73]. - The company focuses exclusively on the wholesale channel, which aligns its interests with clients and enhances customer service[74]. - Total loan origination volume for Q2 2024 was $33,628,993,000, up 5.6% from $31,846,800,000 in Q2 2023[85]. - The average loan amount increased to $383,000 in Q2 2024 from $377,000 in Q2 2023[85]. - The weighted average loan-to-value ratio decreased to 81.87% in Q2 2024 from 83.31% in Q2 2023[85]. - Loan servicing income for Q2 2024 was $143.9 million, a decrease of $49.3 million, or 25.5%, compared to $193.2 million in Q2 2023[90]. - Average UPB of loans serviced decreased to $204.4 billion in Q2 2024 from $296.9 billion in Q2 2023, a decline of approximately 31.1%[90]. - The number of loans serviced decreased to 634,679 in Q2 2024 from 916,298 in Q2 2023, a decline of approximately 30.8%[90]. Costs and Expenses - Total revenue decreased by $80.4 million for the three months ended June 30, 2024, while total expenses increased by $72.1 million[100]. - Other costs for Q2 2024 increased to $295.6 million, an increase of $52.2 million, or 21.4%, compared to $243.4 million in Q2 2023[97]. - Salaries, commissions, and benefits increased by $28.9 million, or 22.0%, in Q2 2024, primarily due to an increase in average team member count[97]. - Direct loan production costs rose by $21.9 million, or 92.6%, in Q2 2024, mainly due to costs associated with new programs launched[96]. - The provision for representations and warranties obligations increased by 47.1% to $(13,394,000) in Q2 2024 from $(9,103,000) in Q2 2023[86]. Cash Flow and Liquidity - As of June 30, 2024, the company reported net cash used in operating activities of $3.52 billion, a significant decrease from $148.6 million in the same period of 2023[125]. - Net cash provided by investing activities increased to $2.34 billion for the six months ended June 30, 2024, compared to $1.07 billion for the same period in 2023, driven by higher proceeds from sales of MSRs and excess servicing cash flows[126]. - The company had net cash provided by financing activities of $1.36 billion for the six months ended June 30, 2024, compared to cash used of $1.29 billion in the same period of 2023, primarily due to net borrowings under warehouse lines of credit[127]. - The company believes its cash on hand and liquidity sources will be sufficient to maintain operations and fund loan originations for the next twelve months[104]. Debt and Financing - The company has a total of $750 million committed under early funding programs as of June 30, 2024[112]. - The 2025 Senior Notes issued by UWM amount to $800 million, with a 5.500% interest rate, maturing on November 15, 2025[114]. - The 2029 Senior Notes issued by UWM total $700 million, also at a 5.500% interest rate, maturing on April 15, 2029[115]. - The 2027 Senior Notes issued by UWM are $500 million with a 5.750% interest rate, maturing on June 15, 2027[116]. - As of June 30, 2024, the company had $91.4 million outstanding under sale and repurchase agreements collateralized by investment securities[121]. Market and Risk Factors - The company is subject to credit risk, with repurchase and indemnification obligations for breaches under loan sale agreements[145]. - The company has no losses due to nonperformance by counterparties during the three or six months ended June 30, 2024, or June 30, 2023[147]. - The company utilizes forward agency or Ginnie Mae To Be Announced (TBA) securities as its primary hedge instrument for interest rate risk[141]. - The company’s total market risk is influenced by various factors including market volatility and liquidity[142]. - The company is dependent on macroeconomic conditions and U.S. residential real estate market conditions, which may affect its operations and profitability[136]. - The company has implemented stringent underwriting standards and strong fraud detection tools to mitigate credit risk[145].

Financial Data and Key Metrics Changes - In Q2 2024, UWM Holdings Corporation reported total production of $33.6 billion, a 6% increase year-over-year and a 22% increase sequentially from Q1 2024, marking the highest quarterly production since Q1 2022 [4][9] - The gain margin was 106 basis points, at the higher end of guidance, with net income exceeding $76 million, despite a $115 million decline in the fair value of mortgage servicing rights (MSRs) [5][9] - Year-to-date total production volume reached $61.3 billion, representing a 13% increase from the first half of 2023, with a gain margin of 107 basis points, up from 90 basis points in the same period last year [9][10] Business Line Data and Key Metrics Changes - Over $27 billion of the total production in Q2 2024 came from purchase loans, indicating a strong focus on the purchase-driven market [4] - The company introduced several new products and technologies aimed at enhancing speed and capacity in the broker channel, including Mortgage Matchup and Track Plus, which are expected to significantly improve operational efficiency [5][6][7] Market Data and Key Metrics Changes - The broker channel has achieved its highest market share since 2008, with a notable migration of mortgage loan officers from retail to wholesale [3] - The weighted average coupon of the company's portfolio declined to 4.31% by the end of Q2 2024, despite year-to-date new production occurring at higher rates [10] Company Strategy and Development Direction - UWM aims to make the broker channel the number one choice in the mortgage market, targeting over 50% market share in the coming years [12][13] - The company is heavily investing in technology to prepare for anticipated increases in production when interest rates decline, positioning itself to capitalize on future refinancing opportunities [4][7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market improvement in 2024 compared to 2023, with expectations of a refi boom if interest rates drop significantly [3][14] - The company remains focused on maintaining profitability while investing in growth and technology, emphasizing that it is well-prepared for various market cycles [11][12] Other Important Information - UWM has generated approximately $2.4 billion in net proceeds from the sale of MSRs, which have been used to deleverage the balance sheet and invest in business growth [10] - The company ended Q2 2024 with total cash of just under $700 million and no outstanding borrowings, indicating strong liquidity [11] Q&A Session Summary Question: Rate expectations and ARM production - Management indicated that if the Fed cuts rates significantly, it could lead to increased demand for adjustable-rate mortgages (ARMs), although the 30-year fixed rate will likely remain the prevailing product [16][17] Question: Savings from TRAC+ program - Consumers can save thousands through the TRAC+ program, which simplifies the closing process and reduces costs [18] Question: Adoption rates of TRAC+ and PA+ - Adoption rates for TRAC+ and PA+ have increased significantly in recent months, with the technology designed to handle increased scale without requiring brokers to hire additional staff [20][21] Question: Guidance on 30-year mortgage rates - Management suggested that a drop in the 10-year yield below 3.75% could trigger a refinancing boom, although they are currently not at that point [22][23] Question: Investments and expense management - The company has been preparing for increased volume without laying off staff, focusing on technology and operational efficiency to manage expenses effectively [25][26] Question: Gain on sale margin stability - Management expressed confidence in maintaining margins between 85 and 110 basis points, with potential for improvement if rates drop further [46][48] Question: Appetite for selling higher coupon loans - The company remains opportunistic regarding MSR sales but is currently focused on origination and growth rather than selling [49] Question: Direct loan production costs - Increased production naturally leads to higher loan production costs, but management emphasized a focus on growth rather than expense reduction [51][53]

Core Insights - UWM Holdings Corporation (UWMC) reported a revenue of $507.09 million for the quarter ended June 2024, reflecting a year-over-year decline of 13.7% and an EPS of $0.04 compared to $0.11 a year ago [1] - The reported revenue was a surprise of -6.15% against the Zacks Consensus Estimate of $540.31 million, while the EPS surprise was -33.33% against the consensus estimate of $0.06 [1] Revenue Breakdown - Loan production income was reported at $357.11 million, exceeding the average estimate of $334.86 million from four analysts [3] - Interest income reached $121.39 million, surpassing the average estimate of $109.01 million from four analysts [4] - Loan servicing income was $143.91 million, falling short of the average estimate of $184.30 million from four analysts [5] - The change in fair value of mortgage servicing rights was reported at -$115.32 million, worse than the average estimate of -$81.11 million from four analysts [6] Stock Performance - UWM shares have returned +32% over the past month, contrasting with the Zacks S&P 500 composite's -6.7% change [6] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [6]

UWM Holdings Corporation (UWMC) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced break-even earnings, delivering a surprise of -100%. Over the last four quarters, ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its c ...

UWM Holdings Corporation (NYSE:UWMC) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Blake Kolo - Chief Business Officer and Head-Investor Relations Mat Ishbia - Chairman and Chief Executive Officer Andrew Hubacker - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Eric Hagen - BTIG Doug Harter - UBS Bose George - KBW Brad Capuzzi - Piper Sandler Operator Good morning. My name is Crysta and I will be your conference operator today. At this time, I wo ...

For the quarter ended March 2024, UWM Holdings Corporation (UWMC) reported revenue of $569.96 million, up 253.4% over the same period last year. EPS came in at $0.00, compared to -$0.07 in the year-ago quarter.The reported revenue represents a surprise of +22.13% over the Zacks Consensus Estimate of $466.69 million. With the consensus EPS estimate being $0.04, the EPS surprise was -100.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...

UWM Holdings Corporation (UWMC) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.04. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced a loss of $0.23, delivering a surprise of -866.67%.Over the last four quarters, the company has surpass ...

[Q1 2024 Financial & Operational Highlights](index=1&type=section&id=UWM%20Holdings%20Corporation%20Announces%20First%20Quarter%202024%20Results) UWM Holdings Corporation announced strong first quarter 2024 results, highlighting a return to profitability and increased loan origination [Overall Performance Summary](index=1&type=section&id=First%20Quarter%202024%20Highlights) UWM Holdings returned to profitability in Q1 2024 with $180.5 million net income, driven by increased loan origination and strong purchase volume Q1 2024 Key Performance Indicators | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Income (Loss) (in millions of dollars)** | $180.5 | ($461.0) | ($138.6) | | **Loan Origination Volume (in billions of dollars)** | $27.6 | $24.4 | $22.3 | | **Purchase Volume (in billions of dollars)** | $22.1 | $20.7 | $19.2 | | **Total Gain Margin (in basis points)** | 108 | 92 | 92 | | **Diluted EPS (in dollars)** | $0.09 | ($0.29) | ($0.13) | - CEO Mat Ishbia noted that the company's strategy and investments are yielding positive results, with **strengthening volume and margin**, achieving impressive purchase volume despite industry concerns[2](index=2&type=chunk) - The company concluded Q1 2024 with approximately **$2.9 billion in available liquidity**, including **$605.6 million in cash** and **$2.3 billion in available borrowing capacity**[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details UWM Holdings' financial results, including key income statement and balance sheet metrics, and mortgage servicing rights performance [Key Financial Metrics](index=2&type=section&id=Production%20and%20Income%20Statement%20Highlights) Loan origination volume increased to $27.6 billion in Q1 2024, with total gain margin improving to 1.08%, resulting in a net income of $180.5 million Production and Income Statement Highlights (Q1 2024 vs. Q4 2023 & Q1 2023) | Metric (in thousands, except per share/bps) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Loan origination volume (in thousands of dollars) | $27,630,535 | $24,372,436 | $22,335,014 | | Total gain margin (in %) | 1.08% | 0.92% | 0.92% | | Net income (loss) (in thousands of dollars) | $180,531 | $(460,956) | $(138,613) | | Diluted earnings (loss) per share (in dollars) | $0.09 | $(0.29) | $(0.13) | | Adjusted EBITDA (in thousands of dollars) | $101,490 | $99,566 | $140,994 | [Balance Sheet Highlights](index=2&type=section&id=Balance%20Sheet%20Highlights%20as%20of%20Period-end) As of March 31, 2024, total assets increased to $12.8 billion, cash improved to $605.6 million, and the non-funding debt to equity ratio decreased to 0.94 Balance Sheet Highlights (as of period-end, in thousands) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (in thousands of dollars) | $605,639 | $497,468 | $740,063 | | Mortgage servicing rights (in thousands of dollars) | $3,191,803 | $4,026,136 | $3,974,870 | | Total assets (in thousands of dollars) | $12,797,334 | $11,871,854 | $10,947,716 | | Total equity (in thousands of dollars) | $2,457,058 | $2,474,671 | $2,874,542 | | Non-funding debt to equity | 0.94 | 1.16 | 0.91 | [Mortgage Servicing Rights (MSRs)](index=2&type=section&id=Mortgage%20Servicing%20Rights) The MSR portfolio's unpaid principal balance decreased to $229.7 billion in Q1 2024, while its weighted average interest rate increased to 4.58% MSR Portfolio Details (as of period-end) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Unpaid principal balance (in billions of dollars) | $229.7 | $299.5 | $297.9 | | Weighted average interest rate (in %) | 4.58% | 4.43% | 3.66% | | Weighted average age (in months) | 22 | 21 | 18 | [Business & Product Updates](index=2&type=section&id=Business%20%26%20Product%20Updates) This section highlights UWM's new product initiatives and the composition of its loan origination volume by product type [Product Initiatives](index=2&type=section&id=First%20Quarter%20Business%20and%20Product%20Highlights) UWM launched new products and tools in Q1 2024, including 'Mortgage Matchup', 'Refi 100', and an expanded '1% Down' program, while covering credit report costs for brokers - Launched 'Mortgage Matchup', a new version of FindAMortgageBroker.com, to educate homebuyers and connect them with independent mortgage brokers[10](index=10&type=chunk) - Introduced 'Refi 100', a **100-basis point pricing incentive** on conventional rate and term refinances to help brokers create refinance opportunities[10](index=10&type=chunk) - Expanded the '1% Down' program, where UWM contributes an additional **2% (up to $4,000)** towards the down payment for income-qualified borrowers[10](index=10&type=chunk) - Began covering the cost of hard credit report pulls for its broker partners to combat rising out-of-pocket expenses for brokers[10](index=10&type=chunk) [Origination Mix](index=3&type=section&id=Product%20and%20Investor%20Mix%20-%20Unpaid%20Principal%20Balance%20of%20Originations) In Q1 2024, purchase loans comprised the majority of originations at $22.1 billion, with refinance volume also significantly increasing to $5.5 billion across all loan types Origination Mix by Product (in thousands) | Category | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Total Purchase (in thousands of dollars)** | **$22,121,429** | **$20,681,456** | **$19,245,796** | |    Conventional (in thousands of dollars) | $12,160,107 | $12,033,818 | $12,969,966 | |    Government (in thousands of dollars) | $7,567,925 | $6,805,530 | $5,623,050 | |    Jumbo and other (in thousands of dollars) | $2,393,397 | $1,842,108 | $652,780 | | **Total Refinance (in thousands of dollars)** | **$5,509,106** | **$3,690,980** | **$3,089,218** | |    Conventional (in thousands of dollars) | $1,716,281 | $1,386,645 | $1,869,911 | |    Government (in thousands of dollars) | $2,657,541 | $1,389,884 | $941,775 | |    Jumbo and other (in thousands of dollars) | $1,135,284 | $914,451 | $277,532 | | **Total Originations (in thousands of dollars)** | **$27,630,535** | **$24,372,436** | **$22,335,014** | [Outlook & Dividends](index=3&type=section&id=Outlook%20%26%20Dividends) This section provides UWM's financial outlook for Q2 2024, including projected production volume and gain margin, alongside its consistent dividend declaration [Q2 2024 Outlook](index=3&type=section&id=Second%20Quarter%202024%20Outlook) UWM projects Q2 2024 loan production volume between $28 billion and $35 billion, with an expected gain margin of 85 to 110 basis points - The company projects Q2 2024 production volume to be between **$28 billion and $35 billion**[12](index=12&type=chunk) - The expected gain margin for Q2 2024 is anticipated to be in the range of **85 to 110 basis points**[12](index=12&type=chunk) [Dividend Declaration](index=3&type=section&id=Dividend) For the fourteenth consecutive quarter, the company declared a cash dividend of $0.10 per share, payable on July 11, 2024 - For the **14th consecutive quarter**, the Board of Directors declared a cash dividend of **$0.10 per share** on outstanding Class A common stock[13](index=13&type=chunk) - The dividend is payable on **July 11, 2024**, to stockholders of record at the close of business on **June 20, 2024**[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles UWM's non-GAAP financial metrics, including Adjusted Net Income, Adjusted EBITDA, and Non-funding debt, to provide a clearer view of operational performance [Definition of Non-GAAP Metrics](index=3&type=section&id=Definition%20of%20Non-GAAP%20Metrics) UWM defines non-GAAP metrics like Adjusted Net Income, Adjusted EBITDA, and Non-funding debt to provide a clearer view of operational performance by adjusting for specific non-cash or non-operational items - **Adjusted Net Income (Loss)** is defined as pre-tax income with an adjusted income tax provision to reflect a 100% economic interest ownership structure for comparison purposes[16](index=16&type=chunk) - **Adjusted EBITDA** is defined as earnings before interest on non-funding debt, taxes, depreciation, amortization, stock-based compensation, and several non-cash or non-realized fair value adjustments[17](index=17&type=chunk)[18](index=18&type=chunk) - **Non-funding debt** is defined as the total of senior notes, lines of credit, and other borrowings not directly tied to funding loan originations[19](index=19&type=chunk) [Reconciliation of Non-GAAP Metrics](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Metrics) This section provides detailed reconciliations of non-GAAP metrics, showing Q1 2024 Adjusted Net Income at $141.1 million, Adjusted EBITDA at $101.5 million, and total non-funding debt at $2.31 billion Adjusted Net Income (Loss) Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Earnings (loss) before income taxes (in thousands of dollars) | $184,264 | $(468,408) | $(139,616) | | Adjusted income tax (provision) benefit (in thousands of dollars) | $(43,143) | $107,406 | $32,991 | | **Adjusted net income (loss) (in thousands of dollars)** | **$141,121** | **$(361,002)** | **$(106,625)** | Adjusted EBITDA Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net income (loss) (in thousands of dollars) | $180,531 | $(460,956) | $(138,613) | | *Plus/minus various adjustments* | ... | ... | ... | | **Adjusted EBITDA (in thousands of dollars)** | **$101,490** | **$99,566** | **$140,994** | Non-funding Debt Reconciliation (in thousands) | Description | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Total non-funding debt (in thousands of dollars) | $2,311,850 | $2,862,759 | $2,623,962 | | Total equity (in thousands of dollars) | $2,457,058 | $2,474,671 | $2,874,542 | | **Non-funding debt to equity** | **0.94** | **1.16** | **0.91** | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents UWM's consolidated balance sheets and statements of operations, detailing assets, liabilities, equity, revenues, and net income for the reported periods [Consolidated Balance Sheets](index=8&type=section&id=UWM%20HOLDINGS%20CORPORATION%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets increased to $12.8 billion, driven by higher mortgage loans at fair value, while total liabilities rose to $10.3 billion and total equity slightly decreased Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total assets (in thousands of dollars)** | **$12,797,334** | **$11,871,854** | | Cash and cash equivalents (in thousands of dollars) | $605,639 | $497,468 | | Mortgage loans at fair value (in thousands of dollars) | $7,338,135 | $5,449,884 | | Mortgage servicing rights (in thousands of dollars) | $3,191,803 | $4,026,136 | | **Total liabilities (in thousands of dollars)** | **$10,340,276** | **$9,397,183** | | Warehouse lines of credit (in thousands of dollars) | $6,681,917 | $4,902,090 | | Senior notes (in thousands of dollars) | $1,989,250 | $1,988,267 | | **Total equity (in thousands of dollars)** | **$2,457,058** | **$2,474,671** | [Consolidated Statements of Operations](index=9&type=section&id=UWM%20HOLDINGS%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) UWM reported total net revenue of $570.0 million in Q1 2024, a significant recovery driven by higher loan production income, resulting in a net income of $180.5 million Consolidated Statement of Operations (in thousands) | Account | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Loan production income (in thousands of dollars) | $298,954 | $225,436 | $205,424 | | Change in fair value of MSRs (in thousands of dollars) | $(15,563) | $(634,418) | $(337,287) | | **Total revenue, net (in thousands of dollars)** | **$569,956** | **$(114,583)** | **$161,274** | | Total expenses (in thousands of dollars) | $385,692 | $353,825 | $300,890 | | **Net income (loss) (in thousands of dollars)** | **$180,531** | **$(460,956)** | **$(138,613)** | | Net income (loss) attributable to UWMC (in thousands of dollars) | $8,730 | $(27,078) | $(11,941) | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides additional details including conference call information, cautionary notes on forward-looking statements, company overview, and historical quarterly financial data [Conference Call Information](index=3&type=section&id=Earnings%20Conference%20Call%20Details) A conference call to discuss Q1 2024 results was scheduled for May 9, 2024, at 10:00 AM ET, with webcast and replay available on the investor relations website - A conference call to review Q1 2024 results was scheduled for **Thursday, May 9, 2024, at 10:00 AM ET**[14](index=14&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks and uncertainties, including macroeconomic conditions, interest rate changes, and reliance on secondary markets, which may cause actual results to differ materially - Forward-looking statements cover expectations for **Q2 2024 production and margin**, market share growth, and benefits from technology investments[24](index=24&type=chunk) - Identified risks include dependence on U.S. residential real estate market conditions, interest rate changes from U.S. monetary policy, reliance on warehouse facilities, and ability to sell loans in the secondary market[24](index=24&type=chunk) [About UWM](index=7&type=section&id=About%20UWM%20Holdings%20Corporation%20and%20United%20Wholesale%20Mortgage) UWM Holdings Corporation is the parent of United Wholesale Mortgage (UWM), the nation's largest home mortgage lender, operating exclusively through the wholesale channel for nine consecutive years - **UWM is the largest home mortgage lender and purchase lender in the nation**[26](index=26&type=chunk) - The company operates exclusively through the **wholesale channel**, partnering with the independent mortgage broker community across all 50 states and D.C.[26](index=26&type=chunk) [Historical Quarterly Data (Addendum)](index=11&type=section&id=Addendum%20to%20Exhibit%2099.1) This addendum provides historical consolidated balance sheets and statements of operations for the five quarters ending March 31, 2024, enabling analysis of quarterly financial trends Historical Quarterly Total Assets and Equity (in thousands) | Date | Total Assets | Total Equity | | :--- | :--- | :--- | | Mar 31, 2024 | $12,797,334 | $2,457,058 | | Dec 31, 2023 | $11,871,854 | $2,474,671 | | Sep 30, 2023 | $12,204,137 | $3,092,111 | | Jun 30, 2023 | $12,425,919 | $2,947,122 | | Mar 31, 2023 | $10,947,716 | $2,874,542 | Historical Quarterly Revenue and Net Income (in thousands) | Quarter Ended | Total Revenue, Net | Net Income (Loss) | | :--- | :--- | :--- | | Mar 31, 2024 | $569,956 | $180,531 | | Dec 31, 2023 | $(114,583) | $(460,956) | | Sep 30, 2023 | $677,116 | $300,993 | | Jun 30, 2023 | $587,520 | $228,794 | | Mar 31, 2023 | $161,274 | $(138,613) |