UWM (US:UWMC)2025-11-06 13:46Financial Performance - Total loan origination volume reached $41.7 billion in Q3 2025, the highest quarterly originations since 2021, compared to $39.7 billion in Q2 2025 and $39.5 billion in Q3 2024[1][3] - Total revenue for Q3 2025 was $843.3 million, an increase from $758.7 million in Q2 2025 and $745.6 million in Q3 2024[1][3] - Net income for Q3 2025 was $12.1 million, down from $314.5 million in Q2 2025 and $31.9 million in Q3 2024[1][3] - Adjusted EBITDA for Q3 2025 was $211.1 million, compared to $195.7 million in Q2 2025 and $107.2 million in Q3 2024[1][3] - Adjusted net income for Q3 2025 was $9,621,000, a decrease from $23,334,000 in Q3 2024[19] - Adjusted diluted EPS for Q3 2025 was $0.01, compared to $0.16 in Q2 2025[19] - Loan production income reached $542,144,000, up 20.9% from $447,882,000 in the previous quarter and 16.4% from $465,548,000 year-over-year[26] - Total expenses increased to $550,570,000, up 4.5% from $526,765,000 in the previous quarter and 11.4% from $494,145,000 year-over-year[26] Assets and Liquidity - The company ended Q3 2025 with approximately $3.0 billion in available liquidity, including $870.7 million in cash[1][3] - Total assets as of September 30, 2025, were $17,022,337,000, up from $15,671,116,000 at the end of 2024[24] - Cash and cash equivalents, including restricted cash, rose to $870,703,000, a significant increase from $489,984,000 in the previous quarter and $636,327,000 year-over-year[29] - Total assets as of September 30, 2025, were $17,022,337,000, up from $13,886,889,000 in the previous quarter and $15,119,798,000 year-over-year[29] Debt and Equity - Total non-funding debt increased to $3,891,125,000 in Q3 2025 from $2,410,714,000 in Q3 2024[19] - The company reported a total equity of $1,587,078,000 as of September 30, 2025, down from $2,180,527,000 in Q3 2024[19] - Warehouse lines of credit rose to $9,783,664,000 in Q3 2025, compared to $8,697,744,000 in Q4 2024[24] - Warehouse lines of credit increased to $9,783,664,000, compared to $7,254,526,000 in the previous quarter and $9,207,746,000 year-over-year[29] Strategic Initiatives - A strategic collaboration with BILT was established to allow homeowners to earn rewards on mortgage payments, enhancing the consumer servicing experience[1][7] - The company anticipates fourth quarter production to be in the range of $43 to $50 billion, with a gain margin of 105 to 130 basis points[1][10] - The company anticipates growth in the wholesale and broker channels, aiming to maintain its position as the leading mortgage lender[20] - UWM is focusing on strategic investments and product launches to adapt to changing market conditions[20] - The company is investing in technology, including artificial intelligence, to enhance operations and financial results[20] Market Conditions - The company reported a total gain margin of 130 basis points in Q3 2025, up from 113 basis points in Q2 2025 and 118 basis points in Q3 2024[1][3] - The change in fair value of mortgage servicing rights resulted in a loss of $307,825,000 for the quarter, compared to a loss of $111,421,000 in the previous quarter and a loss of $446,100,000 year-over-year[31] Dividends - A cash dividend of $0.10 per share was declared for the twentieth consecutive quarter, payable on January 8, 2026[1][11]