UWM Holdings Corp

Previous wording

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 three months ended March 31, 2026, approximately 94% 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).

Current wording

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).

Previous wording

Three Months Ended March 31, 2026 and 2025 Summary

Current wording

Three and Six Months Ended June 30, 2026 and 2025 Summary

Previous wording

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, which was an increase of $417.4 million, compared to net loss of $247.0 million for the three months ended March 31, 2025. Adjusted EBITDA for the three months ended March 31, 2026 was $160.9 million as compared to $57.8 million for the three months ended March 31, 2025. Refer to the "Non-GAAP Financial Measures" section below for a detailed discussion of how we define and calculate Adjusted EBITDA.

Current wording

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.

Previous wording

Loan origination fees increased by approximately $47.5 million for the three months ended March 31, 2026 as compared to the same period in 2025, due to increases in loan production volume and increases in per loan origination and other fees, including from increased adoption of our TRAC+ and PA+ services. TRAC+ provides an efficient alternative to utilizing a traditional lender title policy and title company, and PA+ is a service that offers an additional level of loan processing support for our clients when needed. The provision for representations and warranties obligations decreased by $4.8 million for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to a decrease in expected loss rates, partially offset by an increase in loan sales.

Current wording

Loan origination fees increased by approximately $13.7 million for the three months ended June 30, 2026 as compared to the same period in 2025, due to increases in per loan origination and other fees, including from increased adoption of our TRAC+ and PA+ services. TRAC+ provides an efficient alternative to utilizing a traditional lender title policy and title company, and PA+ is a service that offers an additional level of loan processing support for our clients when needed. The provision for representations and warranties obligations decreased by $3.1 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to a decrease in expected loss rates, partially offset by an increase in loan sales.

Previous wording

The total of primary loss and capitalization of MSRs increased approximately $197.6 million for the three months ended March 31, 2026 as compared to the same period in 2025. This increase was primarily due to an increase in loan production volume of $12.6 billion, or 38.9%, from $32.4 billion to $44.9 billion during the three months ended March 31, 2026, as compared to the same period in 2025, as well as improved pricing.

Current wording

The total of primary loss and capitalization of MSRs increased approximately $260.1 million for the six months ended June 30, 2026 as compared to the same period in 2025. This increase was primarily due to improved pricing and gain margin, and an increase in loan production volume of $12.6 billion, or 17.4%, from $72.1 billion to $84.6 billion during the six months ended June 30, 2026, as compared to the same period in 2025.

Previous wording

Loan servicing income was $213.4 million for the three months ended March 31, 2026, an increase of $22.9 million, or 12.0%, as compared to $190.5 million for the three months ended March 31, 2025. The increase in loan servicing income during the three months ended March 31, 2026 was primarily due to an increase in the average portfolio weighted average servicing fee as a result of increased retained servicing fees on new production due to better execution and an increase in the average servicing portfolio UPB.

Current wording

Loan servicing income was $220.5 million for the three months ended June 30, 2026, an increase of $41.7 million, or 23.3%, as compared to $178.8 million for the three months ended June 30, 2025. The increase in loan servicing income during the three months ended June 30, 2026 was primarily due to an increase in the average portfolio weighted average servicing fee as a result of increased retained servicing fees on new production due to better execution, as well as an increase in the average servicing portfolio UPB.

Previous wording

Servicing costs increased $12.6 million for the three months ended March 31, 2026, as compared to the same period in 2025 primarily as a result of higher shortfall interest, due to increased refinance volume in the first quarter of 2026.

Current wording

Servicing costs increased $14.7 million for the three months ended June 30, 2026, as compared to the same period in 2025 primarily as a result of higher shortfall interest, due to increased refinance volume in the second quarter of 2026, as well as increased foreclosure expenses and reserves for uncollectible servicing advances.

Previous wording

Net interest income (interest income less interest expense on funding facilities) was $63.4 million for the three months ended March 31, 2026, an increase of $15.7 million, or 32.8%, as compared to $47.8 million for the three months ended March 31, 2025, as a result of an increase in interest income and a slight decrease in interest expense on funding facilities. The increase in interest income was primarily due to higher average balances of mortgage loans at fair value due to increased loan production volume, partially offset by lower average note rates on mortgage loans at fair value. The decrease in interest expense on funding facilities was primarily due to lower short-term interest rates, partially offset by higher average warehouse balances due to increased loan production.

Current wording

Net interest income (interest income less interest expense on funding facilities) was $68.2 million for the three months ended June 30, 2026, an increase of $18.8 million, or 38.2%, as compared to $49.3 million for the three months ended June 30, 2025, as a result of an increase in interest income and a decrease in interest expense on funding facilities. The increase in interest income was primarily a result of higher average balances of mortgage loans at fair value, partially offset by lower average note rates on mortgage loans at fair value. The decrease in interest expense on funding facilities was primarily due to lower short-term interest rates, partially offset by higher average warehouse balances.

Previous wording

Interest expense on non-funding debt was $70.7 million for the three months ended March 31, 2026, an increase from $50.1 million for the three months ended March 31, 2025, primarily due to interest expense on the $1.0 billion of 2031 Senior Notes issued in September of 2025, proceeds from which were used to repay the $800.0 million 2025 Senior Notes upon maturity in November 2025. Additionally, we had higher average borrowings under the MSR facilities in the first quarter of 2026, partially offset by lower interest rates on these facilities, due to declines in short-term interest rates.

Current wording

Interest expense on non-funding debt was $86.8 million for the three months ended June 30, 2026, an increase from $50.8 million for the three months ended June 30, 2025, primarily due to higher average borrowings under the MSR facilities, partially offset by lower interest rates on these facilities due to improved pricing and declines in short-term interest rates. Additionally, there was an increase in interest expense related to the $1.0 billion of 2031 Senior Notes issued in September of 2025, proceeds from which were used to repay the $800.0 million 2025 Senior Notes upon maturity in November 2025.

Previous wording

The change in fair value of MSRs for the three months ended March 31, 2026 was a decrease of $10.3 million, as compared with a decrease of $388.6 million for the three months ended March 31, 2025. The decrease in fair value of MSRs for the three months ended March 31, 2026 was primarily attributable to a decline in fair value of approximately $226.5 million due to realization of cash flows, decay, and other (including loans paid in full, which have increased as a result of higher refinance activity as well as higher retained servicing fees) and approximately $31.7 million of net reserves and transaction costs for bulk MSR sales, partially offset by an increase in fair value of approximately $247.9 million due to changes in valuation inputs and assumptions, net, (primarily due to changes in relevant market interest rates).

Current wording

The change in fair value of MSRs for the three months ended June 30, 2026 was a decrease of $122.7 million, as compared with a decrease of $111.4 million for the three months ended June 30, 2025. The decrease in fair value of MSRs for the three months ended June 30, 2026 was primarily attributable to a decline in fair value of approximately $168.6 million due to realization of cash flows, decay, and other (including loans paid in full, which increased as a result of higher refinance activity as well as higher retained servicing fees) and approximately $19.1 million of net reserves and transaction costs for bulk MSR sales, partially offset by an increase in fair value of approximately $65.1 million due to changes in valuation inputs and assumptions, net, (primarily due to changes in relevant market interest rates).

Previous wording

The decrease in fair value for the three months ended March 31, 2025 of approximately $388.6 million was primarily attributable to a decrease in fair value of approximately $250.8 million resulting from changes in valuation inputs and assumptions, primarily due to changes in relevant market interest rates, a decline of approximately $123.1 million due to realization of cash flows, decay, and other (including loans paid in full) and approximately $14.7 million of net reserves and transaction costs for bulk MSR sales and sales of excess servicing cash flows.

Current wording

The decrease in fair value for the six months ended June 30, 2025 of approximately $500.0 million was primarily attributable to a decrease in fair value of approximately $247.7 million resulting from changes in valuation inputs and assumptions, primarily due to changes in relevant market interest rates, a decline of approximately $219.6 million due to realization of cash flows, decay, and other (including loans paid in full) and approximately $32.7 million of net reserves and transaction costs for bulk MSR sales and sales of excess servicing cash flows.

Previous wording

The loss on other interest rate derivatives of $138.2 million for the three months ended March 31, 2026 was due to a loss on other interest rate derivative instruments that we entered into during the first quarter of 2026, driven by changes in relevant market interest rates.

Current wording

The gain on other interest rate derivatives of $208.9 million for the three and six months ended June 30, 2025 was due to the gain on certain derivative financial instruments we entered into during the period as part of our overall interest rate mitigation strategy, primarily driven by changes in relevant market interest rates.

Previous wording

Other costs were $391.6 million for the three months ended March 31, 2026, an increase of $56.8 million, or 17.0%, as compared to $334.8 million for the three months ended March 31, 2025. This increase was primarily due to an increase in salaries, commissions and benefits of $31.8 million, or 16.5%, primarily driven by an increase in loan production volume and certain incentive-based compensation, as well as a shift in team member mix supporting our continued investments in AI and other technologies. These increases were partially offset by a reduction in average overall team member count. Direct loan production costs increased $17.4 million, primarily due to costs associated with our free credit report program andhigher loan production volume, partially offset by lower costs associated with down payment assistance programs. Marketing, travel and entertainment expenses increased $8.7 million, primarily due to increases in costs associated with broker training and development programs, and sponsorship fees. General and administrative expenses decreased $9.1 million primarily due to the receipt of a termination fee related to the terminated merger agreement with Two Harbors, as well as a decrease in provision for uncollectible receivables, partially offset by an increase in computer services, software licensing, and support.

Current wording

Other costs were $426.4 million for the three months ended June 30, 2026, an increase of $68.2 million, or 19.0%, as compared to $358.2 million for the three months ended June 30, 2025. General and administrative expenses increased $29.7 million primarily due to increased software licensing and support costs, legal fees, and costs related to the terminated merger agreement with Two Harbors. Direct loan production costs increased $25.8 million, primarily due to costs associated with our free credit report program and free appraisals incentive. Marketing, travel and entertainment expenses increased $9.2 million, primarily due to increases in costs associated with broker incentives, training and development programs, and sponsorship fees. Depreciation and amortization increased $2.5 million primarily related to the impact of amortization on various leasehold improvements.

Previous wording

We recorded a $7.1 million provision for income taxes during the three months ended March 31, 2026, compared to a $13.8 million benefit for income taxes for the three months ended March 31, 2025. The increase in income tax provision for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in pre-tax income of Holdings LLC, combined with the effects of UWMC's increased ownership in Holdings LLC as a result of Exchange Transactions.

Current wording

We recorded a $21.0 million benefit for income taxes during the three months ended June 30, 2026, compared to a $14.9 million provision for income taxes for the three months ended June 30, 2025. The decrease in income tax provision for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to a decrease in pre-tax income attributable to the Company, and the effects of increased ownership in Holdings LLC due to Exchange Transactions.

Previous wording

Net income was $170.4 million for the three months ended March 31, 2026, an increase of $417.4 million or 169.0%, as compared to net loss of $247.0 million for the three months ended March 31, 2025. The increase in net income was primarily the result of an increase in total revenue of $288.1 million and a decrease of $240.1 million in other losses, net, partially offset by an increase in total expenses (including income taxes) of $110.7 million

Current wording

Net loss was $451.9 million for the three months ended June 30, 2026, a decrease of $766.4 million or 243.7%, as compared to net income of $314.5 million for the three months ended June 30, 2025. The decrease in net income was primarily the result of an increase in other losses (primarily hedging losses), net, of $823.4 million, an increase in total expenses (including income taxes) of $72.3 million, partially offset by an increase in total revenue of $129.3 million.

Previous wording

Net income attributable to UWMC of $25.3 million for the three months ended March 31, 2026 includes the net income of Holdings LLC attributable to us due to our approximate 20% ownership interest in Holdings LLC. Net loss attributable to us of $13.7 million for the three months ended March 31, 2025 includes the net loss of Holdings LLC attributable to us due to its approximate 13% ownership interest in Holdings LLC.

Current wording

Net loss attributable to the Company of $80.6 million for the three months ended June 30, 2026 includes the net loss of Holdings LLC attributable to UWMC due to its approximate 21% ownership interest in Holdings LLC. Net income attributable to the Company of $22.9 million for the three months ended June 30, 2025, includes the net income of Holdings LLC attributable to the Company due to its approximate 13% ownership interest in Holdings LLC.

Previous wording

From a cash flow perspective, the vast majority of cash received from mortgage originations occurs at the point the loans are sold or securitized into the secondary market. The vast majority of servicing fee income relates to the retained servicing fee on the loans, where cash is received monthly over the life of the loan and is typically a product of the borrowers’ current unpaid principal balance multiplied by the weighted average service fee. For a given mortgage loan, servicing revenue from the retained servicing fee generally declines over time as the principal balance of the loan is reduced.

Current wording

From a cash flow perspective, the vast majority of cash received from mortgage originations occurs at the point the loans are sold or securitized into the secondary market. The vast majority of servicing fee income relates to the retained servicing fee on the loans, where cash is received monthly over the life of the loan and is typically a product of the borrowers’

Previous wording

Warehouse lenders generally conduct daily evaluations of the adequacy of the underlying collateral for the warehouse loans based on the fair value of the mortgage loans. As the loans are generally financed at 97% to 98% of principal balance and our loans are typically outstanding on warehouse lines for short periods (e.g., less than one month), significant increases inmarket interest rates would be required for us to experience margin calls or requirements to reduce the amount outstanding with respect to the corresponding loan from a majority of our warehouse lenders. Four of our warehouse lines advance based on the fair value of the loans, rather than the principal balance. For those lines, we exchange collateral for modest changes in value. As of March 31, 2026, there was $1.9 million of outstanding exchanges of collateral.

Current wording

Warehouse lenders generally conduct daily evaluations of the adequacy of the underlying collateral for the warehouse loans based on the fair value of the mortgage loans. As the loans are generally financed at 97% to 98% of principal balance and our loans are typically outstanding on warehouse lines for short periods (e.g., less than one month), significant increases inmarket interest rates would be required for us to experience margin calls or requirements to reduce the amount outstanding with respect to the corresponding loan from a majority of our warehouse lenders. Four of our warehouse lines advance based on the fair value of the loans, rather than the principal balance. For those lines, we exchange collateral for modest changes in value. As of June 30, 2026, there was $0.6 million of outstanding exchanges of collateral.

Previous wording

We are an approved lender for loan early funding facilities with Fannie Mae through its As Soon As Pooled Plus (“ASAP+”) program and Freddie Mac through its Early Funding (“EF”) program. As an approved lender for these early funding programs, we enter into an agreement to deliver closed and funded one-to-four family residential mortgage loans, each secured by related mortgages and deeds of trust, and receive funding in exchange for such mortgage loans in some cases before the lender has grouped them into pools to be securitized by Fannie Mae or Freddie Mac. All such mortgage loans must adhere to a set of eligibility criteria to be acceptable. As of March 31, 2026, $46.8 million amount was outstanding under the ASAP+ program and $118.7 million was outstanding through the EF program.

Current wording

We are an approved lender for loan early funding facilities with Fannie Mae through its As Soon As Pooled Plus (“ASAP+”) program and Freddie Mac through its Early Funding (“EF”) program. As an approved lender for these early funding programs, we enter into an agreement to deliver closed and funded one-to-four family residential mortgage loans, each secured by related mortgages and deeds of trust, and receive funding in exchange for such mortgage loans in some cases before the lender has grouped them into pools to be securitized by Fannie Mae or Freddie Mac. All such mortgage loans must adhere to a set of eligibility criteria to be acceptable. As of June 30, 2026, no amount was outstanding under the ASAP+ program and $244.8 million was outstanding through the EF program.

Previous wording

Beginning on April 15, 2024, we may, at our option, redeem the 2029 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: April 15, 2024 at 102.750%; April

Current wording

Beginning on April 15, 2024, we may, at our option, redeem the 2029 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: April 15, 2024 at 102.750%; April 15, 2025 at 101.375%; or April 15, 2026 until maturity at 100%, of the principal amount of the 2029 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

Previous wording

On November 22, 2021, our consolidated subsidiary, UWM, issued $500.0 million in aggregate principal amount of senior unsecured notes due June 15, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes accrue interest at a rate of 5.750% per annum. Interest on the 2027 Senior Notes is due semi-annually on June 15 and December 15 of each year. We used the proceeds from the issuance of the 2027 Senior Notes for general corporate purposes.

Current wording

On November 22, 2021, our consolidated subsidiary, UWM, issued $500.0 million in aggregate principal amount of senior unsecured notes due June 15, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes accrue interest at a rate of 5.750% per annum. Interest on the 2027 Senior Notes is due semi-annually on June 15 and December 15 of each year. We used the proceeds from the issuance of the 2027 Senior Notes for general corporate purposes. The Company may currently redeem the 2027 Senior Notes at par plus accrued and unpaid interest.

Previous wording

On or after February 1, 2027, we may, at our option, redeem the 2030 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2027 at 103.313%; February 1, 2028 at 101.656%; or February 1, 2029 until maturity at 100%, of the principal amount of the 2030 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to February 1, 2027, we may, at our option, redeem up to 40% of the aggregate principal amount of the 2030 Senior Notes originally issued at a redemption price of 106.625% of the principal amount of the 2030 Senior Notes redeemed on the redemption date plus accrued and unpaid interest, with net proceeds of certain equity offerings. In addition, we may, at our option, redeem some or all of the 2030 Senior Notes prior to February 1, 2027 at a price equal to 100% of the principal amount redeemed plus a "make-whole" premium, plus accrued and unpaid interest.

Current wording

On or after February 1, 2027, we may, at our option, redeem the 2030 Senior Notes in whole or in part during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2027 at 103.313%; February 1, 2028 at 101.656%; or February 1, 2029 until maturity at 100%, of the principal amount of the 2030 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. Prior to February 1, 2027, we may, at our option, redeem up to 40% of the aggregate principal amount of the 2030 Senior Notes originally issued at a redemption price of 106.625% of the principal amount of the 2030 Senior Notes redeemed on the redemption date plus accrued and unpaid interest, with net proceeds of certain equity offerings. In addition, we may, at our option, redeem some or all of the 2030 Senior Notes prior to

Previous wording

In 2022, our consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank, N.A. ("Citibank"), providing UWM with up to $1.5 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the “Conventional MSR Facility”). The Conventional MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitizations by Fannie Mae or Freddie Mac that meet certain criteria. Available borrowings, as well as mandatory curtailments, under the Conventional MSR Facility are based on the fair market value of the collateral, and borrowings under the Conventional MSR Facility bear interest based on one-month term SOFR plus an applicable margin.

Current wording

In 2022, our consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank, N.A. ("Citibank"), which currently provides UWM with up to$2.0 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the “Conventional MSR Facility”). The Conventional MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitizations by Fannie Mae or Freddie Mac that meet certain criteria. Available borrowings, as well as mandatory curtailments, under the Conventional MSR Facility are based on the fair market value of the collateral, and borrowings under the Conventional MSR Facility bear interest based on one-month term SOFR plus an applicable margin. The current maturity date of the Conventional MSR Facility is July 15, 2027. As of June 30, 2026, $1.875 billion was outstanding under the Conventional MSR Facility.

Previous wording

In 2023, our consolidated subsidiary, UWM, entered into a Credit Agreement with Goldman Sachs Bank USA, providing UWM with up to $500.0 million of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the "Ginnie Mae MSR Facility"). The Ginnie Mae MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Ginnie Mae that meet certain criteria. Available borrowings, as well as mandatory curtailments, under the Ginnie Mae MSR Facility are based on the fair market value of the collateral. Borrowings under the Ginnie Mae MSR Facility bear interest based on SOFR plus an applicable margin. In March 2026, the uncommitted borrowing capacity of the Ginnie Mae MSR facility was increased to$900.0 million. Pursuant to the amendment, the draw period for the Ginnie Mae MSR Facility was extended to March 20, 2028, and the maturity date was extended to March 20, 2029. As of March 31, 2026, $575.0 million was outstanding under the Ginnie Mae MSR Facility.

Current wording

In 2023, our consolidated subsidiary, UWM, entered into a Credit Agreement with Goldman Sachs Bank USA, which currently provides UWM with up to $1.25 billion of uncommitted borrowing capacity to finance the origination, acquisition or holding of certain mortgage servicing rights (the "Ginnie Mae MSR Facility"). The Ginnie Mae MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Ginnie Mae that meet certain criteria. Available borrowings, as well as mandatory curtailments, under the Ginnie Mae MSR Facility are based on the fair market value of the collateral. Borrowings under the Ginnie Mae MSR Facility bear interest based on SOFR plus an applicable margin. Currently, the draw period for the Ginnie Mae MSR Facility extends to March 20, 2028, and the maturity date is March 20, 2029. As of June 30, 2026, $1.075 billion was outstanding under the Ginnie Mae MSR Facility.

Previous wording

The weighted average interest rate charged for borrowings under our MSR facilities was 6.20% and 7.32% for the three months ended March 31, 2026 and 2025, respectively.

Current wording

The weighted average interest rate charged for borrowings under our MSR facilities was 6.14% and 7.32% for the three months ended June 30, 2026 and 2025, respectively. The weighted average interest rate charged for borrowings under our MSR facilities was 6.16% and 7.32% for the six months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

In 2021, UWM began selling some of the mortgage loans that it originates through UWM's private label securitization transactions. In executing these transactions, UWM sells mortgage loans to a securitization trust for cash and, in some cases, retained interests in the trust. The securitization entities are funded through the issuance of beneficial interests in the securitized assets. The beneficial interests take the form of trust certificates, some of which are sold to investors and some of which may be retained by UWM due to regulatory requirements. UWM entered into sale and repurchase agreements for a portion of the retained beneficial interests in the securitization trusts established to facilitate its private label securitization transactions which have been accounted for as borrowings against investment securities. As of March 31, 2026, we had $86.7 million outstanding under individual trades executed pursuant to a master repurchase agreement with a counterparty which is collateralized by the investment securities (beneficial interests in the trusts) that we retained due to regulatory requirements. The borrowings against investment securities have remaining terms ranging from one to three months as of March 31, 2026, and interest rates based on SOFR plus a spread. We intend to renew these sale and repurchase agreements upon their maturity during the required holding period for the retained investment securities.

Current wording

UWM has entered into sale and repurchase agreements for a portion of the retained beneficial interests in the securitization trusts established to facilitate its private label securitization transactions which have been accounted for as borrowings against investment securities. As of June 30, 2026, we had $83.7 million outstanding under individual trades executed pursuant to a master repurchase agreement with a counterparty which is collateralized by the investment securities (beneficial interests in the trusts) that we retained due to regulatory requirements. The borrowings against investment securities have remaining terms ranging from one to three months as of June 30, 2026, and interest rates based on SOFR plus a spread. We intend to renew these sale and repurchase agreements upon their maturity during the required holding period for the retained investment securities.

Previous wording

The counterparty under these sale and repurchase agreements conducts daily evaluations of the adequacy of the underlying collateral based on the fair value of the retained investment securities less any specified haircuts. These investment securities are financed on average at approximately 74% of the outstanding principal balance, and exchanges of cash collateral are required if the fair value of the retained investment securities, less the haircut, is less than the principal balance plus accrued interest on the secured borrowings. As of March 31, 2026, we had delivered $2.7 million of collateral to the counterparty under these sale and repurchase agreements.

Current wording

The counterparty under these sale and repurchase agreements conducts daily evaluations of the adequacy of the underlying collateral based on the fair value of the retained investment securities less any specified haircuts. These investment securities are financed on average at approximately 75% of the outstanding principal balance, and exchanges of cash collateral are required if the fair value of the retained investment securities, less the haircut, is less than the principal balance plus accrued interest on the secured borrowings. As of June 30, 2026, we had delivered $3.7 million of collateral to the counterparty under these sale and repurchase agreements.

Previous wording

As of March 31, 2026, our finance lease liabilities were $23.0 million, $22.4 million of which relates to leases with related parties. Our financing lease agreements have remaining terms ranging from approximately three years to ten years.

Current wording

As of June 30, 2026, our finance lease liabilities were $22.4 million, $22.0 million of which relates to leases with related parties. Our financing lease agreements have remaining terms ranging from approximately three years to ten years.

Previous wording

Cash flow data for the three months ended March 31, 2026 and 2025

Current wording

Cash flow data for the six months ended June 30, 2026 and 2025

Previous wording

Net cash used in operating activities was $2.2 billion for the three months ended March 31, 2026 compared to net cash provided by operating activities of $593.9 million for the same period in 2025. The increase in cash flows used in operating activities year-over-year was primarily driven by the increase in mortgage loans at fair value (funded in the normal course by borrowings on warehouse facilities) for the period ended March 31, 2026, as compared to the decrease in the same period in 2025, and a decrease in net income as adjusted for non-cash operational items, including the capitalization and change in fair value of MSRs.

Current wording

Net cash used in operating activities was $1.9 billion for the six months ended June 30, 2026 compared to net cash provided by operating activities of $328.0 million for the same period in 2025. The increase in cash flows used in operating activities year-over-year was primarily driven by the decrease in mortgage loans at fair value (funded in the normal course by borrowings on warehouse facilities) for the period ended June 30, 2026, as compared to the same period in 2025, and a decrease in net income as adjusted for non-cash operational items, including the capitalization and change in fair value of MSRs.

Previous wording

Net cash provided by investing activities was $524.3 million for the three months ended March 31, 2026 compared to $928.4 million of net cash provided by investing activities for the same period in 2025. The decrease in cash flows provided by investing activities was primarily driven by a decrease in net proceeds from the sales of MSRs and excess servicing cash flows.

Current wording

Net cash provided by investing activities was $774.1 million for the six months ended June 30, 2026 compared to $1.6 billion of net cash provided by investing activities for the same period in 2025. The decrease in cash flows provided by investing activities was primarily driven by a decrease in net proceeds from the sales of MSRs and excess servicing cash flows.

Previous wording

Net cash provided by financing activities was $1.6 billion for the three months ended March 31, 2026 compared to $1.5 billion of net cash used in financing activities for the same period in 2025. The increase in cash flows from financing activities year-over-year was primarily driven by an increase in net borrowings under warehouse lines of credit for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 (related to the increase in mortgage loans at fair value for the three months ended March 31, 2026 compared to a decrease for the same period in 2025), as well as an increase in net borrowings on our MSR facilities during the three months ended March 31, 2026 as compared to the decrease for the same period in 2025.

Current wording

Net cash provided by financing activities was $1.1 billion for the six months ended June 30, 2026 compared to $1.9 billion of net cash used in financing activities for the same period in 2025. The increase in cash flows from financing activities was primarily driven by an increase in net borrowings under our MSR facilities during the six months ended June 30, 2026 as compared to the decrease for the same period in 2025, and lower net repayments under warehouse lines of credit for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 (related to the smaller decrease in mortgage loans at fair value for the six months ended June 30, 2026 compared to the same period in 2025).

Previous wording

During the first quarter of 2026, the Board declared a dividend of $0.10 per share of Class A common stock for an aggregate amount of $31.3 million. Concurrently with this declaration, the Board, in its capacity as the Manager of Holdings LLC, under the Holdings LLC Second Amended and Restated Operating Agreement, approved a proportional distribution of $128.7 million from Holdings LLC to SFS Corp. with respect to Class B Units of Holdings LLC. The dividend and the distributions were paid on April 9, 2026.

Current wording

During the second quarter of 2026, the Board declared a dividend of $0.10 per share of Class A common stock for an aggregate amount of $34.2 million. Concurrently with this declaration, the Board, in its capacity as the Manager of Holdings LLC, under the Holdings LLC Second Amended and Restated Operating Agreement, approved a proportional distribution of $126.2 million from Holdings LLC to SFS Corp. with respect to Class B Units of Holdings LLC. The dividend and the distributions were paid on July 9, 2026.

Previous wording

As of March 31, 2026, we had sold $4.1 billion of loans to a global insured depository institution and assigned the related trades to deliver the applicable loans into securities for end investors for settlement in April 2026.

Current wording

As of June 30, 2026, we had sold $3.2 billion of loans to a global insured depository institution and assigned the related trades to deliver the applicable loans into securities for end investors for settlement in July 2026.

Previous wording

•the impact of interest rate risks on our business;

Current wording

•the impact of interest rate risks on our business and results of operations;