UWM Remains America's #1 Overall Mortgage Lender in the Fourth Quarter

Fourth Quarter Loan Origination Volume of $25.1 billion, including Purchase Volume of $21.7 billion

$931.9 million in FY 2022 Net Income

UWM Holdings Corporation (NYSE:UWMC) (the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the fourth quarter and full year ended December 31, 2022. For the second consecutive quarter, UWM is the number one overall mortgage lender in the U.S. Total loan origination volume for the fourth quarter was $25.1 billion, of which $21.7 billion was purchase volume. The Company's net income for 2022 was $931.9 million and diluted earnings per share was $0.45. For 4Q22, the Company reported a net loss of $62.5 million, inclusive of a $150.8 million decline in fair value of MSRs, and diluted loss per share of $(0.03).

Mat Ishbia, Chairman and CEO of UWMC, said, "2022 was a historic year for UWM. Becoming the #1 overall mortgage lender in America, while originating mortgage loans exclusively through the wholesale channel, is a validation of our unrelenting commitment to the broker channel. We also delivered earnings of $931.9 million and have continued to reward our shareholders with consistent dividends. In 2023, we will continue to invest in technology to serve the broker channel and products that put brokers in a position to win. As we have done in other purchase-centric markets, we'll grow market share and emerge stronger to better capitalize on the next boom."

Fourth Quarter 2022 Highlights

Originations of $25.1 billion in 4Q22, compared to $33.5 billion in 3Q22 and $55.2 billion in 4Q21
Purchase originations of $21.7 billion in 4Q22, compared to $27.7 billion in 3Q22 and $24.5 billion in 4Q21
Net loss of $62.5 million in 4Q22 compared to $325.6 million of net income in 3Q22 and $239.8 million of net income in 4Q21
Total gain margin of 51 bps in 4Q22 compared to 52 bps in 3Q22 and 80 bps in 4Q21
Total equity of $3.2 billion at December 31, 2022, compared to $3.4 billion at September 30, 2022 and $3.2 billion at December 31, 2021
Unpaid principal balance of MSRs of $312.5 billion with a WAC of 3.64% at December 31, 2022, compared to $306.0 billion with a WAC of 3.44% at September 30, 2022, and $319.8 billion with a WAC of 2.94% at December 31, 2021
Ended 4Q22 with approximately $2.1 billion of available liquidity, including $886.2 million of cash and self-warehouse, and $1.25 billion of available borrowing capacity, which includes $750 million under a line of credit secured by agency MSRs, and $500 million under an unsecured line of credit
Achieved 11% share of the overall mortgage market and 54% share of the wholesale channel for 4Q22

Full Year 2022 Highlights

Originations of $127.3 billion in 2022, compared to $226.5 billion in 2021
Record purchase originations of $90.8 billion in 2022, compared to $87.3 billion in 2021
Net income of $931.9 million in 2022 inclusive of a $284.1 million increase in fair value of MSRs, as compared to $1.6 billion of net income in 2021 inclusive of $587.8 million decline in fair value of MSRs
Total gain margin of 77 bps in 2022 compared to 114 bps in 2021
Largest wholesale mortgage lender in the U.S. by closed loan volume eight years in a row, with approximately 38% market share of the wholesale channel for the year ended December 31, 2022
Achieved 8% share of the overall mortgage market for the year ended December 31, 2022

Production and Income Statement Highlights (dollars in thousands, except per share amounts)
	Q4 2022			Q3 2022			Q4 2021			FY 2022			FY 2021
Loan origination volume⁽¹⁾	$	25,126,844		$	33,464,480		$	55,194,365		$	127,285,461		$	226,503,692
Total gain margin⁽¹⁾⁽²⁾		0.51	%		0.52	%		0.80	%		0.77	%		1.14	%
Net income (loss)	$	(62,484	)	$	325,610		$	239,826		$	931,858		$	1,568,400
Diluted EPS		(0.03	)		0.13			0.11			0.45			0.66
Adjusted diluted EPS⁽³⁾		N/A			0.16			N/A			0.45			N/A
Adjusted net income⁽³⁾		(53,308	)		254,294			177,215			719,415			1,206,407
Adjusted EBITDA⁽³⁾		60,393			(1,392	)		206,567			282,402			1,418,337
(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)
	Q4 2022		Q3 2022		Q4 2021
Cash and cash equivalents	$	704,898	$	799,534	$	731,088
Mortgage loans at fair value		7,134,960		5,031,068		16,909,901
Mortgage servicing rights		4,453,261		4,305,686		3,314,952
Total assets		13,600,625		11,890,083		22,528,358
Non-funding debt ⁽¹⁾		2,880,178		2,146,157		2,158,911
Total equity		3,171,693		3,392,033		3,171,001
Non-funding debt to equity ⁽¹⁾		0.91		0.63		0.68
(1) Non-GAAP metric (see discussion and reconciliations below)

Mortgage Servicing Rights (dollars in thousands)
	Q4 2022			Q3 2022			Q4 2021
Unpaid principal balance	$	312,454,025		$	306,016,670		$	319,807,457
Weighted average interest rate		3.64	%		3.44	%		2.94	%
Weighted average age (months)		16			14			9

Operational Highlights

Achieved highest ever Net Promoter Score of +90.0 in 4Q22, up from +87.1 in 4Q21
Our 0.85% 60+ days delinquency and our 0.65% forbearance rates, as of December 31, 2022, are significantly better than the industry averages of 2.0%¹ and 0.70%,² respectively, highlighting our strong credit quality

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:	Q4 2022		Q3 2022		Q4 2021		FY 2022		FY 2021
Conventional	$	15,030,972		19,246,298	$	16,643,586	$	62,274,030	$	63,026,794
Government		6,135,366		7,592,116		4,996,092		23,773,422		14,833,808
Jumbo and other		484,098		854,925		2,861,921		4,782,879		9,395,143
Total Purchase	$	21,650,436		27,693,339	$	24,501,599	$	90,830,331	$	87,255,745

Refinance:	Q4 2022		Q3 2022		Q4 2021		FY 2022		FY 2021
Conventional	$	2,254,680		3,935,550	$	25,032,327	$	27,059,252	$	120,152,065
Government		1,005,048		1,640,127		3,586,086		7,834,636		12,034,583
Jumbo and other		216,680		195,464		2,074,353		1,561,242		7,061,299
Total Refinance	$	3,476,408		5,771,141	$	30,692,766	$	36,455,130	$	139,247,947
Total Originations	$	25,126,844		33,464,480	$	55,194,365	$	127,285,461	$	226,503,692
¹Source: CoreLogic (as of November 2022); ²Source: Mortgage Bankers Association.

Mat Ishbia, Chairman and CEO of UWMC, also said, "I want to give a huge thank you to everyone at UWM. It is because of the dedication of our team members and the broker community that 2022 was a historic year. Rest assured, we will not relax in 2023 as there is still much work to be done."

First Quarter 2023 Outlook

We anticipate first quarter production to be in the $16 to $23 billion range, with gain margin from 75 to 100 basis points.

Dividend

Subsequent to December 31, 2022, for the ninth 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 April 11, 2023, to stockholders of record at the close of business on March 10, 2023. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on April 11, 2023.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Wednesday, March 1, at 10:30 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://conferencingportals.com/event/YModynrv

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 for periods prior to the first quarter of 2021 does not reflect a significant income tax provision, since UWM (the Company's accounting predecessor) is a pass-through entity not subject to federal and most state income taxes. For periods commencing with the first quarter of 2021, 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," which is our pre-tax income adjusted for a 23.03% and 23.56% estimated annual effective tax rate for the periods during 2022 and 2021, respectively. "Adjusted net income" is a non-GAAP Metric. "Adjusted diluted EPS" is defined as "Adjusted net income" 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 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, 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	Q4 2022			Q3 2022			Q4 2021			FY 2022			FY 2021
Earnings before income taxes	$	(69,258	)	$	330,381		$	231,836		$	934,669		$	1,578,241
Impact of estimated annual effective tax rate of 23.03% and 23.56% for periods during 2022 and 2021, respectively		15,950			(76,087	)		(54,621	)		(215,254	)		(371,834	)
Adjusted net income	$	(53,308	)	$	254,294		$	177,215		$	719,415		$	1,206,407

Adjusted diluted EPS	Q3 2022		FY 2022
Diluted weighted average Class A common stock outstanding		92,571,886		92,475,170
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⁾		1,594,641,673		1,594,544,957

Adjusted net income	$	254,294	$	719,415
Adjusted diluted EPS		0.16		0.45

⁽¹⁾ Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock.

Adjusted EBITDA	Q4 2022			Q3 2022			Q4 2021			FY 2022			FY 2021
Net income	$	(62,484	)	$	325,610		$	239,826		$	931,858		$	1,568,400
Interest expense on non-funding debt		43,611			29,786			25,417			132,647			86,086
Provision for income taxes		(6,774	)		4,771			(7,990	)		2,811			9,841
Depreciation and amortization		11,713			11,426			10,422			45,235			35,098
Stock-based compensation expense		2,055			1,986			2,014			7,545			6,467
Change in fair value of MSRs due to valuation inputs or assumptions		71,865			(373,232	)		(65,104	)		(868,803	)		(286,348	)
Deferred compensation, net		461			(8,468	)		(2,135	)		7,370			21,900
Change in fair value of Public and Private Warrants		54			(755	)		(5,161	)		(7,683	)		(36,105	)
Change in Tax Receivable Agreement liability		—			—			8,537			3,200			11,937
Change in fair value of investment securities		(108	)		7,484			741			28,222			1,061
Adjusted EBITDA	$	60,393		$	(1,392	)	$	206,567		$	282,402		$	1,418,337

Non-funding debt and non-funding debt to equity	Q4 2022		Q3 2022		Q4 2021
Senior notes	$	1,984,336	$	1,983,099	$	1,980,112
Borrowings against investment securities		101,345		114,875		118,786
Secured line of credit		750,000		—		—
Equipment note payable		992		1,266		2,046
Finance lease liability		43,505		46,917		57,967
Total non-funding debt	$	2,880,178	$	2,146,157	$	2,158,911
Total equity	$	3,171,693	$	3,392,033	$	3,171,001
Non-funding debt to equity		0.91		0.63		0.68

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified by the use of 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) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (3) our growth to remain the leading mortgage lender, and the timing and drivers of that growth; (4) the benefits and liquidity of our MSR portfolio; (5) our beliefs related to the amount and timing of our dividend; (6) our "Game On" strategy and its impact on our business and industry; (7) our foundation and strategies for success and growth and the drivers of that growth; (8) our expectations related to production and margin in the first quarter of 2023; (9) our "All-In" initiative and its impact on our business and industry; (10) our performance in shifting market conditions and the comparison of such performance against our competitors; (11) our ability to produce results at or above prior levels and strategies for producing such results; (12) our position and ability to capitalize on opportunities and the impacts to our results; (13) our investments in technology and the impact to our operations and financial results; and (14) our purchase production and product mix. 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 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 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 Independent Mortgage Advisor relationships; (x) UWM's ability to implement technological innovation; (xi) 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 (xii) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. With respect to expectations regarding the share repurchase program, the amount and timing of share repurchases will depend upon, among other things, market conditions, share price, liquidity targets and regulatory requirements. 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 Holding 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 eight consecutive years and is also 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)

	December 31, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	704,898	$	731,088
Mortgage loans at fair value		7,134,960		16,909,901
Derivative assets		82,869		67,356
Investment securities at fair value, pledged		113,290		152,263
Accounts receivable, net		383,147		415,691
Mortgage servicing rights		4,453,261		3,314,952
Premises and equipment, net		152,477		151,687
Operating lease right-of-use asset, net (includes $102,322 and $104,595 with related parties)		104,181		104,828
Finance lease right-of-use asset (includes $26,867 and $28,619 with related parties)		42,218		57,024
Loans eligible for repurchase from Ginnie Mae		345,490		563,423
Other assets		83,834		60,145
Total assets	$	13,600,625	$	22,528,358
Liabilities and Equity
Warehouse lines of credit	$	6,443,992	$	15,954,938
Derivative liabilities		49,748		36,741
Secured line of credit		750,000		—
Borrowings against investment securities		101,345		118,786
Accounts payable, accrued expenses and other		439,719		523,988
Accrued distributions and dividends payable		159,465		9,171
Senior notes		1,984,336		1,980,112
Operating lease liability (includes $109,473 and $111,999 with related parties)		111,332		112,231
Finance lease liability (includes $27,857 and $29,087 with related parties)		43,505		57,967
Loans eligible for repurchase from Ginnie Mae		345,490		563,423
Total liabilities		10,428,932		19,357,357
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively		9		9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively		150		150
Additional paid-in capital		903		437
Retained earnings		142,500		141,805
Non-controlling interest		3,028,131		3,028,600
Total equity		3,171,693		3,171,001
Total liabilities and equity	$	13,600,625	$	22,528,358

UWM HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts)

	For the three months ended								For the year ended
	December 31, 2022			September 30, 2022		December 31, 2021			December 31, 2022		December 31, 2021
Revenue	(Unaudited)			(Unaudited)		(Unaudited)
Loan production income	$	129,180		$	172,402	$	442,407		$	981,988	$	2,585,807
Loan servicing income		217,225			196,781		194,976			792,072		638,738
Change in fair value of mortgage servicing rights		(150,808	)		236,780		(138,988	)		284,104		(587,813	)
Gain (loss) on sale of mortgage servicing rights		—			—		2,461			—		1,791
Interest income		106,837			78,210		104,601			314,462		331,770
Total revenue, net		302,434			684,173		605,457			2,372,626		2,970,293
Expenses
Salaries, commissions and benefits		118,266			135,028		146,697			552,886		697,680
Direct loan production costs		17,396			20,498		25,292			90,369		72,952
Marketing, travel, and entertainment		22,976			17,730		25,334			74,168		62,472
Depreciation and amortization		11,713			11,426		10,422			45,235		35,098
General and administrative		49,668			51,649		36,467			179,549		133,334
Servicing costs		36,809			37,596		36,200			166,024		108,967
Interest expense		114,918			73,136		88,772			305,987		304,656
Other expense/(income)		(54	)		6,729		4,437			23,739		(23,107	)
Total expenses		371,692			353,792		373,621			1,437,957		1,392,052
Earnings before income taxes		(69,258	)		330,381		231,836			934,669		1,578,241
Provision for income taxes		(6,774	)		4,771		(7,990	)		2,811		9,841
Net income (loss)		(62,484	)		325,610		239,826			931,858		1,568,400
Net income (loss) attributable to non-controlling interest		(62,207	)		313,914		222,876			890,143		1,469,955
Net income (loss) attributable to UWMC	$	(277	)	$	11,696	$	16,950		$	41,715	$	98,445

Earnings per share of Class A common stock:
Basic	$	—		$	0.13	$	0.17		$	0.45	$	0.98
Diluted	$	(0.03	)	$	0.13	$	0.11		$	0.45	$	0.66
Weighted average shares outstanding:
Basic		92,575,549			92,571,886		97,138,073			92,475,170		100,881,094
Diluted		1,594,645,336			92,571,886		1,599,785,759			92,475,170		1,603,157,640

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of December 31, 2022, and the preceding four quarters and Statements of Operations for the quarter ended December 31, 2022, 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)

	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Assets			(Unaudited)		(Unaudited)		(Unaudited)
Cash and cash equivalents	$	704,898	$	799,534	$	958,656	$	901,174	$	731,088
Mortgage loans at fair value		7,134,960		5,031,068		5,022,806		4,824,165		16,909,901
Derivative assets		82,869		385,348		125,079		241,932		67,356
Investment securities at fair value, pledged		113,290		115,079		125,193		138,417		152,263
Accounts receivable, net		383,147		556,153		350,090		617,608		415,691
Mortgage servicing rights		4,453,261		4,305,686		3,736,359		3,514,102		3,314,952
Premises and equipment, net		152,477		152,172		153,971		151,206		151,687
Operating lease right-of-use asset, net		104,181		101,377		102,533		103,670		104,828
Finance lease right-of-use asset		42,218		45,667		50,179		53,857		57,024
Loans eligible for repurchase from Ginnie Mae		345,490		310,149		309,577		384,002		563,423
Other assets		83,834		87,850		82,467		60,820		60,145
Total assets	$	13,600,625	$	11,890,083	$	11,016,910	$	10,990,953	$	22,528,358
Liabilities and Equity
Warehouse lines of credit	$	6,443,992	$	4,712,719	$	4,497,353	$	4,076,829	$	15,954,938
Derivative liabilities		49,748		215,330		93,958		115,430		36,741
Secured line of credit		750,000		—		—		—		—
Borrowings against investment securities		101,345		114,875		118,786		118,786		118,786
Accounts payable, accrued expenses and other		439,719		846,905		470,589		823,143		523,988
Accrued distributions and dividends payable		159,465		159,465		159,461		159,460		9,171
Senior notes		1,984,336		1,983,099		1,982,103		1,981,106		1,980,112
Operating lease liability		111,332		108,591		109,811		111,010		112,231
Finance lease liability		43,505		46,917		51,370		54,945		57,967
Loans eligible for repurchase from Ginnie Mae		345,490		310,149		309,577		384,002		563,423
Total liabilities		10,428,932		8,498,050		7,793,008		7,824,711		19,357,357
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—		—		—		—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 92,575,974 and 91,612,305 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively		9		9		9		9		9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—		—		—		—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of December 31, 2022 or 2021		—		—		—		—		—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of December 31, 2022 and December 31, 2021		150		150		150		150		150
Additional paid-in capital		903		784		669		542		437
Retained earnings		142,500		141,194		137,955		138,834		141,805
Non-controlling interest		3,028,131		3,249,896		3,085,119		3,026,707		3,028,600
Total equity		3,171,693		3,392,033		3,223,902		3,166,242		3,171,001
Total liabilities and equity	$	13,600,625	$	11,890,083	$	11,016,910	$	10,990,953	$	22,528,358

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share amounts) (Unaudited)

	For the three months ended
	December 31, 2022			September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Revenue
Loan production income	$	129,180		$	172,402	$	296,535	$	383,871	$	442,407
Loan servicing income		217,225			196,781		179,501		198,565		194,976
Change in fair value of mortgage servicing rights		(150,808	)		236,780		26,169		171,963		(138,988	)
Gain (loss) on sale of mortgage servicing rights		—			—		—		—		2,461
Interest income		106,837			78,210		62,020		67,395		104,601
Total revenue, net		302,434			684,173		564,225		821,794		605,457
Expenses
Salaries, commissions and benefits		118,266			135,028		138,983		160,609		146,697
Direct loan production costs		17,396			20,498		25,757		26,718		25,292
Marketing, travel, and entertainment		22,976			17,730		20,625		12,837		25,334
Depreciation and amortization		11,713			11,426		11,181		10,915		10,422
General and administrative		49,668			51,649		39,909		38,323		36,467
Servicing costs		36,809			37,596		44,435		47,184		36,200
Interest expense		114,918			73,136		57,559		60,374		88,772
Other expense/(income)		(54	)		6,729		9,562		7,502		4,437
Total expenses		371,692			353,792		348,011		364,462		373,621
Earnings before income taxes		(69,258	)		330,381		216,214		457,332		231,836
Provision for income taxes		(6,774	)		4,771		769		4,045		(7,990	)
Net income (loss)		(62,484	)		325,610		215,445		453,287		239,826
Net income (loss) attributable to non-controlling interest		(62,207	)		313,914		207,079		431,357		222,876
Net income (loss) attributable to UWMC	$	(277	)	$	11,696	$	8,366	$	21,930	$	16,950

Earnings per share of Class A common stock:
Basic	$	—		$	0.13	$	0.09	$	0.24	$	0.17
Diluted	$	(0.03	)	$	0.13	$	0.09	$	0.22	$	0.11
Weighted average shares outstanding:
Basic		92,575,549			92,571,886		92,533,620		92,214,594		97,138,073
Diluted		1,594,645,336			92,571,886		92,533,620		1,594,284,381		1,599,785,759

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UWM Holdings Corporation Announces Fourth Quarter & Full Year 2022 Results