UWM Holdings reports preliminary third-quarter revenue of $800 to $825 million

UWM Holdings Corporation (UWMC) said in a filing on Friday that it expects third-quarter 2026 total revenue of $800 to $825 million and net income of $205 to $220 million. The figures are preliminary and unaudited.

The Pontiac, Michigan, company is the publicly traded indirect parent of United Wholesale Mortgage, LLC (UWM), which originates mortgage loans exclusively through the wholesale channel.

The company said it released the figures ahead of the start of the measurement period for its rights offering, so that investors would have updated operating and financial information first.

Preliminary third-quarter results

Here's how the company did:

• Total revenue: $800 to $825 million, vs. $888.0 million in the second quarter
• Net income: $205 to $220 million, vs. a net loss of $451.9 million in the second quarter
• Adjusted EBITDA: $170 to $190 million

Adjusted EBITDA is earnings before interest on non-funding debt, taxes, depreciation and amortization, adjusted for items such as stock-based compensation and changes in the fair value of mortgage servicing rights. The second-quarter figures come from the investor presentation's consolidated statement of operations, which reports them in thousands.

Loan origination volume was $33.4 billion, including $22.8 billion of purchase originations and $10.6 billion of refinance originations.

The gain margin was approximately 124 basis points. Loan production income was $410 to $420 million, and loan servicing income was $240 to $250 million.

Operating expenses, defined as total expenses net of interest expense and servicing costs, were $375 to $385 million.

Net non-funding debt to total preferred and common equity was 1.75x to 1.80x at Sept. 30, 2026. Total preferred and common equity was about $2.8 billion, made up of $1.5 billion of redeemable preferred stock and $1.3 billion of total equity.

Servicing portfolio and full-year outlook

The mortgage servicing rights, or MSR, portfolio had an unpaid principal balance of about $270 billion at Sept. 30, with a weighted average coupon of about 5.97% and a weighted average servicing fee of about 40 basis points.

The company also updated its full-year disclosure. It said it will originate about 8% of total U.S. residential mortgage production in 2026.

It expects to end the year with an MSR portfolio of $210 billion to $230 billion in unpaid principal balance.

Total revenue for 2026 is now estimated at $3.35 billion to $3.50 billion, lower than it was earlier in the year because of lower origination volume across the industry.

The company said it will sell $70 billion to $80 billion of MSRs in the fourth quarter, with anticipated proceeds in excess of $1.8 billion.

Those proceeds, plus the $400 million of gross proceeds from the rights offering, will be used to support the ongoing paydown of non-funding debt.

Rights offering and backstop

The company began a rights offering on Oct. 5, 2026, to raise up to $400 million. Holders of Class A common stock as of Oct. 2 are entitled to buy 0.57 shares per subscription right. The offering expires Nov. 12, 2026.

The subscription price is the greater of $2.00 and 85% of the volume-weighted average price over the 10 consecutive trading days ending on the third trading day before the offering expires.

The company said that, based on the current share price, material subscription from outside investors appears unlikely.

To cover any shortfall, the company entered into a support and backstop agreement with SFS Group Capital, LLC, Mat Ishbia and certain funds or investment vehicles affiliated with Oaktree Capital Management, L.P.

Oaktree has the option, while SFS Group and Ishbia are obligated, to buy unfunded amounts so that gross proceeds total at least $400 million.

Ishbia is the company's chief executive officer. The filing says he is the sole manager of SFS Group and indirectly controls the entity that holds 75% of its equity interests.

Backstop purchases can be made in Class A shares at the subscription price, or in junior perpetual non-convertible preferred stock with warrants to buy Class A common stock. The warrants equal 20% of the preferred's initial liquidation preference in aggregate.

Ishbia has agreed to exercise rights covering 408,131 Class A shares he owns personally, the investor presentation said.

Capital and limits of the figures

On Aug. 5, 2026, the company closed a $1.65 billion Series A preferred equity investment from Oaktree and SFS Group. The investor presentation said the investment materially strengthened capital and liquidity.

The figures are unaudited and have not been reviewed by the company's independent registered accounting firm. The company said they may change as it completes its closing procedures, and it does not intend to update them before filing its Form 10-Q for the quarter, except as required by law.

The company did not provide reconciliations of preliminary Adjusted EBITDA to net income, citing the difficulty of projecting certain items. It said it expects to provide them with its final results. The release gives no per-share figure and no comparison with the third quarter of 2025.