UWM Holdings Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UWM Holdings Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational updates.</b>

AI Summary

UWM Holdings Corp (UWMC) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. UWM Holdings Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is mortgage banking and loan origination. The report includes financial data and disclosures for the specified period. The filing was made on May 9, 2024.

Why It Matters

For investors and stakeholders tracking UWM Holdings Corp, this filing contains several important signals. This 10-Q provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current financial health and strategic direction. Understanding the details within this filing is important for evaluating UWM Holdings Corp.'s performance in the mortgage market and its ability to navigate economic conditions.

Risk Assessment

Risk Level: low — UWM Holdings Corp shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures and does not appear to contain any immediate red flags or significant negative events based on the header information.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-Q to understand UWM Holdings Corp.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Fiscal year period)
• 2023-12-31 — Previous Year End Date (Balance sheet comparison)

Key Players & Entities

• UWM Holdings Corp. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• Mortgage Bankers & Loan Correspondents (industry) — Standard Industrial Classification
• Gores Holdings IV, Inc. (company) — Former company name

FAQ

Industry Context

UWM Holdings Corp. operates in the mortgage banking and loan correspondent industry, which is sensitive to interest rate fluctuations and housing market conditions.

Regulatory Implications

As a publicly traded company, UWM Holdings Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the consolidated balance sheets as of March 31, 2024, and December 31, 2023.
2. Review the consolidated statements of operations for the three months ended March 31, 2024, and 2023.
3. Examine the management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K filed for the fiscal year ended December 31, 2023.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share UWMC New York Stock Exchange

Filing Documents

• uwmc-20240331.htm (10-Q) — 1352KB
• exhibit10231uwm-firstamend.htm (EX-10.23 1) — 804KB
• exhibit311ceocertification.htm (EX-31.1) — 11KB
• exhibit312cfocertification.htm (EX-31.2) — 11KB
• exhibit321ceocertification.htm (EX-32.1) — 5KB
• exhibit322cfocertification.htm (EX-32.2) — 5KB
• 0001783398-24-000021.txt (&nbsp;) — 8480KB
• uwmc-20240331.xsd (EX-101.SCH) — 59KB
• uwmc-20240331_cal.xml (EX-101.CAL) — 71KB
• uwmc-20240331_def.xml (EX-101.DEF) — 311KB
• uwmc-20240331_lab.xml (EX-101.LAB) — 636KB
• uwmc-20240331_pre.xml (EX-101.PRE) — 492KB
• uwmc-20240331_htm.xml (XML) — 1061KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Changes in Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 Table of Contents PART I

Financial Statements

Item 1. Financial Statements UWM HOLDINGS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) March 31, 2024 December 31, 2023 Assets (Unaudited) Cash and cash equivalents $ 605,639 $ 497,468 Mortgage loans at fair value 7,338,135 5,449,884 Derivative assets 34,050 33,019 Investment securities at fair value, pledged 108,323 110,352 Accounts receivable, net 554,443 512,070 Mortgage servicing rights 3,191,803 4,026,136 Premises and equipment, net 145,265 146,417 Operating lease right-of-use asset, net (includes $ 96,358 and $ 97,596 with related parties) 97,801 99,125 Finance lease right-of-use asset (includes $ 24,286 and $ 24,802 with related parties) 26,890 29,111 Loans eligible for repurchase from Ginnie Mae 577,487 856,856 Other assets 117,498 111,416 Total assets $ 12,797,334 $ 11,871,854 Liabilities and equity Warehouse lines of credit $ 6,681,917 $ 4,902,090 Derivative liabilities 26,918 40,781 Secured lines of credit 200,000 750,000 Borrowings against investment securities 94,064 93,814 Accounts payable, accrued expenses and other 477,765 469,101 Accrued distributions and dividends payable 159,702 159,572 Senior notes 1,989,250 1,988,267 Operating lease liability (includes $ 103,194 and $ 104,495 with related parties) 104,637 106,024 Finance lease liability (includes $ 25,851 and $ 26,260 with related parties) 28,536 30,678 Loans eligible for repurchase from Ginnie Mae 577,487 856,856 Total liabilities 10,340,276 9,397,183 Equity Preferred stock, $ 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 — — Class A common stock, $ 0.0001 par value - 4,000,000,000 shares authorized, 94,945,635 a nd 93,654,269 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 9 10 Class B common stock, $ 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding a