UWM Holdings Corp. Files Q3 2024 10-Q Report
Ticker: UWMC · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, mortgage
TL;DR
**UWM Holdings Corp. Q3 2024 10-Q filed. Financials are in.**
AI Summary
UWM Holdings Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company. Key financial data and operational information are presented for the reporting period.
Why It Matters
This 10-Q filing provides investors and analysts with the official financial performance and position of UWM Holdings Corp. for the third quarter of 2024, crucial for evaluating the company's health and future prospects.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant performance trends or risks for UWM Holdings Corp.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-11-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
- 2023-12-31 — Previous Year End Date (Provides a comparative point for financial analysis from the prior fiscal year-end.)
Key Players & Entities
- UWM Holdings Corp. (company) — Filer of the 10-Q report
- 2024-09-30 (date) — End of the reporting period
- 2024-11-07 (date) — Date of filing
- Gores Holdings IV, Inc. (company) — Former company name
- PONTIAC, MI (location) — Company's business and mailing address
FAQ
What is the primary business of UWM Holdings Corp. as indicated by its SIC code?
UWM Holdings Corp.'s Standard Industrial Classification (SIC) code is 6162, which corresponds to Mortgage Bankers & Loan Correspondents.
What was the previous name of UWM Holdings Corp.?
The former name of UWM Holdings Corp. was Gores Holdings IV, Inc., with a date of name change on 20190723.
For which fiscal year end does UWM Holdings Corp. report?
UWM Holdings Corp. reports for a fiscal year ending on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on 2024-11-07.
What is the reporting period covered by this 10-Q filing?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,729 words · 19 min read · ~16 pages · Grade level 14.9 · Accepted 2024-11-07 15:15:07
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share UWMC New York Stock Exchange
Filing Documents
- uwmc-20240930.htm (10-Q) — 1743KB
- ubs-uwmmraconformedcopythr.htm (EX-10.13 12) — 731KB
- exhibit311ceocertification.htm (EX-31.1) — 10KB
- exhibit312cfocertification.htm (EX-31.2) — 11KB
- exhibit321ceocertification.htm (EX-32.1) — 5KB
- exhibit322cfocertification.htm (EX-32.2) — 5KB
- 0001783398-24-000044.txt ( ) — 9448KB
- uwmc-20240930.xsd (EX-101.SCH) — 60KB
- uwmc-20240930_cal.xml (EX-101.CAL) — 71KB
- uwmc-20240930_def.xml (EX-101.DEF) — 333KB
- uwmc-20240930_lab.xml (EX-101.LAB) — 667KB
- uwmc-20240930_pre.xml (EX-101.PRE) — 518KB
- uwmc-20240930_htm.xml (XML) — 1283KB
- 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 6 Notes to Condensed Consolidated Financial Statements 7
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 44
Controls and Procedures
Item 4. Controls and Procedures 45
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 46
Other Information
Item 5. Other Information 46
Exhibits
Item 6. Exhibits 48
Signatures
Signatures 49 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) September 30, 2024 December 31, 2023 Assets (Unaudited) Cash and cash equivalents $ 636,327 $ 497,468 Mortgage loans at fair value 10,141,683 5,449,884 Derivative assets 66,977 33,019 Investment securities at fair value, pledged 108,964 110,352 Accounts receivable, net 561,901 512,070 Mortgage servicing rights 2,800,054 4,026,136 Premises and equipment, net 147,981 146,417 Operating lease right-of-use asset (includes $ 93,856 and $ 97,596 with related parties) 95,123 99,125 Finance lease right-of-use asset, net (includes $ 23,253 and $ 24,802 with related parties) 24,020 29,111 Loans eligible for repurchase from Ginnie Mae 391,696 856,856 Other assets 145,072 111,416 Total assets $ 15,119,798 $ 11,871,854 Liabilities and equity Warehouse lines of credit $ 9,207,746 $ 4,902,090 Derivative liabilities 93,599 40,781 Secured lines of credit 300,000 750,000 Borrowings against investment securities 93,662 93,814 Accounts payable, accrued expenses and other 573,865 469,101 Accrued distributions and dividends payable 159,818 159,572 Senior notes 1,991,216 1,988,267 Operating lease liability (includes $ 100,566 and $ 104,495 with related parties) 101,833 106,024 Finance lease liability (includes $ 25,027 and $ 26,260 with related parties) 25,836 30,678 Loans eligible for repurchase from Ginnie Mae 391,696 856,856 Total liabilities 12,939,271 9,397,183 Equity Preferred stock, $ 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2024 or December 31, 2023 — — Class A common stock, $ 0.0001 par value - 4,000,000,000 shares authorized, 113,150,968 a nd 93,654,269 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 11 10 Class B common stock, $ 0.0001 par value - 1,700,000,000 shares authorized, none issued an