UWMC · UWM Holdings Corporation

UWM Holdings Corporation delivered strong Q1 2026 results, with loan origination volume of $44.9 billion reflecting a 39% year-over-year increase and the second-best first quarter in company history, driven by $26.3 billion in refinances (up significantly from $10.6 billion in Q1 2025) despite a slight decline from Q4 2025's $49.6 billion. Total gain margin expanded to 123 bps from 94 bps year-over-year, supporting revenue of $901.4 million, though down quarter-over-quarter from $945.2 million amid lower volumes. Net income rose to $170.4 million, bolstered by resilient operations and proprietary technology including AI-powered tools like Mia, as highlighted by CEO Mat Ishbia, who emphasized execution amid higher interest rates compared to prior peaks. Adjusted EBITDA of $160.9 million trailed Q4 but far exceeded Q1 2025's $57.8 million. Balance sheet remains solid with $1.60 billion total equity, $1.3 billion liquidity, and MSRs at $229.5 billion (WAC 5.90%). Key strategic progress includes all new loans on in-house servicing platform, accelerating timeline to full in-house by October 2026 for enhanced retention and cost efficiencies. The 22nd consecutive $0.10 per share dividend underscores capital return commitment, payable July 9, 2026, with proportional distribution to SFS Corp. These results affirm UWM's cycle-resilient model, positioning it for sustained broker channel leadership.