UWM (UWMC) Investor presentation summary

Strategic direction and 2030 goals

• Strategy shifts toward broker-channel leadership balanced with profitability, returns, capital efficiency, cash generation and disciplined leverage.

• 2030 goals include 50%+ wholesale market share, 30%+ Adjusted EBITDA margin, 1.5x net non-funding debt-to-equity and a $0 preferred equity balance.

• Broker-channel loan originations target 3+/10; targets are forward-looking goals subject to business, economic and competitive uncertainties.

• Common dividends are suspended to retain capital and support growth and capital-structure flexibility.

Broker-channel growth and earnings model

• Broker share of direct funded volume rose from 19.7% in 2022 to 28.1% LTM 2Q'26.

• The wholesale platform is positioned to benefit across rate cycles: refinance-driven origination in low-rate markets and servicing income and MSR value in high-rate markets.

• 2025 Adjusted EBITDA was $697.3M with a 22% margin; 1H'26 was $346.8M with a 10% margin.

• Operating expenses were 0.9% of LTM originations; most incremental costs are production-linked, with existing fixed-cost capacity supporting higher volume.

Capital strategy and balance sheet

• Pro forma net non-funding debt-to-equity is 1.2x versus 5.6x at 2Q26; pro forma equity is $3.0B versus $985M.

• Pro forma available liquidity is $2.681B versus $1.056B at 2Q26; figures assume the preferred investment and rights offering, $500M minimum cash and $35M transaction expenses.

• Capital plan combines retained earnings, potential warrant exercise proceeds and refinancing capacity to reduce preferred without depending on a major mortgage-market recovery.

• Opportunistic MSR sales, debt repayment and equity capital are among the tools to strengthen liquidity while maintaining leverage below the 2.0x threshold.