UWM (UWMC) Investor presentation summary

Preliminary third-quarter estimates

• Preliminary 3Q26 revenue of $800-$825 million, Adjusted EBITDA of $170-$190 million and net income of $205-$220 million.

• Origination volume of $33.4 billion, including $22.8 billion purchase and $10.6 billion refinance; total gain margin ~124 bps.

• Loan production income of $410-$420 million; operating expenses, excluding interest expense and servicing cost, of $375-$385 million.

• Loan servicing income of $240-$250 million; servicing portfolio UPB of ~$270 billion at Sep. 30, with 5.97% weighted average coupon and ~40 bps servicing fee.

• Sep. 30 Total Preferred and Common Equity of ~$2.8 billion; net non-funding debt to equity of 1.75x-1.80x.

2026 outlook and capital actions

• Expected to originate ~8% of U.S. residential mortgage production in 2026 and end the year with $210-$230 billion of MSR portfolio UPB.

• FY26 revenue estimated at $3.35-$3.50 billion.

• Expected Q4 MSR sales of $70-$80 billion, with proceeds above $1.8 billion; MSR and rights-offering proceeds are intended to support ongoing non-funding debt paydown.

• Closed a $1.65 billion Series A preferred investment from Oaktree and SFS Group on Aug. 5; launched a ~$400 million rights offering on Oct. 5, expiring Nov. 12.

Rights offering terms

• Offering covers 200 million Class A shares at the greater of $2.00 or 85% of the 10-day VWAP ending three trading days before expiration; rights are transferable, with oversubscription available to fully exercising holders.

• Mat Ishbia agreed to exercise rights for 408,131 personally held Class A shares; Oaktree may, but is not obligated to, backstop unsubscribed shares.

• Oaktree may backstop in common stock or junior perpetual preferred stock with warrants; SFS Group is obligated to buy any remaining shares, ensuring at least $400 million gross proceeds.

• SFS Group's backstop may also be in common stock or junior perpetual preferred stock with warrants; the preferred is subordinated to Series A and includes warrants equal to 20% of initial liquidation preference.

• Based on the then-current share price, material subscriptions from outside investors appeared unlikely.