UWM Holdings Corporation Class A

Good morning. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the UWM Holdings Corporation fourth quarter 2025 and full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. Thank you. Blake Colo, you may begin your conference.

Good morning. This is Blake Colo, Chief Business Officer and Head of Investor Relations. Thank you for joining us and welcome to the fourth quarter and full year 2025 UWM Holding Corporation earnings call. Before we start, I would like to remind everyone that this conference call includes forward-looking statements. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued this morning. Our commentary today will also include non-GAAP financial measures. For more information on our non-GAAP metrics and the reconciliation between the GAAP and non-GAAP metrics, for the reported results, please refer to the earnings release issued earlier today, as well as our filings with the SEC. I will now turn the call over to Matt Ishbia, Chairman, President, and CEO of UWM Holdings Corporation and United Wholesale Mortgage. Thanks, Blake, and thank everyone for joining.

Appreciate you guys being here. 2025 was an amazing year at UWM. You know, reflecting the strength and consistency of our business model, we executed a high level and delivered industry-leading results throughout the year while still investing in the long term. It was our fourth consecutive year as the number one overall lender in America and our 11th consecutive year as the number one wholesale lender. This has never been done in the history of the mortgage industry, and we're really proud of our success and our dominance across the industry in wholesale and overall. Now, for the year, we delivered 163.4 billion originations, which is up 17% from 2024. $244 million in net income, and that included a $435 million MSR write-down. Our adjusted EBITDA was over $697 million. So, a phenomenal year across the board. Now, turning to the fourth quarter, we delivered an amazing quarter, $49.6 billion originations, which is up 28% year-over-year. Our gain margin was 122 base point, and our net income was $164.5 million, and that included a $28.8 million write-down of MSRs. You know, On top of that, adjusted EBITDA was $232.8 million. It was just really strong across the board. An amazing fourth quarter. Really proud of what we did. And now we're going to continue to dominate going forward. Now, our process of bringing servicing to the house is on track. And our partnership with Built is going fantastic. We're so excited about what's going on right now. We're going to deliver the best consumer experience in the industry, just like we do on the mortgage side, on the lending side. We're going to do it on the servicing side. And also keep our brokers connected and engaged to their consumers' lives. going forward. So we're really excited about this. Built is going to allow our brokers to not only acquire consumers earlier and expand the volume at the top of our funnel for lead flow, but also keeps the mortgage brokers top of mind through the whole process. So Built and the UWM servicing process is off to an amazing start, and we're really excited to give you more information about that as it goes forward. Now, the pending two harbors acquisition and process of bringing servicing in-house are strategic inflection points, not just operational improvements. Together, these initiatives position us to expand our dominance, deliver high-quality needs to our brokers, increase the recapture rate while lowering costs per recaptured loan, and more data-driven personalization tools for our brokers. So you can think of our servicing platform as both a growth and retention engine. We will continue to capitalize on where the market is going. More consumers are entering the broker channel, driving by rate shopping, optionality, speed, and a mortgage broker's ability to guide them. Our 100% broker model at our scale is both unique and a tremendous advantage. We put our business in a position in a more organic way to dominate than any of our competitors, and we're excited about the growth going forward. Now I'm going to turn the call over to our CFO, Rami Hassadi.