UWM Holdings Corporation (NYSE: UWMC) announced preliminary financial results for the quarter ended September 30, 2026, alongside details regarding a rights offering to raise capital. The company reported loan origination volume of $33.4 billion for the quarter, comprised of $22.8 billion in purchase loans and $10.6 billion in refinance originations. The company expects a gain margin of approximately 124 basis points for the period.
Regarding financial performance, UWM anticipates total revenue between $800 million and $825 million. This revenue is expected to be split between loan servicing income, estimated between $240 million and $250 million, and loan production income, estimated between $410 million and $420 million. The company projects operating expenses (total expenses net of interest expense and servicing cost) to be between $375 million and $385 million, resulting in net income between $205 million and $220 million. Adjusted EBITDA is expected to fall between $170 million and $190 million.
In terms of portfolio metrics, the company expects its Mortgage Servicing Rights (MSR) portfolio unpaid principal balance to be approximately $270 billion, with a weighted average servicing fee of approximately 40 basis points. As of September 30, 2026, the company estimates its total preferred and common equity to be approximately $2.8 billion, with a net non-funding debt to equity ratio between 1.75x and 1.80x.
The company also provided updated guidance for the full year 2026. UWM estimates it will originate approximately 8% of total residential mortgage production in the United States. The company projects ending 2026 with an MSR portfolio between $210 billion and $230 billion. Total revenue for the year ending December 31, 2026, is estimated to be between $3.35 billion and $3.50 billion, a decrease from earlier expectations due to lower industry-wide origination volume. The company also plans to sell between $70 billion and $80 billion of MSRs in the fourth quarter of 2026, with anticipated proceeds in excess of $1.8 billion.
Separately, UWM announced the commencement of a rights offering on October 5, 2026, to raise proceeds of up to $400 million. The offering allows holders of Class A common stock as of October 2, 2026, to purchase 0.57 shares per subscription right at a price equal to the greater of $2.00 or 85% of the volume-weighted average price over a specific ten-day period. The company entered into a backstop agreement with SFS Group Capital, LLC, Mat Ishbia, and funds affiliated with Oaktree Capital Management, L.P. This agreement ensures the company raises at least $400 million, with the Oaktree Purchasers having the option and the Ishbia Support Parties having the obligation to purchase securities for any unfunded amount.
