For the year ending 2025-12-31, UWMC had -$3,975K decrease in cash & cash equivalents over the period. -$2,721,605K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 244,023 | 329,375 | -69,782 | 931,858 |
| Reserve for representations and warranties | 35,289 | 43,437 | 49,676 | 57,415 |
| Capitalization of mortgage servicing rights | 3,647,451 | 2,931,543 | 2,269,378 | 2,213,572 |
| Amortization and pay-offs of mortgage servicing rights | - | - | - | 0 |
| Impairment of mortgage servicing rights, net | - | - | - | 0 |
| Change in fair value of mortgage servicing rights | -1,055,448 | -294,999 | -854,148 | 284,104 |
| Depreciation & amortization | 55,506 | 48,777 | 50,060 | 49,404 |
| Stock-based compensation expense | 50,363 | 24,580 | 13,832 | 7,545 |
| Retention of investment securities | - | - | 0 | 0 |
| Increase in fair value of investment securities | 4,794 | 550 | 4,502 | -28,227 |
| (decrease) increase in fair value of warrants liability | -2,743 | -5,089 | 6,060 | -7,683 |
| Mortgage loans at fair value | 416,192 | 4,066,653 | -1,685,076 | -9,774,941 |
| Derivative assets | -62,397 | 66,945 | -49,850 | 15,512 |
| Other assets | 9,556 | -57,063 | 169,285 | -56,626 |
| Derivative liabilities | -9,386 | -4,816 | -8,967 | 13,007 |
| Other liabilities | -60,461 | 35,870 | -21,544 | -129,970 |
| Net cash (used in) provided by operating activities | -2,647,557 | -6,241,495 | 165,244 | 8,268,182 |
| Purchases of premises and equipment | 74,048 | 39,455 | 26,434 | 26,615 |
| Net proceeds from sale of mortgage servicing rights | 2,423,711 | 2,711,955 | 1,843,649 | 1,311,282 |
| Proceeds from principal payments on investment securities | 7,294 | 7,887 | 7,439 | 10,987 |
| Margin calls on borrowings against investment securities | 2,600 | -4,295 | -5,308 | 5,308 |
| Investment in private company equity securities | 100,000 | - | - | - |
| Net cash provided by investing activities | 2,259,557 | 2,676,092 | 1,829,962 | 1,290,346 |
| Net borrowings (repayments) under warehouse lines of credit | 214,753 | 3,795,655 | -1,541,903 | -9,510,946 |
| Repayments of finance lease liabilities | 2,219 | 5,584 | 12,826 | 17,323 |
| Borrowings under equipment notes payable | - | - | 0 | 0 |
| Repayments under equipment notes payable | 0 | 0 | 991 | 1,037 |
| Borrowings under secured lines of credit | 3,050,000 | 1,675,000 | 1,000,000 | 1,250,000 |
| Discount and direct issuance costs on senior notes | - | - | 0 | 0 |
| Repayments under secured lines of credit | 2,350,000 | 1,925,000 | 1,000,000 | 500,000 |
| Borrowings against investment securities | 350,310 | 369,777 | 166,067 | 101,345 |
| Repayments of borrowings against investment securities | 353,460 | 372,946 | 173,598 | 118,786 |
| Proceeds from issuance of senior notes | 1,000,000 | 800,000 | 0 | 0 |
| Proceeds from business combination transaction | - | - | 0 | 0 |
| Discount and direct issuance cost of senior notes | 8,399 | 6,958 | - | - |
| Costs incurred related to business combination transaction | - | - | 0 | 0 |
| Repayments of senior notes | 800,000 | - | - | - |
| Dividends paid to class a common stockholders | 78,596 | 39,734 | 37,244 | 36,936 |
| Member contributions from sfs corp | - | - | - | 0 |
| Member distributions paid to sfs corp | 637,999 | 714,027 | 600,828 | 751,035 |
| Class a common stock repurchased | - | - | 0 | 0 |
| Other financing activities | -365 | -909 | -1,313 | - |
| Net cash provided by (used in) financing activities | 384,025 | 3,575,274 | -2,202,636 | -9,584,718 |
| Increase (decrease) in cash and cash equivalents | -3,975 | 9,871 | -207,430 | -26,190 |
| Cash and cash equivalents, beginning of the period | 507,339 | 497,468 | 704,898 | 731,088 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, including disposal group and discontinued operations, ending balance | - | - | - | 704,898 |
| Cash and cash equivalents, end of the period | 503,364 | 507,339 | 497,468 | - |
UWM Holdings Corp (UWMC)
UWM Holdings Corp (UWMC)