Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
UWM Holdings Corporation Announces First Quarter 2024 Results
Mat Ishbia, Chairman and CEO of UWMC, said, "We continue to see positive results from our strategy and investments. Both volume and margin are strengthening and we delivered increased volume performance relative to the fourth quarter of last year. Additionally, despite being in a higher rate environment, we originated 24% more loans than we did in the first quarter of 2023. Even more impressive is the fact that our purchase volume of $22.1 billion was considerably higher than Q1 2023 despite all the industry talk of higher interest rates and lack of inventory. This is reflective of the overall health of our business and soundness in our strategy. I am confident the strong momentum we've seen in the broker channel will remain on an upward trajectory and UWM and mortgage brokers will continue to win."
First Quarter 2024 Highlights
Originations of $27.6 billion in 1Q24, compared to $24.4 billion in 4Q23 and $22.3 billion in 1Q23 Purchase originations of $22.1 billion in 1Q24, a UWM record for first quarter purchase volume, compared to $20.7 billion in 4Q23 and $19.2 billion in 1Q23 Total gain margin of 108 bps in 1Q24 compared to 92 bps in 4Q23 and 92 bps in 1Q23 Net income of $180.5 million in 1Q24 compared to net loss of $461.0 million in 4Q23 and net loss of $138.6 million in 1Q23 Adjusted EBITDA of $101.5 million in 1Q23 compared to $99.6 million in 4Q23 and $141.0 million in 1Q23 Total equity of $2.5 billion at March 31, 2024, compared to $2.5 billion at December 31, 2023, and $2.9 billion at March 31, 2023 Unpaid principal balance of MSRs of $229.7 billion with a WAC of 4.58% at March 31, 2024, compared to $299.5 billion with a WAC of 4.43% at December 31, 2023, and $297.9 billion with a WAC of 3.66% at March 31, 2023 Ended 1Q24 with approximately $2.9 billion of available liquidity, including $605.6 million of cash, and $2.3 billion of available borrowing capacity, which includes $1.8 billion under lines of credit secured by agency and Ginnie Mae MSRs, and $500 million under an unsecured line of credit
Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q1 2024 Q4 2023 Q1 2023
------------------------------------------------------------ ------------------------------------------------------------ ------------------------------------------------------------
Loan origination volume(1) $ 27,630,535 $ 24,372,436 $ 22,335,014
Total gain margin(1)(2) 1.08 % 0.92 % 0.92 %
Net income (loss) $ 180,531 $ (460,956 ) $ (138,613 )
Diluted earnings (loss) per share 0.09 (0.29 ) (0.13 )
Adjusted diluted earnings (loss) per share(3) N/A (0.23 ) (0.07 )
Adjusted net income (loss)(3) 141,121 (361,002 ) (106,625 )
Adjusted EBITDA(3) 101,490 99,566 140,994
(1) Key operational metric (see discussion below).
(2) Represents total loan production income divided by loan origination volume.
Balance Sheet Highlights as of Period-end (dollars in thousands)
Q1 2024 Q4 2023 Q1 2023
---------------------------------------- ---------------------------------------- ----------------------------------------
Cash and cash equivalents $ 605,639 $ 497,468 $ 740,063
Mortgage loans at fair value 7,338,135 5,449,884 4,800,259
Mortgage servicing rights 3,191,803 4,026,136 3,974,870
Total assets 12,797,334 11,871,854 10,947,716
Non-funding debt (1) 2,311,850 2,862,759 2,623,962
Total equity 2,457,058 2,474,671 2,874,542
Non-funding debt to equity (1) 0.94 1.16 0.91
Mortgage Servicing Rights (dollars in thousands)
Q1 2024 Q4 2023 Q1 2023
--------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Unpaid principal balance $ 229,706,006 $ 299,456,189 $ 297,906,035
Weighted average interest rate 4.58 % 4.43 % 3.66 %
First Quarter Business and Product Highlights
Mortgage Matchup - A new and improved version of the site formally known as FindAMortgageBroker.com. Mortgage Matchup continues to be a consumer-facing website geared toward homebuyers and real estate agents, and offers educational material around the home buying and refinancing process, along with a searchable database of independent mortgage brokers Refi 100 - A 100-basis point pricing incentive on any note rate for conventional rate and term refinances. This pricing incentive helped independent mortgage brokers who work with UWM create refinance opportunities with their borrowers 1% Down Expansion - When income-qualified borrowers put 1% down, UWM pays an additional 2% toward their down payment, up to $4,000, for a total of 3% down No-Cost Credit Reports - UWM is now covering the cost of hard credit report pulls for its broker partners. This initiative aims to combat the impact of increasingly high credit report costs, an out-of-pocket expense for brokers
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase: Q1 2024 Q4 2023 Q1 2023
---------------------------------------- ---------------------------------------- ----------------------------------------
$ 12,160,107 $ 12,033,818 $ 12,969,966
Conventional
7,567,925 6,805,530 5,623,050
Government
2,393,397 1,842,108 652,780
Jumbo and other (1)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Purchase $ 22,121,429 $ 20,681,456 $ 19,245,796
==================== ==================== ==================== ==================== ==================== ====================
Refinance: Q1 2024 Q4 2023 Q1 2023
---------------------------------------- ---------------------------------------- ----------------------------------------
$ 1,716,281 $ 1,386,645 $ 1,869,911
Conventional
2,657,541 1,389,884 941,775
Government
1,135,284 914,451 277,532
Jumbo and other (1)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Refinance $ 5,509,106 $ 3,690,980 $ 3,089,218
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Originations $ 27,630,535 $ 24,372,436 $ 22,335,014
==================== ==================== ==================== ==================== ==================== ====================
Second Quarter 2024 Outlook
We anticipate second quarter production to be in the $28 to $35 billion range, with gain margin from 85 to 110 basis points.
Dividend
Subsequent to March 31, 2024, for the fourteenth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on July 11, 2024, to stockholders of record at the close of business on June 20, 2024. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or about July 11, 2024.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, May 9, 2024, at 10:00 AM ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:
https://registrations.events/direct/Q4I430216
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript will be available on the Company's investor relations website at https://investors.uwm.com/.
Key Operational Metrics
"Loan origination volume" and "Total gain margin" are key operational metrics that the Company's management uses to evaluate the performance of the business. "Loan origination volume" is the aggregate principal of the residential mortgage loans originated by the Company during a period. "Total gain margin" represents total loan production income divided by loan origination volume for the applicable periods.
Non-GAAP Metrics
The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides "Adjusted net income (loss)," which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. "Adjusted net income (loss)" is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.
We also disclose Adjusted EBITDA, which we define as earnings (loss) before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the change in Tax Receivable Agreement liability and the change in fair value of retained investment securities. We exclude the change in Tax Receivable Agreement liability, the change in fair value of the Public and Private Warrants, the change in fair value of retained investment securities, and the change in fair value of MSRs due to valuation inputs or assumptions, as these represent non-cash, non-realized adjustments to our earnings, which is not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.
In addition, we disclose "Non-funding debt" and the "Non-funding debt to equity ratio" as a non-GAAP metric. We define "Non-funding debt" as the total of the Company's senior notes, lines of credit, borrowings against investment securities, equipment note payable, and finance leases and the "Non-funding debt-to-equity ratio" as total non-funding debt divided by the Company's total equity.
Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.
The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):
Adjusted net income (loss) Q1 2024 Q4 2023 Q1 2023
--------------------------------------- ----------------------------------------------- ------------------------------------------------ ------------------------------------------------
Earnings (loss) before income taxes $ 184,264 $ (468,408 ) $ (139,616 )
Adjusted income tax (provision) benefit (43,143 ) 107,406 32,991
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Adjusted diluted EPS Q4 2023 Q1 2023
--------------------------------------------------------- ------------- -------------
Diluted weighted average Class A common stock outstanding 93,654,269 92,920,794
Assumed pro forma conversion of Class D common stock (1) 1,502,069,787 1,502,069,787
------------- -------------
Adjusted net income (loss) $ (361,002 ) $ (106,625 ) Adjusted diluted EPS (0.23 ) (0.07 )
Adjusted EBITDA Q1 2024 Q4 2023 Q1 2023
------------------------------------------------------------------- ------------------------------------------------ ------------------------------------------------- ------------------------------------------------
Net income (loss) $ 180,531 $ (460,956 ) $ (138,613 )
Interest expense on non-funding debt 40,243 43,946 42,703
Provision (benefit) for income taxes 3,733 (7,452 ) (1,003 )
Depreciation and amortization 11,340 11,472 11,670
Stock-based compensation expense 5,876 3,961 2,482
Change in fair value of MSRs due to valuation inputs or assumptions (141,059 ) 507,686 222,915
Deferred compensation, net 1,063 3,300 1,081
Change in fair value of Public and Private Warrants (686 ) 4,808 2,098
Change in Tax Receivable Agreement liability 180 260 250
Change in fair value of investment securities 269 (7,459 ) (2,589 )
-------------------- -------- -------------------- -------------------- --------- -------------------- -------------------- -------- --------------------
Non-funding debt and non-funding debt to equity Q1 2024 Q4 2023 Q1 2023
----------------------------------------------- ---------------------------------- ---------------------------------- -----------------------------
Senior notes $ 1,989,250 $ 1,988,267 $ 1,985,319
Secured lines of credit 200,000 750,000 500,000
Borrowings against investment securities 94,064 93,814 101,345
Equipment note payable -- -- 486
Finance lease liability 28,536 30,678 36,812
-------------------- -------------- -------------------- -------------- -------------------- ---------
Total non-funding debt $ 2,311,850 $ 2,862,759 $ 2,623,962
Total equity $ 2,457,058 $ 2,474,671 $ 2,874,542
Cautionary Note Regarding Forward-Looking Statements
This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict" and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our position amongst our competitors and ability to capture market share; (2) our investment in our people, products and technology, and the benefits of our results; (3) our beliefs regarding opportunities in 2024 for our business and the broker channel; (4) our beliefs regarding operational profitability; (5) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (6) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (7) the benefits and liquidity of our MSR portfolio; (8) our beliefs related to the amount and timing of our dividend; (9) our expectations for future market environments, including interest rates, levels of refinance activity and the timing of such market changes; (10) our expectations related to production and margin in the second quarter of 2024; (11) the benefits of our business model, strategies and initiatives, and their impact on our results and the industry; (12) our performance in shifting market conditions and the comparison of such performance against our competitors; (13) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (14) our position and ability to capitalize on market opportunities and the impacts to our results; (15) our investments in technology and the impact to our operations, ability to scale and financial results and (16) our purchase production and product portfolio. These statements are based on management's current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM's dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies that affect interest rates; (ii) UWM's reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iii) UWM's ability to sell loans in the secondary market; (iv) UWM's dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (v) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vi) UWM's dependence on Independent Mortgage Advisors to originate mortgage loans; (vii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (viii) UWM's inability to continue to grow, or to effectively manage the growth of its loan origination volume; (ix) UWM's ability to continue to attract and retain its broker relationships; (x) UWM's ability to implement technological innovation; (xi) the occurrence of a data breach or other failure of UWM's cybersecurity or information security systems; (xii) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xiii) UWM's ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xiv) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under "Risk Factors" therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward- looking statements to reflect events or circumstances after the date hereof.
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC ("UWM"). UWM is the nation's largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for nine consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.
UWM HOLDINGS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)
March 31, December 31,
2024 2023
---------------------------------------- ----------------------------------------
Assets (Unaudited) (Unaudited)
Cash and cash equivalents $ 605,639 $ 497,468
Mortgage loans at fair value 7,338,135 5,449,884
Derivative assets 34,050 33,019
Investment securities at fair value, pledged 108,323 110,352
Accounts receivable, net 554,443 512,070
Mortgage servicing rights 3,191,803 4,026,136
Premises and equipment, net 145,265 146,417
Operating lease right-of-use asset, net 97,801 99,125
(includes $96,358 and $97,596 with related parties)
Finance lease right-of-use asset 29,111
(includes $24,286 and $24,802 with related parties) 26,890
Loans eligible for repurchase from Ginnie Mae 577,487 856,856
Other assets 117,498 111,416
-------------------- -------------------- -------------------- --------------------
$ 12,797,334 $ 11,871,854
Total assets
==================== ==================== ==================== ====================
Liabilities and Equity
Warehouse lines of credit $ 6,681,917 $ 4,902,090
Derivative liabilities 26,918 40,781
Secured line of credit 200,000 750,000
Borrowings against investment securities 94,064 93,814
Accounts payable, accrued expenses and other 477,765 469,101
Accrued distributions and dividends payable 159,702 159,572
Senior notes 1,989,250 1,988,267
Operating lease liability 104,637 106,024
(includes $103,194 and $104,495 with related parties)
Finance lease liability 30,678
(includes $25,851 and $26,260 with related parties) 28,536
Loans eligible for repurchase from Ginnie Mae 577,487 856,856
-------------------- -------------------- -------------------- --------------------
10,340,276 9,397,183
Total liabilities
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 -- --
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 94,945,635 and 93,654,269 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
9 10
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 --
--
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of March 31, 2024 or December 31, 2023 --
--
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
150 150
Additional paid-in capital 2,085 1,702
Retained earnings 111,980 110,690
Non-controlling interest 2,342,834 2,362,119
-------------------- -------------------- -------------------- --------------------
2,457,058 2,474,671
Total equity
-------------------- -------------------- -------------------- --------------------
UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended For the three months ended
---------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
2024 2023 2023
----------------------------------------------- ------------------------------------------------ ------------------------------------------------
Revenue
Loan production income $ 298,954 $ 225,436 $ 205,424
Loan servicing income 184,702 206,498 218,557
Change in fair value of mortgage servicing rights (15,563 ) (634,418 ) (337,287 )
Interest income 101,863 87,901 74,580
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Total revenue, net 569,956 (114,583 ) 161,274
Expenses
Salaries, commissions and benefits 154,241 142,515 121,003
Direct loan production costs 31,436 27,977 16,483
Marketing, travel, and entertainment 19,111 25,600 17,210
Depreciation and amortization 11,340 11,472 11,670
General and administrative 40,809 38,209 34,619
Servicing costs 30,324 29,632 36,862
Interest expense 98,668 80,811 63,284
Other income (237 ) (2,391 ) (241 )
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Total expenses 385,692 353,825 300,890
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Earnings (loss) before income taxes 184,264 (468,408 ) (139,616 )
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Provision (benefit) for income taxes 3,733 (7,452 ) (1,003 )
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Net income (loss) 180,531 (460,956 ) (138,613 )
Net income (loss) attributable to non-controlling interest 171,801 (433,878 ) (126,672 )
-------------------- ------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Earnings (loss) per share of Class A common stock:
$ 0.09 $ (0.29 ) $ (0.13 )
Basic
$ 0.09 $ (0.29 ) $ (0.13 )
Diluted
Weighted average shares outstanding:
94,365,991 93,654,269 92,920,794
Basic
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets as of March 31, 2024, and the preceding four quarters and Statements of Operations for the quarter ended March 31, 2024, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.
CONSOLIDATED BALANCE SHEETS
(in thousands, except shares and per share amounts)
March 31, December 31, September 30, June 30, March 31,
2023 2023 2023 2023
---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------
Assets (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash and cash equivalents $ 605,639 $ 497,468 $ 729,616 $ 634,576 $ 740,063
Mortgage loans at fair value 7,338,135 5,449,884 5,560,039 6,269,924 4,800,259
Derivative assets 34,050 33,019 92,791 61,407 61,136
Investment securities at fair value, pledged 108,323 110,352 104,526 111,625 114,275
Accounts receivable, net 554,443 512,070 385,922 347,865 433,747
Mortgage servicing rights 3,191,803 4,026,136 4,352,219 4,224,207 3,974,870
Premises and equipment, net 145,265 146,417 146,509 149,515 152,428
Operating lease right-of-use asset, net 97,801 99,125 100,427 101,686 102,923
Finance lease right-of-use asset 26,890 29,111 31,803 34,947 38,320
Loans eligible for repurchase from Ginnie Mae 577,487 856,856 617,490 409,078 440,775
Other assets 117,498 111,416 82,795 81,089 88,920
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total assets $ 12,797,334 $ 11,871,854 $ 12,204,137 $ 12,425,919 $ 10,947,716
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Liabilities and Equity
Warehouse lines of credit $ 6,681,917 $ 4,902,090 $ 5,066,900 $ 5,732,791 $ 4,259,834
Derivative liabilities 26,918 40,781 38,882 21,734 62,742
Secured line of credit 200,000 750,000 500,000 500,000 500,000
Borrowings against investment securities 94,064 93,814 97,328 100,901 101,345
Accounts payable, accrued expenses and other 477,765 469,101 503,890 423,407 416,818
Accrued distributions and dividends payable 159,702 159,572 159,572 159,518 159,517
Senior notes 1,989,250 1,988,267 1,987,284 1,986,301 1,985,319
Operating lease liability 104,637 106,024 107,389 108,711 110,012
Finance lease liability 28,536 30,678 33,291 36,356 36,812
Loans eligible for repurchase from Ginnie Mae 577,487 856,856 617,490 409,078 440,775
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total liabilities 10,340,276 9,397,183 9,112,026 9,478,797 8,073,174
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented
-- -- -- -- --
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 94,945,635 as of March 31, 2024, 93,654,269 as of December 31, 2023, 93,654,269 as of September 30, 2023, 93,114,878 as of June 30, 2023 and 93,101,971 as of March 31, 2023 9 10 10 9 9
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented
-- -- -- -- --
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented
-- -- -- -- --
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of each of the periods presented
150 150 150 150 150
Additional paid-in capital 2,085 1,702 1,484 1,267 1,036
Retained earnings 111,980 110,690 130,233 120,379 122,136
Non-controlling interest 2,342,834 2,362,119 2,960,234 2,825,317 2,751,211
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total equity 2,457,058 2,474,671 3,092,111 2,947,122 2,874,542
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended For the three months ended
---------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2024 2023 2023 2023 2023
---------------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- ------------------------------ --------------------------------------------------
Revenue
Loan production income $ 298,954 $ 225,436 $ 288,930 $ 280,757 $ 205,424
Loan servicing income 184,702 206,498 200,428 193,220 218,557
Change in fair value of mortgage servicing rights (15,563 ) (634,418 ) 92,909 24,648 (337,287 )
Interest income 101,863 87,901 94,849 88,895 74,580
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -----------