UWM Holdings lowers 2026 revenue outlook to $3.35 billion-$3.50 billion
UWM Holdings Corporation released preliminary, unaudited third-quarter 2026 results and said total revenue for 2026 will be approximately $3.35 billion to $3.50 billion, lower than it expected earlier in the year because of lower industry-wide origination volume. The company also reiterated a $400 million rights offering, backstopped by Oaktree and SFS Group, an entity controlled by CEO Mat Ishbia, which the filing says could dilute existing shareholders.
Key points
- Preliminary Q3 2026: loan origination volume of $33.4 billion, total revenue of $800 million to $825 million, net income of $205 million to $220 million, and adjusted EBITDA of $170 million to $190 million
- Full-year 2026 total revenue now expected at $3.35 billion to $3.50 billion, lower than earlier expectations
- Rights offering of up to $400 million began October 5, 2026; subscription price is the greater of $2.00 and 85% of the 10-day VWAP; the filing says material subscription from outside investors is unlikely
- Oaktree and SFS Group (controlled by Mat Ishbia) have agreed to backstop any shortfall so gross proceeds are at least $400 million
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.