UWM Holdings Corporation Announces Third Quarter 2025 Results
PONTIAC, Mich.--( BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2025. Total loan origination volume was $41.7 billion for the third quarter 2025. The Company also reported 3Q25 total revenue of $843.3 million, net income of $12.1 million and adjusted EBITDA of $211.1 million.
Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution. Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity. We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we’re excited to continue building on this momentum in the quarters ahead."
Third Quarter 2025 Highlights
Production and Income Statement Highlights (dollars in thousands, except per share amounts)
Q3 2025
Q2 2025
Q3 2024
Loan origination volume (1)
$
41,742,070
$
39,744,514
$
39,509,521
Total gain margin (1)(2)
1.30
%
1.13
%
1.18
%
Total revenue
$
843,252
$
758,700
$
745,598
Net income
12,088
314,479
31,945
Diluted earnings (loss) per share
(0.01
)
0.11
(0.06
)
Adjusted diluted earnings (loss) per share (3)
0.01
0.16
0.01
Adjusted net income (loss) (3)
9,621
249,429
23,334
Adjusted EBITDA (3)
211,073
195,683
107,180
(1) Key operational metric (see discussion below)
(2) Represents total loan production income divided by loan origination volume
(3) Non-GAAP metric (see discussion and reconciliations below)
Balance Sheet Highlights as of Period-end (dollars in thousands)
Q3 2025
Q2 2025
Q3 2024
Cash and cash equivalents
$
870,703
$
489,984
$
636,327
Mortgage loans at fair value
10,784,461
8,040,310
10,141,683
Mortgage servicing rights
3,308,585
3,445,195
2,800,054
Total assets
17,022,337
13,886,889
15,119,798
Non-funding debt (1)
3,891,125
3,323,565
2,410,714
Total equity
1,587,078
1,747,982
2,180,527
Non-funding debt to equity (1)
2.45
1.90
1.11
(1) Non-GAAP metric (see discussion and reconciliations below).
Mortgage Servicing Rights (dollars in thousands)
Q3 2025
Q2 2025
Q3 2024
Unpaid principal balance
$
216,028,448
$
211,237,964
$
212,218,975
Weighted average interest rate
5.57
%
5.51
%
4.56
%
Weighted average age (months)
19
19
25
Third Quarter Business and Product Highlights
BILT Partnership
National Mortgage Brokers Day
Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)
Purchase:
Q3 2025
Q2 2025
Q3 2024
Conventional
$
14,677,985
$
16,825,147
$
15,874,674
Government
8,411,136
8,358,290
7,786,158
Jumbo and other (1)
2,124,362
2,115,964
2,499,626
Total Purchase
$
25,213,483
$
27,299,401
$
26,160,458
Refinance:
Q3 2025
Q2 2025
Q3 2024
Conventional
$
7,193,198
$
5,082,559
$
3,552,067
Government
7,302,600
5,688,192
8,271,580
Jumbo and other (1)
2,032,789
1,674,362
1,525,416
Total Refinance
$
16,528,587
$
12,445,113
$
13,349,063
Total Originations
$
41,742,070
$
39,744,514
$
39,509,521
(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens)
Fourth Quarter 2025 Outlook
We anticipate fourth quarter production to be in the $43 to $50 billion range, with gain margin from 105 to 130 basis points.
Dividend
Subsequent to September 30, 2025, for the twentieth 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 January 8, 2026, to stockholders of record at the close of business on December 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around January 8, 2026.
Earnings Conference Call Details
As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, November 6, 2025, at 10:00 a.m. 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/Q4I515890
Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials 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 before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities as we believe these adjustments are 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, 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
Q3 2025
Q2 2025
Q3 2024
Earnings (loss) before income taxes
$
12,670
$
329,418
$
32,289
Adjusted income tax (provision) benefit
(3,049
)
(79,989
)
(8,955
)
Adjusted net income (loss)
$
9,621
$
249,429
$
23,334
Adjusted Diluted EPS
Q3 2025
Q2 2025
Q3 2024
Diluted weighted average Class A Common shares outstanding
221,354,499
202,133,122
99,801,301
Assumed pro forma conversion of Class D shares (1)
1,378,084,794
1,396,892,510
1,498,013,741
Adjusted diluted weighted average shares outstanding (1)
1,599,439,293
1,599,025,632
1,597,815,042
Adjusted Net Income (in thousands)
9,621
249,429
23,334
Adjusted Diluted EPS
0.01
0.16
0.01
(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock
Adjusted EBITDA
Q3 2025
Q2 2025
Q3 2024
Net income (loss)
$
12,088
$
314,479
$
31,945
Interest expense on non-funding debt
51,828
50,775
31,544
Provision (benefit) for income taxes
582
14,939
344
Depreciation and amortization
12,747
12,200
11,636
Stock-based compensation expense
14,732
11,729
5,768
Change in fair value of MSRs due to valuation inputs or assumptions
158,842
(3,154
)
263,893
Gain on other interest rate derivatives
(27,813
)
(208,904
)
(226,936
)
Deferred compensation, net
(11,117
)
1,773
(11,434
)
Change in fair value of Public and Private Warrants
770
(1,309
)
5,829
Change in Tax Receivable Agreement liability
41
3,557
—
Change in fair value of investment securities
(1,627
)
(402
)
(5,409
)
Adjusted EBITDA
$
211,073
$
195,683
$
107,180
Non-funding debt and non-funding debt to equity
Q3 2025
Q2 2025
Q3 2024
Senior notes
$
3,780,620
$
2,787,797
$
1,991,216
Secured lines of credit
—
425,000
300,000
Borrowings against investment securities
87,142
86,896
93,662
Finance lease liability
23,363
23,872
25,836
Total non-funding debt
$
3,891,125
$
3,323,565
$
2,410,714
Total equity
$
1,587,078
$
1,747,982
$
2,180,527
Non-funding debt to equity
2.45
1.90
1.11
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 strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) our position amongst our competitors and ability to capture market share; (5) the timing of in-house servicing; (6) our beliefs regarding opportunities in the broker channel; (7) our beliefs regarding the refinance market; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) our beliefs related to the amount and timing of our dividend; (11) our expectations for future market environments, including interest rates, and the timing of such market changes; (12) our expectations related to production, gain margin and our overall success in the fourth quarter of 2025; (13) our performance in shifting market conditions and the comparison of such performance against our competitors; (14) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (15) our position and ability to capitalize on market opportunities, including in the refinance market, and the impacts to our results and (16) our investments in technology, including artificial intelligence, and its impact to our operations, ability to scale and financial results. 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 ability to successfully implement strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in the Presidential Administration that affect interest rates and inflation; (iii) 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; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) 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; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) 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 (xvi) 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 ten 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)
September 30,
2025
December 31,
2024
Assets
(Unaudited)
Cash and cash equivalents
(includes restricted cash of $21.0 million and $16.0 million, respectively)
$
870,703
$
507,339
Mortgage loans at fair value
10,784,461
9,516,537
Derivative assets
91,446
99,964
Investment securities at fair value, pledged
101,277
103,013
Accounts receivable, net
548,090
417,955
Mortgage servicing rights
3,308,585
3,969,881
Premises and equipment, net
164,985
146,199
Operating lease right-of-use asset
(includes $94,947 and $92,553 with related parties)
95,957
93,730
Finance lease right-of-use asset, net
(includes $21,188 and $22,737 with related parties)
21,219
23,193
Loans eligible for repurchase from Ginnie Mae
749,089
641,554
Other assets
286,525
151,751
Total assets
$
17,022,337
$
15,671,116
Liabilities and Equity
Warehouse lines of credit
$
9,783,664
$
8,697,744
Derivative liabilities
41,209
35,965
Secured line of credit
—
500,000
Borrowings against investment securities
87,142
90,646
Accounts payable, accrued expenses and other
706,993
580,736
Accrued distributions and dividends payable
160,846
159,827
Senior notes
3,780,620
2,785,326
Operating lease liability
(includes $101,321 and $99,199 with related parties)
102,333
100,376
Finance lease liability
(includes $23,328 and $24,608 with related parties)
23,363
25,094
Loans eligible for repurchase from Ginnie Mae
749,089
641,554
Total liabilities
15,435,259
13,617,268
Equity:
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024
—
—
Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 234,291,930 and 157,940,987 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
23
16
Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024
—
—
Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024
—
—
Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,365,482,620 and 1,440,332,098 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
137
144
Additional paid-in capital
7,579
3,523
Retained earnings
169,935
157,837
Non-controlling interest
1,409,404
1,892,328
Total equity
1,587,078
2,053,848
Total liabilities and equity
$
17,022,337
$
15,671,116
UWM HOLDINGS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
September 30,
2025
June 30,
2025
September 30,
2024
Revenue
Loan production income
$
542,144
$
447,882
$
465,548
Loan servicing income
169,019
178,813
134,753
Interest income
132,089
132,005
145,297
Total revenue
843,252
758,700
745,598
Other gains (losses)
Change in fair value of mortgage servicing rights
(307,825
)
(111,421
)
(446,100
)
Gain on other interest rate derivatives
27,813
208,904
226,936
Other gains (losses), net
(280,012
)
97,483
(219,164
)
Expenses
Salaries, commissions and benefits
222,760
211,461
181,453
Direct loan production costs
64,213
46,330
58,398
Marketing, travel, and entertainment
23,410
26,379
22,462
Depreciation and amortization
12,747
12,200
11,636
General and administrative
62,243
59,999
53,664
Servicing costs
33,928
35,083
25,009
Interest expense
132,084
133,467
141,102
Other expense (income)
(815
)
1,846
421
Total expenses
550,570
526,765
494,145
Earnings before income taxes
12,670
329,418
32,289
Provision for income taxes
582
14,939
344
Net income
12,088
314,479
31,945
Net income attributable to non-controlling interest
13,350
291,570
38,240
Net income (loss) attributable to UWMC
$
(1,262
)
$
22,909
$
(6,295
)
Earnings (loss) per share of Class A common stock:
Basic
$
(0.01
)
$
0.11
$
(0.06
)
Diluted
$
(0.01
)
$
0.11
$
(0.06
)
Weighted average shares outstanding:
Basic
221,354,499
202,133,122
99,801,301
Diluted
221,354,499
202,133,122
99,801,301
Addendum to Exhibit 99.1
This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2025, 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)
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Assets
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cash and cash equivalents, including restricted cash
$
870,703
$
489,984
$
485,024
$
507,339
$
636,327
Mortgage loans at fair value
10,784,461
8,040,310
8,402,211
9,516,537
10,141,683
Derivative assets
91,446
59,356
43,958
99,964
66,977
Investment securities at fair value, pledged
101,277
101,627
102,982
103,013
108,964
Accounts receivable, net
548,090
719,369
472,299
417,955
561,901
Mortgage servicing rights
3,308,585
3,445,195
3,321,457
3,969,881
2,800,054
Premises and equipment, net
164,985
166,460
153,855
146,199
147,981
Operating lease right-of-use asset
95,957
91,004
92,450
93,730
95,123
Finance lease right-of-use asset, net
21,219
21,810
22,464
23,193
24,020
Loans eligible for repurchase from Ginnie Mae
749,089
564,806
750,769
641,554
391,696
Other assets
286,525
186,968
200,964
151,751
145,072
Total assets
$
17,022,337
$
13,886,889
$
14,048,433
$
15,671,116
$
15,119,798
Liabilities and Equity
Warehouse lines of credit
$
9,783,664
$
7,254,526
$
7,573,139
$
8,697,744
$
9,207,746
Derivative liabilities
41,209
76,683
27,922
35,965
93,599
Secured line of credit
—
425,000
250,000
500,000
300,000
Borrowings against investment securities
87,142
86,896
88,775
90,646
93,662
Accounts payable, accrued expenses and other
706,993
661,496
652,701
580,736
573,865
Accrued distributions and dividends payable
160,846
160,360
159,856
159,827
159,818
Senior notes
3,780,620
2,787,797
2,786,467
2,785,326
1,991,216
Operating lease liability
102,333
97,471
99,010
100,376
101,833
Finance lease liability
23,363
23,872
24,445
25,094
25,836
Loans eligible for repurchase from Ginnie Mae
749,089
564,806
750,769
641,554
391,696
Total liabilities
15,435,259
12,138,907
12,413,084
13,617,268
12,939,271
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 - 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024 and 113,150,968 as of September 30, 2024
23
21
20
16
11
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; shares issued and outstanding - 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented
137
139
140
144
149
Additional paid-in capital
7,579
5,688
4,298
3,523
2,644
Retained earnings
169,935
170,320
160,407
157,837
116,561
Non-controlling interest
1,409,404
1,571,814
1,470,484
1,892,328
2,061,162
Total equity
1,587,078
1,747,982
1,635,349
2,053,848
2,180,527
Total liabilities and equity
$
17,022,337
$
13,886,889
$
14,048,433
$
15,671,116
$
15,119,798
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except shares and per share amounts)
(Unaudited)
For the three months ended
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
September 30,
2024
Revenue
Loan production income
$
542,144
$
447,882
$
304,751
$
407,229
$
465,548
Loan servicing income
169,019
178,813
190,517
173,300
134,753
Interest income
132,089
132,005
118,102
140,067
145,297
Total revenue
843,252
758,700
613,370
720,596
745,598
Other gains (losses)
Change in fair value of mortgage servicing rights
(307,825
)
(111,421
)
(388,585
)
309,149
(446,100
)
Gain (loss) on other interest rate derivatives
27,813
208,904
—
(469,538
)
226,936
Other gains (losses), net
(280,012
)
97,483
(388,585
)
(160,389
)
(219,164
)
Expenses
Salaries, commissions and benefits
222,760
211,461
192,800
193,155
181,453
Direct loan production costs
64,213
46,330
43,127
54,958
58,398
Marketing, travel, and entertainment
23,410
26,379
22,190
30,771
22,462
Depreciation and amortization
12,747
12,200
11,340
11,094
11,636
General and administrative
62,243
59,999
68,148
60,314
53,664
Servicing costs
33,928
35,083
30,434
29,866
25,009
Interest expense
132,084
133,467
120,410
142,342
141,102
Other expense (income)
(815
)
1,846
(2,848
)
(4,625
)
421
Total expenses
550,570
526,765
485,601
517,875
494,145
Earnings (loss) before income taxes
12,670
329,418
(260,816
)
42,332
32,289
Provision (benefit) for income taxes
582
14,939
(13,788
)
1,719
344
Net income (loss)
12,088
314,479
(247,028
)
40,613
31,945
Net income (loss) attributable to non-controlling interest
13,350
291,570
(233,349
)
31,694
38,240
Net income (loss) attributable to UWMC
$
(1,262
)
$
22,909
$
(13,679
)
$
8,919
$
(6,295
)
Earnings (loss) per share of Class A common stock:
Basic
$
(0.01
)
$
0.11
$
(0.08
)
$
0.06
$
(0.06
)
Diluted
$
(0.01
)
$
0.11
$
(0.12
)
$
0.02
$
(0.06
)
Weighted average shares outstanding:
Basic
221,354,499
202,133,122
164,100,022
155,584,329
99,801,301
Diluted
221,354,499
202,133,122
1,598,383,240
1,598,241,235
99,801,301