UWM (UWMC) Investor presentation summary

Transaction highlights and value creation

• Acquisition offers compelling value, with a $6.00 price target implying a 49% upside over current stock price and 41% appreciation over TWO's unaffected price.

• UWM's stock traded up to $6.10 as recently as January 2026, with further upside from cost synergies and utilization of net operating loss carryforwards.

• Enhanced scale and liquidity post-acquisition, with a pro forma market cap of $7.6bn and float more than double TWO's standalone.

• UWM's origination capabilities complement TWO's servicing platform, creating a more resilient business model.

• Shareholder alignment through continued family control and a governance framework focused on long-term value.

Core business fundamentals and financial outlook

• Total loan origination volume reached $49.6bn in Q4 2025, the highest since 2021.

• Expected standalone revenue for Q1 2026 is $800–900m, with FY 2026 forecasted at $3.5–4.5bn.

• Gain on sale margins increased by 17bps year-over-year.

• Dividend yield stands at 9.9%, with consistent quarterly dividends of $0.10 per share since 2021.

• Stock price performance shows significant implied upside, with consensus and trading highs above current levels.

Strategic rationale and board considerations

• TWO's board determined the transaction maximizes value after a robust review, considering financial and strategic merits.

• Non-approval could present downside risk due to smaller scale and challenges in accessing capital.

• The transaction provides TWO shareholders with a governance and economic framework prioritizing long-term value.

• Post-transaction voting structure and minority ownership were key considerations in the board's assessment.

• The combined entity is positioned to capitalize on market opportunities and maintain industry leadership.