The following table sets forth the calculation of basic and diluted earnings per share for the periods ended December 31, 2025, 2024, and 2023 (in thousands, except shares and per share amounts):


	For the year ended December 31,
		2025		2024		2023
Net income (loss)		$	244,023	$	329,375	$	(69,782)
Net income (loss) attributable to non-controlling interest		216,643		314,971		(56,552)
Net income (loss) attributable to UWMC		27,380		14,404		(13,230)
Numerator:
Net income (loss) attributable to Class A common shareholders		$	27,380	$	14,404	$	(13,230)
Net income (loss) attributable to Class A common shareholders - diluted		$	194,310	$	14,404	$	(13,230)
Denominator:
Weighted average shares of Class A common stock outstanding - basic		211,407,534		111,374,469		93,245,373
Weighted average shares of Class A common stock outstanding - diluted		1,599,179,891		111,374,469		93,245,373
Earnings (loss) per share of Class A common stock outstanding - basic		$	0.13	$	0.13	$	(0.14)
Earnings (loss) per share of Class A common stock outstanding - diluted		$	0.12	$	0.13	$	(0.14)