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Update: UWM Holdings Shares Fall After Swing to Q2 Adjusted Loss

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(Updates with the latest stock price movement in the headline and first paragraph.)

UWM Holdings (UWMC) shares fell 40% in Thursday trading after the company swung to an adjusted loss in Q2.

The company reported late Wednesday an adjusted Q2 loss of $0.23 per diluted share, swinging from an adjusted EPS of $0.16 a year earlier.

Analysts polled by FactSet expected adjusted EPS of $0.07.

Revenue for the quarter ended June 30 was $888 million, up from $758.7 million a year ago.

Analysts expected $727.5 million.

Separately, UWM Holdings secured a $2.05 billion investment under a strategic capital partnership with SFS Group Capital and Oaktree Capital Management, according to a Wednesday statement.

Preferred equity and warrants were issued for the initial investment, UWM said.

The company also plans to launch a $400 million rights offering to class A shareholders, backed by the two new investors, if needed, according to the statement.

In addition, UWM said it will suspend common dividends to prioritize debt reduction and boost its balance sheet.

Price: $1.09, Change: $-0.76, Percent Change: -41.03%

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