Mat Ishbia: UWM’s ‘bad quarter’ has no impact on Suns

Phoenix Suns majority owner Mat Ishbia, who is also the CEO of United Wholesale Mortgage (UWM), says that his mortgage lending company’s recently reported $600 million loss has no effect on the Suns’ operation going forward.

UWM’s financial struggles were a topic of conversation in August, when its stock price reached an all-time low and reported a net loss of $451.9 million in the second quarter of 2026.

Ishbia maintained that UWM’s situation bears no impact on his business endeavors, downplaying the noise at Suns media day.

“(We’ve been) the best mortgage company in America for years,” Ishbia said Monday. “We’re doing great. With that being said, we had a bad quarter, and people like to make stories out of thin air and create a bunch of negativity. …It affects (the Suns) zero. Absolutely zero.”

Ishbia proceeded to share that he still plans to pay for the team to be in the luxury tax, to do “crazy things for the fans” and that he bought 14% more of the team — putting his total share at nearly 80%.

UWM received a $2.05 billion capital reset and rescue package led by Oaktree Capital Management. It also suspended its quarterly dividend (previously 10 cents a share) for the first time since going public in 2021 in an effort to stabilize its financial position and preserve cash.

UWM’s current stock price sits around $1.20. Ishbia’s net worth is a reported $9.1 billion, the 12th-richest owner in the NBA as of September 2026.

“I’m going to own this team for 40, 50 years,” Ishbia said. “And so we’re going to spend money when we need to spend money. …We’re going to focus on doing the right things by the fans, the community, the team, the culture and focusing on winning. Nothing’s changed at all.”

Related

Watch exclusive guests on Wolf & Luke live from Suns media dayPhoenix Suns partner with Paze as team’s new jersey sponsorKhaman Maluach is the Suns’ best hope at escaping mediocrity, ESPN’s Golliver saysDevin Booker gets lowest player ranking by ESPN in 7 yearsESPN ranks Dillon Brooks No. 76 in top-100 NBA players rankingESPN’s Kram questions Phoenix Suns’ lack of 3-point shooting, floor spacing heading into season