Mat Ishbia Secures $2.05 Billion Strategic Capital Partnership for United Wholesale Mortgage
Mat Ishbia, Chairman, President and CEO of United Wholesale Mortgage (UWM), announced a $2.05 billion strategic capital partnership with Oaktree Capital Management and the Ishbia family's new investment vehicle, SFS Group Capital. The transaction, described as the largest capital raise in mortgage industry history, aims to fortify UWM's balance sheet and enhance liquidity as the company navigates a period of higher leverage. UWM reported a net loss of $451.9 million for the second quarter of 2026, a shift from the $170.4 million profit recorded in the first quarter. The company attributed this loss primarily to a unique hedge-related event tied to the anticipated Two Harbors MSR transaction, rather than a decline in core business strength. To prioritize debt reduction and balance-sheet strength, the company also announced a suspension of its common dividend. The proceeds from the partnership will be used to repay existing debt and MSR financing facilities. The move positions UWM to continue investing in technology, AI, and the independent mortgage broker channel while maintaining its leadership in the wholesale mortgage market.