(Bloomberg) — Shares in United Wholesale Mortgage fell by a record 49% Thursday, after the country’s biggest mortgage lender announced a net loss of $452 million and suspended its dividend for the first time.
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The company also announced a $2.05 billion equity capital investment by Oaktree Capital Management and SFS Group Capital, a new investment vehicle owned by Mat Ishbia, UWM’s chief executive officer, and his family.
“We’re taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come,” Ishbia said in a statement. “This is not just about capital. This is about bringing in a strategic partner that understands our business, understands MSRs, understands the mortgage industry and believes in the same long-term vision we have for UWM.”
United Wholesale Mortgage grew rapidly during the pandemic, when lockdowns and low interest rates propelled a boom in the housing market. But in recent years, the firm has come under pressure as the housing market — and demand for new mortgages — has slowed dramatically.
Earlier this year, its monthslong attempt to buy mortgage servicer Two Harbors, an acquisition that would have diversified UWM’s revenue stream significantly, failed after Two Harbors management cast doubt on the value of the stock portion of the offer.
UWM has paid a 10-cent dividend every quarter since going public via a SPAC deal in 2021, even as shares slid to record lows earlier this year. The vast majority of those have accrued to the Ishbia family: Through a holding vehicle, they received more than $6.2 billion in dividend payments through the first quarter of 2026, according to Bloomberg calculations.
Shares are down 76% year to date. Ishbia is also the majority owner of the NBA’s Phoenix Suns.
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