United Wholesale Mortgage reports $452M loss and raises $2B in capital

United Wholesale Mortgage (UWM) reported a quarterly loss of approximately $452 million for the second quarter of 2026, a significant decline from previous periods. The company has suspended its dividend and is facing challenges from a weak housing market and rising interest rates, which have impacted loan originations and the value of mortgage servicing rights.

To address these financial pressures and manage debt, UWM has entered into a capital partnership. The company is raising over $2 billion in capital, including $1.5 billion from Oaktree Capital Management and an additional $550 million through a combination of capital and a rights offering from CEO Mat Ishbia via his own holding company and SFS Group Capital.

Despite the company’s recent losses, a UWM spokesperson stated that the downturn will not affect Mat Ishbia’s management or ownership of the Phoenix Suns and Phoenix Mercury. Ishbia is reportedly in the process of finalizing an agreement to buy out remaining minority shareholders to increase the Ishbia family’s ownership of the sports franchises to nearly 99%.