Ishbia is the chief executive of United Wholesale Mortgage, a wholesale lender in the US mortgage market. The Pontiac, Michigan-based firm underwrites loans and provides closing documentation services, and became publicly traded in 2021. He's also the lead owner of the NBA's Phoenix Suns.
The majority of Mat Ishbia's fortune comes from United Wholesale Mortgage, a wholesale lender in the U.S. mortgage market. He's the president and chief executive officer of the firm, which was founded by his father Jeff Ishbia in 1986.
SFS Holding Corp., a company controlled by Ishbia and his father, owns about 87% of UWM, according to the company's 2025 proxy statement and a February 2026 Form 4 filing. Ishbia is credited with 75% of its shares, and his brother Justin holds a 23% pecuniary non-voting interest in SFS.
In February 2023, Ishbia headed a group that bought a 57% stake in the NBA's Phoenix Suns. The group increased its stake to 66% via a privately negotiated transaction financed with UWM stock in late 2024, according to a subsequent report. Ishbia is credited here with 75% of the group's stake based on his position as lead owner, or 49.5% of each team. The teams are valued based on 2025 reports from valuation consultants Sportico.
In June 2025, Ishbia's brother Justin invested in the Chicago White Sox, according to a press release. The Ishbia family is credited with a 35% stake in the team. Mat Ishbia is directly credited with 75% of the group's stake, or 26.25% of the team, which is valued based on a March 2025 report from Sportico.
Ishbia has collected more than $4.5 billion from UWM, in the form of distributions to SFS Corp including tax distribution payments. Taxes, market growth and outflows for asset purchases are applied to cash balances.
A liability to account for Ishbia's share of about $1.8 billion in loans, based on an August 2024 13D filing, was added to the analysis on May 20, 2025. Prior to this date, all shares that had been pledged to secure the loans were deducted from his stake in UWM. The removal of the pledged shares and addition of the liability led to a net increase in the calculation of about $1.6 billion.
Mat Ishbia was born in suburban Detroit, Michigan in January 1980. His father, Jeff, founded a mortgage business that became United Wholesale Mortgage, and his mother was a teacher.
Ishbia attended college at Michigan State University. He tried out for the college's Spartan's basketball team, and won a position as a walk-on point guard. He won a national championship with the team in 2000. Ishbia played just 40 minutes that season, but credits famed coach Tom Izzo with having a deep influence on his development and career.
In 2003, after graduating college, Ishbia joined his father's mortgage business, as the 12th employee. He became president of the company in 2013. By the time the company merged with a special purpose acquisition company in 2021 at a valuation of $16.1 billion, it employed more than 6,700 people and was the largest wholesale mortgage originator in the US.
In February 2023, Ishbia led a group that bought a majority stake in the Phoenix Suns and Mercury basketball teams in a transaction that valued the teams at $4 billion.