Ishbia Pledged UWM Shares Worth $4.6 Billion Ahead of NBA Deal
- Mortgage firm CEO bought Phoenix Suns for a record $4 billion
- Pledged stock represents more than half of outstanding shares
This article is for subscribers only.
Mat Ishbia, the new owner of the Phoenix Suns, pledged more than half of mortgage giant UWM Holdings Corp.’s outstanding shares to secure loans before buying the NBA team for a record $4 billion.
Ishbia, UWM’s chairman and chief executive officer, pledged stock he controls currently worth about $4.6 billion to back two loans that were finalized days before his purchase of the Suns was approved.