Ishbia Pledged UWM Shares Worth $4.6 Billion Ahead of NBA Deal

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.

Mat Ishbia

Photographer: Christian Petersen/Getty Images

He holds his stake through SFS Holding Corp., which owns 94% of UWM’s outstanding stock and pledged the shares, according to the firm’s 2023 proxy statement. Other investors in SFS include ...