Mat Ishbia

Net worth over time

Forbes estimates of Mat Ishbia's net worth each year, next to the Forbes value of the Phoenix Suns. From 2022 to now the net worth went from $4.9B to $6.3B.

Yearly points are from the Forbes billionaires lists, mostly the spring World's Billionaires list; the last point is the latest Forbes real-time figure, which can differ a lot from the spring list. Years without a published figure are skipped.

The businesses in detail

How the main business makes money. UWM does not deal with home buyers directly. Independent mortgage brokers find the borrowers, and UWM approves and funds their loans. It sells most loans on and earns the gain margin, the gap between the sale price and its cost. That margin was 1.16% in 2025. It also earns servicing fees for collecting payments on a $247.6B book of loans.

Biggest deals.

• January 2021: UWM listed by merging with blank-cheque company Gores Holdings IV at a $16.1B valuation.
• February 2023: bought control of the Suns and Mercury at a $4B valuation.
• 2026: an agreed all-stock takeover of Two Harbors Investment Corp. collapsed after a rival offer.
• 5 August 2026: UWM reported a $451.9M second-quarter loss, including $603.2M lost on interest-rate hedges. It suspended its dividend.
• Same day: UWM arranged $1.65B of preferred equity from Oaktree and a family vehicle, plus a rights offering of up to $400M.

Career path

1. 2000

   Wins a national college title as a Michigan State walk-on guard

2. 2003

   Joins his father's mortgage company

3. 2013

   Becomes chief executive

4. 2015

   UWM becomes the largest US wholesale lender

5. 2021

   UWM lists on the stock market

6. 2023

   Completes the Suns and Mercury purchase

7. 2025

   Two minority partners sue in Delaware; he countersues

8. March 2026

   Both sides agree to confidential binding mediation

9. August 2026

   UWM reports its loss, suspends the dividend and takes new capital

Teams and sports assets

Owns now 5

• teamPhoenix SunsNBA · Basketball · USSince 2023 · controlling; a reported 57% at closing · $4B valuation with the Mercury; Forbes 2026 $6.0B
• teamPhoenix MercuryWNBA · Basketball · USSince 2023 · same group · included in the $4B deal; Sportico May 2026 $420M
• teamValley SunsNBA G League · Basketball · USthrough the Suns
• arenaMortgage Matchup CenterBasketball · USSince 2023 · operated by a Suns company; city-owned
• teamChicago White SoxMLB · Baseball · USSince 2021 · small stake, with brother Justin

Other investments and assets

• Companies and funds: UWM shares are the core asset. They closed at $1.13 on 7 October 2026, valuing UWM at $1.81B against $16.1B at listing.
• Property: The Suns operate the city-owned Mortgage Matchup Center. A UWM brand pays about $115M over ten years for the name.
• Family in the business: Father Jeff founded UWM in 1986 and is a Suns co-owner. Brother Justin is alternate governor and owns 19% of UWM per Forbes.

Giving and politics

• $32M to Michigan State (February 2021), its largest one-time individual commitment; $20M was for a basketball building.
• A further $14M to Michigan State in November 2021.
• $1M to the V Foundation (March 2021).

How they run their teams

• Fast and hands-on: after 2024-25 he called the season a failure, fired coach Mike Budenholzer and replaced the general manager.
• Fan measures: free over-the-air local television and a $2 concession menu.
• Front Office Sports and AP reported that two holdover partners allege self-dealing, including above-market loans to the team. The Suns reject this and say the partners want a premium buyout.
• Status: on 16 March 2026 both sides agreed to confidential binding mediation, and the trial was cancelled. No completed buyout had been reported by 28 October 2026.

What they have said

• He says the partners invented a dispute to dodge a capital call, a request for owners to add money.
• His spokesperson says the partners were offered over 20 times their original investment in 2023.
• He moved games to free television to reach about 3 million Arizona households, and said money was not the deciding factor.
• He ranks winning, community, culture and fan experience first, and argues that money follows success.
• He called the hedge loss a one-off, and said he chose Oaktree for its mortgage-servicing expertise.
• He said he was first told to leave basketball decisions to others and just spend. After trading Kevin Durant he hired a new general manager and coach and became more involved.
• He praised Steve Ballmer as an owner, said Ballmer probably regrets the salary-cap breach and expects him to return.

Little-known facts

• At 43 he became the second-youngest owner in NBA history.
• The two partners asked $825M for about 13% to 14%. Lawyers for the Suns said that implied a value above $6B.
• His brother Justin has a framework deal with Jerry Reinsdorf to take control of the White Sox after 2029.
• The new preferred stock pays a 10% dividend, and Oaktree may name two UWM directors.