PHOENIX — Phoenix Suns fans may have seen a lot of headlines this week about Mat Ishbia’s wealth taking a hit. While the reason has little to do with basketball, it is worth paying attention to.
Ishbia, the Suns’ and Mercury’s controlling owner, built much of his fortune through United Wholesale Mortgage, or UWM. According to HouseWire, the mortgage company’s stock plunged after it reported a roughly $603 million loss tied to an interest-rate hedging strategy connected to its failed attempt to acquire Two Harbors’ mortgage-servicing rights. UWM also announced a $2.05 billion capital partnership with Oaktree Capital Management and suspended its common-stock dividend.
For Suns fans, the obvious question is whether this could affect the team.
The short answer? Not really, for now at least.
There is no current indication that the Suns are facing financial trouble because of UWM’s losses. Ishbia remains a billionaire, even after the decline in UWM’s value. Forbes puts his net worth around $6 billion, although that figure can change significantly with UWM’s stock price.
Jan 29, 2026; Phoenix, Arizona, USA; Phoenix Suns owner Mat Ishbia against the Detroit Pistons in the second half at Mortgage Matchup Center. Mandatory Credit: Mark J. Rebilas-Imagn Images
Still, the situation puts a spotlight on the future of the franchise. Ishbia agreed to purchase the Suns and Mercury for $4 billion, with the NBA approving the deal in February 2023. Since taking over, Ishbia has become known for investing heavily in the team.
That’s what makes UWM’s struggles worth watching for Suns fans. The company has historically been an important source of Ishbia family wealth, including through its dividend payments. Those payments have now been suspended, meaning the Ishbia family will no longer receive those regular common-stock dividend payouts for the time being.
That doesn’t mean Devin Booker is suddenly going to be asked to balance the team’s books, or that the team is going to start dumping contracts.
Apr 14, 2026; Phoenix, Arizona, USA; Phoenix Suns guard Devin Booker (1) and Jalen Green (4) against the Portland Trail Blazers during the play-in rounds of the 2026 NBA Playoffs at Mortgage Matchup Center. Mandatory Credit: Mark J. Rebilas-Imagn Images
Think of it this way: Ishbia’s personal financial picture has changed, but that does not automatically mean his approach to running the Suns will change. The bigger question is whether UWM’s problems eventually change how aggressively he is willing — or able — to spend.
There’s no clear public sign of that happening right now. Ishbia has also defended the Oaktree deal as a strategic partnership that gives UWM greater financial stability, rather than simply a rescue.
Suns owner Mat Ishbia speaks with the press during a news conference at Footprint Center in Phoenix on May 1, 2024. © Patrick Breen/The Republic / USA TODAY NETWORK
That’s why Suns fans shouldn’t panic. While UWM’s troubles are serious — including the $603 million derivatives loss and a $451.9 million second-quarter net loss — Ishbia’s financial setback is different from the Suns themselves facing financial distress.
For now, the real story will be what Ishbia does next.