UWM Holdings, the largest U.S. mortgage lender, saw its shares plunge 40% Thursday after suspending its quarterly dividend and announcing a $2.05 billion capital raise from Oaktree Capital Management and SFS Group Capital LLC, an investment vehicle owned by the family of CEO Mat Ishbia, who is also the majority owner of the NBA’s Phoenix Suns. The Pontiac, Michigan-based company posted a loss of $451.9 million in the second quarter, reversing a profit of $314.5 million a year earlier. Available liquidity stood at approximately $1.3 billion, including $498 million in cash. The stock has now collapsed about 85% from its 52-week high set in September 2025, as elevated mortgage rates continue to weigh on the U.S. housing market.
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