Mat Ishbia Increased Phoenix Suns Ownership Stake
The owner acquired an additional 14 percent of the NBA team amid financial adjustments at his mortgage firm.
Updated on Sept. 28, 2026 in Basketball
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Mat Ishbia has increased his total ownership stake in the Phoenix Suns to nearly 80 percent. This move follows financial challenges at his company, United Wholesale Mortgage, which reported a significant net loss in the second quarter of 2026.
Why it matters
The increased stake reflects Ishbia's long-term commitment to the franchise despite recent financial pressures at United Wholesale Mortgage. Ishbia has explicitly stated that these corporate financial headwinds will not impact the operations or luxury tax commitments of the team.
Mat Ishbia currently holds an ownership stake of nearly 80 percent in the Phoenix Suns and ranks as the 12th-richest NBA owner. United Wholesale Mortgage is currently trading at approximately $1.20 per share.
The players
Mat Ishbia
He is the majority owner of the Phoenix Suns and the CEO of United Wholesale Mortgage.
United Wholesale Mortgage
This is a leading mortgage lender that went public in 2021 and is currently navigating financial restructuring.
Oaktree Capital Management
This global investment firm led the recent $2.05 billion capital reset package for United Wholesale Mortgage.
The details
United Wholesale Mortgage recently secured a $2.05 billion capital reset and rescue package led by Oaktree Capital Management and suspended its quarterly dividend to stabilize its position. Despite these corporate measures, Ishbia maintains a net worth of $9.1 billion and intends to continue paying the team's luxury tax while holding the franchise for several decades.
Timeline
United Wholesale Mortgage went public in 2021.
The firm reported a $451.9 million net loss in Q2 2026.
Stock prices reached an all-time low in August 2026.
Ishbia was ranked the 12th-richest NBA owner in September 2026.
Ishbia addressed financial concerns at media day on September 28, 2026.
Season Trajectory
This ownership increase cements Ishbia's long-term control over the Phoenix Suns during a period of league-wide focus on owner stability and luxury tax spending. The move signals that the franchise's competitive strategy remains isolated from the volatility of the mortgage sector.
Fans and observers should note that the suspension of the UWM dividend does not change the team's ability to pay luxury tax, ensuring the roster's payroll remains intact. Ishbia's commitment to a 40 to 50-year ownership timeline suggests sustained investment in the team's long-term infrastructure.
The takeaway
Ishbia's pivot to consolidate control of the Phoenix Suns signals a separation between his personal sports investments and his mortgage firm's financial struggles. Readers should note that corporate restructurings in parent companies do not always dictate the financial health of professional sports franchises.
Further reading
For more on the franchise's front-office moves, visit Basketball.
Source note: This article includes information reported by Arizona Sports.
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