Mat Ishbia is an American businessman and professional sports team owner who has a net worth of $6 billion. Mat Ishbia is the chairman and CEO of United Wholesale Mortgage, better known as UWM, and the majority owner and governor of the NBA's Phoenix Suns, the WNBA's Phoenix Mercury, and the G League's Valley Suns.

Ishbia earned his fortune through his controlling interest in UWM, the mortgage company founded by his father, Jeff Ishbia. He joined the business shortly after college and became CEO in 2013. UWM became the country's largest wholesale mortgage lender and later the largest overall mortgage originator. In January 2021, Ishbia took the company public through a SPAC merger that valued UWM at $16.1 billion.

His fortune has fluctuated dramatically with UWM's stock price. In March 2026, Ishbia's net worth was around $9.1 billion. After UWM shares suffered a severe decline later that year, his fortune fell to around $6 billion.

Mat earns a base salary of $600,000 as UWM's CEO. His total compensation for 2025 was just under $10 million, although salary and bonuses are relatively insignificant compared with the value of his UWM holdings and the distributions he has received through the family's ownership structure.

Mathew Randall Ishbia was born on January 6, 1980, and grew up in Birmingham, Michigan. His father, Jeff Ishbia, founded the mortgage business that eventually became United Wholesale Mortgage in 1986.

Mat attended Seaholm High School before enrolling at Michigan State University. Although he was not a highly recruited basketball player, he made the Spartans as a walk-on point guard under legendary coach Tom Izzo.

Ishbia played for Michigan State for four years, appearing with teams that reached three Final Fours. He was a member of the 2000 squad that defeated Florida to win the NCAA national championship. After his playing career ended, he spent another season working with Izzo's coaching staff.

He graduated from Michigan State's Eli Broad College of Business in 2003.

After college, Ishbia chose mortgages over basketball coaching and joined his father's company as its 12th employee. He started in operations, originated loans, and worked as an account executive before moving through a series of sales and management positions.

Mat became president and CEO in 2013. Two years later, UWM became the largest wholesale mortgage lender in the United States. The company's strategy centered almost entirely on independent mortgage brokers rather than lending directly to consumers.

UWM expanded rapidly during the mortgage boom of the late 2010s and early 2020s. In 2022, it became the largest overall mortgage lender in the United States by origination volume.

Ishbia is also the author of "Running the Corporate Offense: Lessons in Effective Leadership from the Bench to the Board Room," in which he connects lessons learned playing under Tom Izzo to his approach to business.

In January 2021, UWM went public through a merger with Gores Holdings IV. The transaction valued the company at approximately $16.1 billion and was one of the largest SPAC transactions completed at the time.

The Ishbia family retained overwhelming control of the company. Mat's personal economic interest eventually settled at roughly 61%, while his brother Justin owns a substantial additional interest through the family's SFS holding company.

UWM's public-market valuation made Mat one of America's wealthiest businesspeople, but it also caused his paper fortune to rise and fall dramatically with the company's stock.

UWM encountered a particularly difficult period in 2026 as elevated mortgage rates continued to suppress home purchases and refinancing activity.

In the second quarter of 2026, UWM reported a $451.9 million net loss on $888 million of revenue. Total equity dropped to roughly $1 billion, while non-funding debt rose above $6 billion.

In August 2026, UWM announced a major recapitalization. Oaktree Capital Management agreed to invest $1.5 billion in preferred equity, while an Ishbia family investment vehicle committed another $150 million. The company also announced plans for a potential $400 million rights offering.

UWM simultaneously suspended its quarterly common-stock dividend in order to preserve capital and reduce debt.

Investors reacted harshly. UWM shares plunged 35% in a single session and fell more than 80% from their 52-week high. The collapse wiped several billion dollars from the paper value of Ishbia's UWM holdings and pushed his net worth down from roughly $9.1 billion earlier in 2026 to around $6 billion.

In December 2022, Mat and his brother Justin reached an agreement to acquire a majority interest in the Phoenix Suns and Phoenix Mercury from Robert Sarver and other shareholders. The transaction valued the franchises and related assets at $4 billion, setting an NBA record at the time.

The NBA approved the sale in February 2023, making Mat the Suns' controlling owner and governor.

Ishbia quickly established himself as one of the league's most aggressive owners. Within days of taking control, the Suns completed a blockbuster trade for Kevin Durant. The team subsequently made a series of expensive roster moves as Ishbia pursued a championship.

The value of the franchise increased considerably after the acquisition. By late 2025, Forbes valued the Suns alone at $5.425 billion. As UWM's stock price declined, Ishbia's Suns ownership increasingly became the largest single component of his net worth.

Ishbia has donated heavily to Michigan State University. In 2021, he pledged $32 million to MSU athletics, including $20 million toward a new basketball facility. He later contributed another $14 million connected to the university's football program.

He has also donated millions of dollars to cancer research and other causes. Ishbia purchased a sports complex in Pontiac, Michigan, and committed $10 million to renovations designed to provide free athletic opportunities for children in the community.

Mat married Emily Clarke in 2014. They have three children together and later divorced.

Despite spending significant time in Phoenix following his acquisition of the Suns, Ishbia has maintained deep business and personal ties to Michigan, where UWM remains headquartered in Pontiac.