Mat Ishbia, the billionaire who built United Wholesale Mortgage (UWM) into the nation’s largest mortgage lender, found himself in trouble after a failed takeover and a mistimed bet. He turned his fortune into a $4 billion cash purchase of the NBA’s Phoenix Suns and into a Michigan mansion complete with a trampoline park and rock‑climbing wall.

Last week he stunned investors when he disclosed an ill‑timed bet that left UWM with a $600 million hole. The Pontiac, Michigan firm announced it would suspend common‑stock payouts and secure financing from Oaktree Capital Management, a lender to distressed companies. Shares plunged 35 %, wiping out roughly 70 % of UWM’s value this year. Ishbia, 46, defended the deal as a strategic partnership clients that gives the company access to Oaktree’s mortgage expertise and eliminates near‑term funding uncertainty.

In return for a $1.5 billion infusion, Oaktree receives veto rights over the C‑suite, two board seats, warrants for additional shares and a guaranteed $600 million return. Ishbia retains 79 % voting power through a special class of stock, but his family holding is injecting $150 million and will forgo common‑stock dividends.