United Wholesale Mortgage Shares Plunge 49% After Net Loss

Shares of United Wholesale Mortgage fell by a record 49% on Thursday following the company's report of a $452 million net loss. This decline contributes to a 76% drop in stock value year to date, which the company attributes to a dramatic slowdown in mortgage demand and the broader housing market. In a first since its 2021 public debut, the company suspended its dividend. This follows a period where the family of CEO Mat Ishbia received more than $6.2 billion in payments through the first quarter of 2026.

To stabilize operations, the company secured a $2.05 billion equity capital investment from Oaktree Capital Management and SFS Group Capital, an investment vehicle owned by Mat Ishbia and his family. These measures follow a failed attempt to diversify revenue through the acquisition of mortgage servicer Two Harbors, a deal that collapsed after management questioned the stock offer's value.