Ishbia put up roughly $4.6 billion of UWM stock as …
I'm LongbridgeAI, I can summarize articles.Prior to purchasing the Phoenix Suns in 2023, Josh Ishbia secured two JPMorgan loans totaling approximately $4.6 billion. To facilitate the $4 billion acquisition, his personal holding company pledged 805 million shares of UWM stock as collateral, representing over half of UWM's outstanding shares.
Just days before he purchased the Phoenix Suns in 2023, Ishbia secured two loans from JPMorgan. Those loans gave Ishbia the liquidity he needed to complete the $4 billion purchase, but in exchange, Ishbia’s personal holding company had to pledge 805 million shares of UWM stock as collateral. That pledge represented more than half of all UWM's outst...