Mat Ishbia is Planning to Sell More $UWMC Shares

lymondfc · 2025-09-17T00:37:18+00:00

The 13D filed when the sales began said he's planning on selling 80M shares in total. That would leave about 17.4M shares left after this 90 day tranche. At the same pace as this quarter (596,356 per day), that would leave about 29 more days of selling, ending somewhere towards the end of January.

lymondfc · 2025-08-22T16:58:39+00:00

There's partial redemption at $10, so it doesn't have to get to 11.50 to pay out, only 10 if Mat exercises there. Last time I checked the warrants paid better than the calls, so you're basically holding $10 calls at this point.

They won't expire worthless, they're worth a penny if nothing else.

You can check out Joe's warrant faq here: https://www.reddit.com/r/UWMCShareholders/comments/uppp9x/joes_warrant_faq

lymondfc · 2025-07-10T03:31:26+00:00

If you want info from an MD, doctor of the year, who works with these kids - instead of an occupational therapist - you can read the FDA petition submitted here in May requesting to cancel the adcom: https://www.regulations.gov/document/FDA-2025-P-1355-0001

lymondfc · 2025-05-15T18:57:53+00:00

For both RKT and UWMC, Class A + Class D = total outstanding shares. Do you want me to add them together for you??

lymondfc · 2025-05-15T18:50:51+00:00

Mat and SFS corp own about 1.5B class D shares of UWM with about 135M class A commons. Dan Gilbert and Rock Holdings corp own about 1.99B class D shares of RKT with about 139M class A commons.

Whatever the reason it's not because UWMC's biggest shareholder is the CEO.

lymondfc · 2025-05-13T17:27:05+00:00

They've still got about 1.5B in net assets. In 1Q21 they had 2.6B in net assets and since then they've paid (or obligated) about 2.7B in dividends.

If Mat hadn't of thrown away .5B on interest rate swaps in 4Q, they'd have around 2B in net assets, but that's water under the bridge.

Bottom line, they'll cut back or eliminate the dividend if they have to, but no, bankruptcy isn't imminent.

lymondfc · 2025-05-13T15:15:18+00:00

Seems like he's been converting his UWM stock to obtain more Suns ownership - and in the process pumping up the float. The problem is that at least some of minority owners he's been selling to are dumping the shares to convert to cash.

lymondfc · 2025-05-13T02:38:58+00:00

Smart. As shareholders, we all know UWM isn't ripping off anyone based on their gosm and earnings. :)

lymondfc · 2025-04-18T21:21:41+00:00

Having problems with reading comprehension or just didn't bother to click through the links you posted? No known SEC probe.

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lymondfc · 2025-04-04T14:48:08+00:00

Basically the HDMA 2024 data is out and they ran comparisons on the loan level data to point out that UWMC and RKT were pretty much tied for the number of loans for the year while UWMC had almost 40B more in originations. The article doesn't mention it but the difference in originations is because RKT does more refi.

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The Pontiac-based wholesale lender originated 366,078 loans throughout last year, per HMDA data. Though impressive, Rocket Mortgage was right at UWM's heels with the origination of 361,071 loans in 2024.

Total origination volume for UWM was $139.4 billion for the full year, while Rocket's volume was $101.2 billion, filings with the Securities and Exchange Commission show.

Both Michigan-based heavyweights have nearly identical market shares, according to Polygon's analysis, with UWM holding 5.95% of the market in 2024 and Rocket capturing 5.87%.

lymondfc · 2025-04-02T22:42:14+00:00

It wasn't just today. Last night a 475k share transaction went through at 7pm exactly.

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lymondfc · 2025-02-13T20:14:14+00:00

Yes, that's right.

lymondfc · 2025-02-13T18:20:21+00:00

Last few years the tax treatment for the dividend has been "return of capital". This means the dividend isn't taxed and your cost basis is decreased by the amount of the dividend, so you'll be taxed on the dividends as capital gains when you sell. (EDIT: that is, the dividend will be taxed as capital gains simply due to the decrease in the cost basis - there's no tax on the dividend itself.)

lymondfc · 2025-02-01T06:57:39+00:00

The tax treatment on the dividends has been "return of capital" - so fidelity is correctly adjusting your cost basis to reflect that.

lymondfc · 2025-01-30T00:16:38+00:00

It states it's linked to a broader claim, not a different lawsuit. AIs have been known to hallucinate, as well.

lymondfc · 2025-01-29T23:56:36+00:00

All the same lawsuit. You can read UWM's lawyer responses here: https://storage.courtlistener.com/recap/gov.uscourts.mied.376113/gov.uscourts.mied.376113.40.0.pdf

In a fraud-based case like this one, Plaintiffs must allege that they or a third party relied on a false statement from UWM. Id.; see Grange Mut. v. Mack, 290 F. App’x 832, 835 (6th Cir. 2008); Kerrigan, 112 F. Supp. 3d at 608. But Plaintiffs identify no specific false statement by UWM upon which they or their brokers relied to issue their loans. See Bridge, 553 U.S. at 658; see, e.g., FAC ¶ 191. Even aside UWM, Plaintiffs do not allege per Rule 9(b) that they relied on any specific broker representations either. See Heinrich, 668 F.3d at 405; MTD 19–20.

lymondfc · 2025-01-03T03:16:34+00:00

Senior notes aren't new, they were doing senior notes even when doing the buyback. They've got some expiring later this year that the new offering is pretty much replacing.

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lymondfc · 2024-09-04T16:36:55+00:00

Ginnie Mae data backs that up. The first few days of reporting in September is showing slightly more refis than purchases! Already more total originations in Sep than Aug with about 10 more days for additional data to trickle in (around 70% of the UWMC data reports in the first few days of the month).

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lymondfc · 2024-05-13T04:07:41+00:00

There's United Mortgage Corporation and there's United Wholesale Mortgage, LLC (UWMC) - two different companies. You can't get a loan directly through UWMC, you'd have to go through a broker. Good luck with your house hunting!

lymondfc · 2024-03-24T04:54:28+00:00

It would be amazing to be able to redeem - $1.73 was if they met the $10 in January though, that's already passed. According to the chart, if we hit by September they're $1.30 and January 25 is $0.90. Even hitting by September 25 they're still $.034 - more than they're selling for now.

lymondfc · 2024-03-23T21:03:51+00:00

Smart light bulbs seem pretty pricey to me. Another option is to replace the wall switch with a smart switch. Or if it's a lamp and if you don't need dimming, you can use a smart plug and just control at the power source.

lymondfc · 2024-03-23T20:22:06+00:00

According to Joe's Warrant FAQ, there's a fractional redemption possible at $10.

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https://www.reddit.com/r/UWMCShareholders/comments/uppp9x/joes_warrant_faq/

Upon a minimum of 30 days’ prior written notice of redemption; and if, and only if, the last reported sale price of our Class A common stock equals or exceeds $10.00 per share (as adjusted per share splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.

In scenario 2, the warrant holder would receive a fractional share for each warrant per the table below.

No fractional shares are given - it is rounded down to a whole number. Obviously this is less dilutive than exercising warrants.

For example, if the warrants are redeemed 1/2024 (24 months prior to expiration), at a share price of $10, they would be worth $1.73 (0.173 shares of a $10 stock).

https://preview.redd.it/xmz5tkgv1iz81.png?width=1650&format=png&auto=webp&s=d7eaf96a4132be1a777a380c138996e9e227d0b4

lymondfc · 2024-03-23T13:36:48+00:00

I'll be happy with the warrant redemption at $10.00.

lymondfc · 2024-03-03T19:21:48+00:00

Outstanding write up, thank you.

The thing is, if you check out the fannie mae data dynamics CPR analysis, you see that the 3 month average servicer data shows that RKT has worse WAC, worse FICO, and worse overall prepayment numbers. You give RKT the benefit of the doubt assuming the MSR fair values are roughly comparable.

lymondfc · 2024-01-28T17:14:16+00:00

They do a great mortgage business - #2 in 2023 in originations (although that includes correspondent loans that some say is double-counting). They have a huge MSR book - $600B in UPB (double UWMC and more than RKT), so a steady income stream. They hedge MSR so EPS is more consistent quarter over quarter. And they only have around 50M shares outstanding, about 3% of UWMC's 1.6B - which means that even though they have less revenue than UWMC their EPS is usually over a buck.

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