Michigan Billionaire Matt Ishbia's Compensation Grew Nearly 75% in 2023 When Company Posted Loss

April 26, 2024, 9:53 AM

Mat Ishbia

Billionaire mortgage mogul Mat Ishbia, CEO of Pontiac-based United Wholesale Mortgage, saw his compensation grow nearly 75 percent in 2023, the year his company posted the first net loss as a publicly traded company, Crain's Detroit Business reports.

The annual proxy filing shows Ishbia's compensation went from just under $7 million in 2022 to more than $12.1 million last year.

Crain's reports:

The vast majority of Ishbia's compensation last year — more than $9 million — came in the form of UWM's Captains Annual Bonus Plan, "an integral component of our compensation program," which applies to about 600 executives at the company, according to the proxy filing.

Ishbia bought the Phoenix Suns basketball team last year. 

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Read more:  Crain's Detroit Business

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