640m divs per year, 5 years, 3.2 billion divs total including Mat. Let’s not accidentally write a hit piece that is bullish.

Here’s why…

If Mat started with 2.8b equity in 2021, paid 6.5b in divs (2.8 - 6.5 = -3.7b) and we sit at 1b equity then earnings were 5.7 billion over 5 years or about 1.14 billion per year. That is quite bullish as it means Oaktree is paid off in under 2 years. Count me in even more!!!

Hope you see that 6.5b in dividends is wrong. A cut of dividends at that magnitude would be very bullish.

I’m not defending the 603 derivatives bet, but FUD should not be spread.

I hope and with low confidence of it happening and with shorts piled on, that he applies recapture and equity value of homebrew software and stops adding to loans held and MSR. If that happens he can get cheaper terms.

Yep the Suns being one of them, and those assets will be looked toward if he comes closer to unraveling the business he inherited from his dad

If he leases family holdings to the company and forces sponsorship of his area, it’s a pretty good bet his finances are thoroughly entangled

The % of the company he owns on paper has to be balanced against the debt to Oaktree, though..

UWM is worth \(2.45B today, and Oaktree just directly invested \)1.5B. That money doesn’t come free, and those numbers don’t include Oaktree taking Board seats and giving themselves the right to claw back hundreds of millions of dollars if they see fit to in a few years. In real life that massively impacts the control Ishbia has over UWM and his inherited fortune

He didn’t even write it in Comic Sans. Smart thinking Mr. Not-Dan Gilbert

The reality is that most of your payment isnt even going to Dan. Your mortgage was probably sold in a mortgage-backed security, and the payments you make to Rocket get funneled to the guys who bought the MBS. They just take a cut for servicing your loan.

Speaking of Gilbert, COOP equity was 5b before maverick. Thru excellent leadership, the found 3 billion, probably in gold bars because maverick put 8 tangible in. If you look at tangible today it’s at 10.5.

Back the 8 out because investors paid for Coop with shares (2.5) and you see a company that started in 2020 around 6.5 billion equity. Without the flywheel of investor dilution, they’d be at 2.5. the company also paid out special divs.

Gilbert got those in the UP-C structure.

It comes down to, rocket investors got the rosey forecast and promises made. Share dilution was seen as great in the big picture. Maverick refilled the leaking equity covering it up. Shareholders pay forever in dilution, UP-C collapse is a net dumping of Gilberts share of the company and I bet there is a reason.

MSR is a bitch when rates fall. Pretty nasty too is the dilution.

Are you Gilbert?

It’s really bad. Sports is so ingrained in our society and they have the ultimate benefit of the history of the leagues and generational fandom but I wonder if there’s a point where they go too far. The insane prices, cheap ass owners, advertising every second and nonstop gambling that has already produced a ton of integrity issues are just a few of the anti-fan developments that are accelerating rapidly. I wonder the ramifications of poorer families not being able to take their kids to the ballpark in the upper deck for $10 bucks. I was 3 years old at dodger stadium right on the 3rd base line and my family was not spending big bucks on entertainment. I’m still a dodger fan to this day but I wonder how much denying a huge swath of the population’s access to games is going to affect fandom down the road.

If the Suns have to relocate to Riyadh, at least they’ll be used to the climate.

The direction of ownership of *everything* is not good, not just sports. Wealth and power is being hoovered up by people like the Trump family and their cronies, tech bros who think you should thank them for the privilege of working 100 hour a week, and private prison/military industrial complex/ICE gulag contractors. Everything that can be exploited will be exploited and greed is seen as a virtue.

It’s not that bad people are drawn to sports ownership, it’s that bad people currently own and have power over everything, and they’re the only ones who can feasibly own a sports team.

Buddy Sarver was doing cost cutting measures that make the current Trailblazers look competent.

Idk if you’re just very young or what but Sarver has sold and traded draft picks for money, let go of Joe Johnson, sold Rondo, is a racist, took hundreds of millions of tax payer money, threatened to move the Suns, sexually harassed his employees, and did a whole bunch more.

Ishbia swung and missed. He’s said he made a mistake. At least he dug deep into his pockets unlike Sarver. He’s also made all Suns and Mercury games free OTA, and provided antennas to boot. Not to mention $2 hot dogs and other snacks.

You clearly started watching just 5 years ago

Imagine defending a human piece of shit like Sarver, get some help.

Who are the two aside from Bridges?

Why would a private mortgage company going bankrupt impact the broad market? This is simply mismanagement.