United Wholesale Mortgage (UWM) president and CEO Mat Ishbia is pitching the lender’s $2.05 billion capital raise with Oaktree Capital Management and his family as a long-term strategic partnership to support the company’s growth.

But the high cost of the structure and dilution are weighing on investors, alongside the fact that it follows several setbacks for the company. UWM’s stock traded below $1 on Thursday morning, the day after the deal was announced.

“Oaktree is not just capital; they’re strategic partners of ours,” Ishbia said Thursday during a 30-minute online Q&A with shareholders and analysts. “If it was just capital, details ⇒

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