Hunterbrook
@hntrbrkmedia · joined 08 Nov 2023
Accountability. News & Investigations. ideas@hntrbrk.com Disclosures: https://t.co/Uerwg8uiIF
48 199Followers
0Following
1 721Posts total
7.5MViews on collected posts
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กำลังค้นหาโพสต์ใหม่…
A contractor on America's priciest rail line stockpiles lead-laced soil in Honolulu's poorest, densest neighborhoods.
Wipe sampling conducted by Hunterbrook shows contaminated dust from these soil piles may have drifted to nearby residential areas. https://t.co/UYRg33aFup
35.2K views · 106 likes
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NEW with @PabloTorre: Magic Johnson’s life insurer backed a Magic Johnson investment fund—and a Dodgers TV company. The insurer, EquiTrust, reported both as “unaffiliated.” Now its new parent is tied to a federal probe into Mark Walter’s empire. https://t.co/25CxcSREtS
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@hntrbrkmedia It’s not like there weren’t signs! https://t.co/5U7WkZi4y3
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Hunterbrook Media’s investment affiliate, Hunterbrook Capital, does not have any positions related to this article at the time of publication. Positions may change at any time.
Full story: https://t.co/EPCopclHBM
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In a statement, UWM told Hunterbrook:
“UWM has been transparent in its public filings and communications, and we do not view Hunterbrook as a credible or objective source for determining the facts.”
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Oaktree executives must now approve UWM's "capitalization and hedging policy."
In other words: the days of Mat Ishbia seemingly YOLO trading interest rates may be over.
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The rescue: $1.65B in preferred equity from Oaktree and an Ishbia family vehicle, plus a $400M rights offering.
Oaktree gets two board seats. If UWM fails to meet certain obligations, Oaktree can take over the entire company.
And there's one more clause.
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TWO recently responded to UWM’s lawsuit in a press release that echos Hunterbrook’s reporting: “UWMC wishes the market to believe that its $600 million loss is related to a risk position that was approximately 13x the total interest rate exposure of TWO's MSR portfolio assuming
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UWM is now suing Two Harbors, claiming damages including "lost profits, lost synergies, lost opportunities for capital efficiencies."
If the $603M loss were caused by the deal's collapse, it would be the largest single line item in the complaint.
It appears nowhere in it. https
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And the assets Ishbia says he was hedging? Already hedged, by their owner.
A recent TWO investor presentation shows a 25 bps decrease in rates, would only trigger a $15 million diminution in common book value. Compare this to UWM, whose MSR hedge cost the company almost half its
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UWM carried the full $27.5B notional position into the second quarter. No merger agreement. Only a long-shot proxy campaign.
UWM said the hedge protected it relative to the TWO transaction. From March 27 onward, there was no transaction.
There was only the trade.
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One problem: the Two Harbors deal died in Q1.
March 16: TWO adjourned its shareholder vote because the votes weren't there. March 27: TWO terminated the merger and took an all-cash offer from CrossCountry Mortgage.
UWM's own 10-Q confirms it received the termination fee "in the
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Ishbia's explanation: it was a hedge tied to UWM's planned acquisition of Two Harbors ($TWO) and its massive MSR book.
"We were over-hedged... The market moved against us, and it's a one-time event that won't happen again." https://t.co/A6kMWzCoxi
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Three weeks after the quarter ended, UWM signed the Oaktree term sheet.
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In Q2, the 10-year Treasury climbed toward an 18-month high.
The position lost another $603M. Total: $741M in six months. UWM then slashed the position.
Book equity fell 38% in a single quarter, from $1.6B to $985M.
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Which way did the bet point? Rates down.
Per UWM's own sensitivity disclosure, a 25 bps rise in rates meant a roughly $360M loss on the position.
UWM's origination business already wins when rates fall. A hedge should offset risk. This position multiplied it. https://t.co/zLFSO
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By March 31, the position was already a $288M liability, with a $138M loss running through the income statement. In a quarter UWM celebrated as exceptional.
Counterparties were holding $670M of UWM's cash as margin to keep its derivatives positions open. More than 40% of the
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Then, in Q1 2026, a new line appeared in UWM's 10-Q:
"Other interest rate derivatives."
Notional amount: $27.5 BILLION. The position did not exist at year end. https://t.co/h9FlF0yEJ1
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Ishbia told analysts on the Q3 2025 earnings call:
"We do not hedge our MSRs, as you are hopefully aware."
UWM's 2025 10-K matched: routine pipeline instruments only. No standing interest rate position. https://t.co/CgHnJg3gaW
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Meanwhile, cash kept leaving. UWM has paid out roughly $3 BILLION in dividends and distributions since 2021. Over 80% went to the Ishbia family.
Increasingly, the dividend ran on borrowed money. UWM's secured credit lines went from zero in September 2025 to nearly $3B by June.
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In April 2024, Hunterbrook's debut investigation revealed that many mortgage brokers UWM marketed as "independent" were sending all their business essentially to UWM.
UWM’s CEO, Matt Ishbia, in a voicemail we obtained: "We fucking took those cocksuckers down."
The Ohio AG later
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NEW: America's largest mortgage lender made a giant $27.5 billion bet that interest rates would go down.
The bet failed. Last week $UWMC suspended its dividend and signed an emergency rescue with the distressed situations desk at Oaktree. https://t.co/ODOv2bOyIn
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A second shoe has dropped: @pablofindsout with an assist from @hntrbrkmedia.
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@hntrbrkmedia @StockJabber Which of your LP’s funded? Reid Hoffman or the Pritzkers?
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@hntrbrkmedia @StockJabber Big win for everyone!
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@hntrbrkmedia @StockJabber Congrats on the acquisition excited to see Dorsey's sharp short-side investigations scale with Hunterbrook's model.
More firepower against financial grift is welcome; looking forward to deeper accountability reporting.
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Big news: Hunterbrook Media is acquiring The Bear Cave, one of the most influential investigative newsletters in finance.
Over the last six years, @StockJabber has produced a remarkable amount of truth-to-power reporting — and he's done it as a one-man shop.
But in the golden
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@hntrbrkmedia @mcuban Fantastic work Hunterbrook! https://t.co/HPXtZrQpw6
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@mcuban @angrydadwi @NYT This is where your healthcare dollars go.
Not just to doctors or drugmakers, but to shell companies doing… well… not a whole lot. It’s a complicated scheme, one that was intentionally hidden from view.
Until now.
Read our full investigation: https://t.
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เทียบกับบัญชีขนาดเดียวกัน
24 โพสต์จาก 90 วันที่ผ่านมา เทียบกับช่วง 10K–100K ผู้ติดตาม แสดงในวงกว้าง แต่มีผู้ชมตอบสนองน้อย.
ยอดดูมัธยฐาน22 449บัญชีนี้924ค่ามัธยฐานของ 10K–100K
การเข้าถึง, %46.58%บัญชีนี้3.62%ค่ามัธยฐานของ 10K–100K
การมีส่วนร่วม, %0.20%บัญชีนี้1.52%ค่ามัธยฐานของ 10K–100K
| ตัวชี้วัด | บัญชีนี้ | ค่ามัธยฐานของ 10K–100K | อัตราส่วน |
|---|---|---|---|
| ยอดดูมัธยฐานต่อโพสต์ | 22 449 | 924 | 24.3× |
| การเข้าถึง (ยอดดู ÷ ผู้ติดตาม) | 46.58% | 3.62% | 12.9× |
| อัตราการมีส่วนร่วม | 0.20% | 1.52% | 0.13× |
บัญชีอื่นในช่วงนี้ → เปรียบเทียบกับบัญชีอื่น → ค่าอ้างอิงเหล่านี้คำนวณอย่างไร →
Growth & engagement
How the posts we collected actually performed: views and reaction rate post by post, what the audience did with them, and where the follower count goes.
Views per post
22.4K11 Aug
18.7K
17.6K
17K
16.1K
14.1K
14.1K
13.9K
15.3K
18.1K
4.9K12 Aug
989K26 Aug
35.2K1 Sep
24.1K2 Sep
Last 14 collected posts, oldest on the left. The scale is logarithmic: one post can outrun the rest a hundred times over.
Engagement rate per post
0.20%11 Aug
0.24%
0.19%
0.22%
0.23%
0.24%
0.33%
0.45%
0.21%
0.27%
0.97%12 Aug
0.16%26 Aug
0.36%1 Sep
1.18%2 Sep
Reactions — likes, reposts, replies and quotes — divided by views. Median for 10K–100K accounts is 1.52%.
What the audience does
Likes64.3%5 190 in total
Reposts8.3%669 in total
Replies1.6%126 in total
Quotes2.5%204 in total
Bookmarks23.4%1 886 in total
Share of every reaction we collected for this account. Replies mean argument, reposts mean endorsement, bookmarks mean the post was worth keeping.
The follower curve appears once this account has two daily snapshots — we take one a day, and this one is on its first.
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