The Institutional Risk Analyst

UWMC must completely focus any partial redemption efforts on cleaning up Oaktree's senior Series A-1 shares first before it can touch junior tiers of preferred capital. Shareholders widely expect UWMC to sweep its core free cash flow exclusively toward these preferred redemptions in the coming years to remove Oaktree's high-coupon burden, but the available cash flow may not even be sufficient to cover the dividend. That is, Oaktree owns UWMC.