UWM Holdings (NYSE: UWMC) CEO-linked SFS Corp converts 11M units, sells 2M shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp director and CEO Mat Ishbia, through SFS Holding Corp, converted and sold shares of Class A Common Stock. SFS Corp converted 11,000,000 UWM Paired Interests into 11,000,000 shares of Class A Common Stock, with each paired interest exchanging into one Class A share.
On April 14 and 15, 2026, SFS Corp then sold a total of 2,001,148 Class A shares in open-market transactions at weighted-average prices of $3.71 and $3.78 per share, pursuant to a Rule 10b5-1 trading plan. After these transactions, SFS Corp held 13,323,543 Class A shares and 1,265,482,620 UWM Paired Interests indirectly controlled by Ishbia, while Ishbia also held 408,131 Class A shares directly.
Positive
- None.
Negative
- None.
Insights
Ishbia-linked entity converts 11M units and sells about 2M shares under a pre-set plan.
The filing shows SFS Holding Corp, a 10% holder controlled by Mat Ishbia, converting 11,000,000 UWM Paired Interests into the same number of Class A shares, then selling 2,001,148 shares in open-market trades.
The sales occurred at weighted-average prices of $3.71 and $3.78 per share and were executed under a Rule 10b5-1 trading plan, suggesting they were pre-scheduled. Afterward, SFS Corp still held 13,323,543 Class A shares and 1,265,482,620 UWM Paired Interests as of April 15, 2026, while Ishbia directly held 408,131 Class A shares, indicating these transactions represent a small portion of his overall economic exposure.
Insider Trade Summary 10b5-1
Net Seller: 2,001,148 shares ($7,494,299)
Net Sell
5 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | 10% Owner
Sold
2,001,148 shs ($7.49M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 11,000,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 11,000,000 | $0.00 | -- |
| Sale | Class A Common Stock | 1,000,574 | $3.78 | $3.78M |
| Sale | Class A Common Stock | 1,000,574 | $3.71 | $3.71M |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
UWM Paired Interests — 1,265,482,620 shares (Indirect, See Footnote);
Class A Common Stock — 14,324,117 shares (Indirect, See Footnote);
Class A Common Stock — 408,131 shares (Direct)
Footnotes (1)
- Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.68 to $3.80 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. These securities are held directly by SFS Corp, a 10% holder of the Issuer, and indirectly by Mat Ishbia. Mat Ishbia is the Chief Executive Officer and sole director of SFS Corp and serves as the investment advisor to the trust that owns the voting securities of SFS Corp, and therefore exercises all voting and dispositive power of the securities held by SFS Corp. In addition, trusts for the benefit of Mat Ishbia and his immediate family are shareholders of SFS Corp. By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization. Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation (the "Issuer") ("Class D Stock") and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer. Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer (i) at any time at the option of the holder or (ii) automatically upon transfer to a third person. These shares of Class A Common Stock were acquired by SFS Holding Corp. ("SFS Corp") upon the conversion of an equal number of UWM Paired Interests. Represents the weighted average price of shares sold. The price of the shares sold ranged from $3.75 to $3.81 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer full information regarding the number of shares sold at each price. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. The conversion rights related to the UWM Paired Interests do not expire.
Key Figures
Paired Interests converted: 11,000,000 UWM Paired Interests
Shares sold April 14, 2026: 1,000,574 shares at $3.71
Shares sold April 15, 2026: 1,000,574 shares at $3.78
+4 more
7 metrics
Paired Interests converted
11,000,000 UWM Paired Interests
Converted into 11,000,000 Class A shares on April 15, 2026
Shares sold April 14, 2026
1,000,574 shares at $3.71
Open-market sale by SFS Holding Corp
Shares sold April 15, 2026
1,000,574 shares at $3.78
Open-market sale by SFS Holding Corp
Indirect Class A holdings after
13,323,543 shares
Class A Common Stock held by SFS Corp after transactions
Indirect UWM Paired Interests after
1,265,482,620 interests
UWM Paired Interests held by SFS Corp after conversion
Direct Class A holdings after
408,131 shares
Class A Common Stock held directly by Mat Ishbia
Net shares sold
2,001,148 shares
Net open-market sales across both sale transactions
Key Terms
Rule 10b5-1 Plan, UWM Paired Interests, Class D Common Stock, Class B Common Units, +2 more
6 terms
Rule 10b5-1 Plan regulatory
"Sold pursuant to the 10b5-1 Plan adopted by SFS Corp on September 16, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
UWM Paired Interests financial
"Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation..."
Class D Common Stock financial
"Each UWM Paired Interest consists of one share of non-economic voting Class D Common Stock of UWM Holdings Corporation..."
Class B Common Units financial
"and one Class B common units of UWM Holdings, LLC ("UWM LLC") ("Class B Common Units"), a subsidiary of the Issuer."
Class A Common Stock financial
"Each UWM Paired Interest is convertible for one share of Class A Common Stock of the Issuer..."
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
director by deputization regulatory
"By virtue of its relationship with Mat Ishbia, a director and the CEO of the Issuer, SFS Corp may be deemed to be a director by deputization."
FAQ
What did Mat Ishbia and SFS Holding Corp do in this UWM (UWMC) Form 4?
They converted 11,000,000 UWM Paired Interests into 11,000,000 Class A shares and sold 2,001,148 Class A shares. The sales were executed in open-market transactions through SFS Holding Corp, an entity controlled by Ishbia, under a Rule 10b5-1 trading plan.
What are UWM Paired Interests mentioned in the UWM (UWMC) Form 4?
Each UWM Paired Interest consists of one non-economic voting share of Class D Common Stock and one Class B common unit of UWM Holdings, LLC. Each paired interest is convertible into one share of Class A Common Stock at the holder’s option or automatically upon transfer to a third party.
How many UWM (UWMC) securities does SFS Holding Corp hold after these transactions?
After the reported transactions, SFS Holding Corp held 13,323,543 shares of Class A Common Stock and 1,265,482,620 UWM Paired Interests. These securities are indirectly controlled by Mat Ishbia, who exercises all voting and dispositive power over the holdings of SFS Corp.