UWM Holdings (UWMC) CEO-linked entity converts 6.6M units, sells stock
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UWM Holdings Corp reported multiple insider transactions involving President and CEO Mat Ishbia and affiliated entity SFS Holding Corp. On March 2, 2026, SFS Holding Corp converted 6,600,000 UWM Paired Interests into an equal number of Class A Common shares at a conversion price of $0.00 per share, and then sold three separate blocks of 632,874 Class A shares each in open-market transactions under a pre-established Rule 10b5-1 trading plan, at weighted-average prices within ranges from $4.15 to $4.57 per share. Following these sales, SFS Holding Corp remained an indirect holder of UWM Class A stock. Separately, on February 27, 2026, 180,737 Restricted Stock Units held directly by Mat Ishbia vested and were settled into the same number of Class A shares, with 52,595 shares mandatorily withheld by the company to cover tax obligations, a transaction the filing specifies is not a discretionary sale.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,898,622 shares ($8,347,608)
Net Sell
8 txns
Insider
Mat Ishbia, SFS HOLDING CORP
Role
President and CEO | 10% Owner
Sold
1,898,622 shs ($8.35M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | UWM Paired Interests | 6,600,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 6,600,000 | $0.00 | -- |
| Sale | Class A Common Stock | 632,874 | $4.35 | $2.75M |
| Exercise | Restricted Stock Units | 180,737 | $0.00 | -- |
| Exercise | Class A Common Stock | 180,737 | $4.41 | $797K |
| Tax Withholding | Class A Common Stock | 52,595 | $4.41 | $232K |
| Sale | Class A Common Stock | 632,874 | $4.44 | $2.81M |
| Sale | Class A Common Stock | 632,874 | $4.40 | $2.78M |
Holdings After Transaction:
UWM Paired Interests — 1,298,482,620 shares (Indirect, See Footnote);
Class A Common Stock — 8,664,911 shares (Indirect, See Footnote);
Restricted Stock Units — 0 shares (Direct);
Class A Common Stock — 460,726 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 $4.15 to $4.55 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. On February 27, 2026, 180,737 of the Reporting Person's Restricted Stock Units ("RSUs") vested and were settled for an equal number of Class A Common Stock. These shares are held directly by Mat Ishbia and SFS Corp. has no interests in these shares. This transaction is not a sale of shares by the Reporting Person. Instead this reflects shares mandatorily withheld by the Company in accordance with the award agreement to meet the Company's minimum withholding obligations pursuant to a transaction exempt under Rule 16b-3. Represents the weighted average price of shares sold. The price of the shares sold ranged from $4.41 to $4.57 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. 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 $4.22 to $4.46 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 RSUs convert to Class A Common Stock on a one-for-one basis. The conversion rights related to the UWM Paired Interests do not expire.
FAQ
What insider transactions did UWM Holdings (UWMC) report in this Form 4?
The filing reports conversions of UWM Paired Interests into Class A shares by SFS Holding Corp, open-market sales of 632,874-share blocks, and vesting of 180,737 Restricted Stock Units into Class A stock for CEO Mat Ishbia.
How many UWM Paired Interests were converted into Class A stock?
SFS Holding Corp converted 6,600,000 UWM Paired Interests into 6,600,000 shares of UWM Class A Common Stock. Each paired interest equals one Class D share plus one UWM LLC Class B unit and is convertible one-for-one into Class A stock.
What happened to Mat Ishbia’s Restricted Stock Units in this UWM Form 4?
On February 27, 2026, 180,737 Restricted Stock Units vested and converted into an equal number of UWM Class A shares. The company then withheld 52,595 shares to satisfy minimum tax withholding requirements, which the filing clarifies is not a discretionary market sale.